96
All prospects indicate an improvement of domestic
demand in the Iberian market, though the need to
maintain budget consolidation measures continues
to affect growth of the food service market.
But given positive signs regarding the economy’s per-
formance, sales in 2015 are expected to continue the
trend seen last year, with sale price levels staying in
place, whereby margins will be maintained or may
even contract.
Regarding funding, it is anticipated that the economy
may benefit from an additional influx of liquidity with
a reduction of spreads associated to financing in Por-
tugal and Spain.
In Angola development of the business is closely linked
to oil price trends, which will impact the pace of state
spending. The revised budget indicates a major fall in
revenue and spending and the envisaged introduction
of a new tax on current invisibles, which will certainly
affect the evolution of demand.
Regarding expansion, we will remain alert to opportuni-
ties to strengthen the competitive position of brands
we operate. We expect Ibersol to finalize the opening
of 10 restaurants in 2015 and to continue the pro-
gramme to remodel around ten units. It may have to
close some, especially those where the renegotiation
of rent contracts makes operations unviable vis-à-vis
the level of sales
Now that the business is more consolidated in Angola,
we expect to open two more restaurants there.
Outlook
