IBERSOL | Integrated Management Report 2022

CONSOLIDATED FINANCIAL PERFORMANCE Consolidated net results Profit before tax amounted to 14.6 million euros, which represents an increase of 25.5 million euros compared to the corrected figure for 2021. The value of current taxes is 2.6 million euros and deferred taxes are positive by about 4.7 million euros. Due to the recovery of activity, and despite the challenges faced during the year, the net consolidated result for the financial year for continued operations reached 16.7 million euros, which com- pares with the corrected amount in 2021 of -4.7 million euros. Financial situation Consolidated Financial Position Consolidated Assets stood at 652.6 million euros as of 31 December 2022, which represents an increase of 20.3 million euros compared to 632.4 million euros at the end of 2021, with the main movements being: (i) Reduction of assets sold in the Burger King operation in the amount of 213 million euros; (ii) Increase in accounts receivable arising from the Burger King operation in the amount of 33 million euros; (iii) Investment in fulfilling expansion plans for KFC, Pizza Hut and Taco Bell in the amount of 23.8 million euros and new lease contracts in rights of use in the amount of 42.6 million euros; (iv) Refurbishments and miscellaneous investments incurred in the restaurants of the discontinued operations of Burger King in the amount of 8.8 million euros; (v) Refurbishments and various investments in Portugal and Spain (approximately 11.5 million euros); (vi) Decrease in assets due to depreciation for the year in the amount of 36 million euros; 154