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Main Indicators
Message from the Chairman
of the Board
saber
The Ibersol Group
Business structure
The Group’s strategic axes
Governing bodies
Major Events in 2011
inovação
ECONOMIC CONTEXT
Global situation
Situation in Portugal
Situation in Spain
Situation in Angola
sabor
Financial Year Activity
PORTUGAL
Restaurants and Delivery
Counters
Travel
Coffee kiosks
Catering
Concessions
Spain
Counters
Delivery
expansão
Consolidated Financial Analysis
Operating results
EBITDA
Financial results
Consolidated net profit
Financial situation
Own Shares
Note on activity of the Non-Executive Member
of the Board of Directors
Outlook
Distribution of Results
Subsequent Events and Compliance Statement
Acknowledgments
Corporate Governance Report
Consolidated Financial Statements
06
13
e
r
14
17
18
23
24
26
29
29
31
31
34
37
37
45
55
61
63
67
69
69
71
r
72
75
81
81
82
83
84
85
86
87
88
89
91
159