Annual Report and Consolidated Accounts 2015
The recently approved State Budget points towards an improvement
in domestic demand and reduces VAT on food in Portugal, as of the
second half of the year.
Based on the positive signs regarding the development of consump-
tion, a slight deceleration of the sales growth trend is expected at the
end of the year, with margins remaining steady, without considering
the effect of the change in the VAT rate in Portugal.
Regarding funding, the recovery difficulties faced by European econo-
mies are likely to lead to a delay in the normalisation of monetary
policy, resulting in the expected maintenance of interest rates at
record low levels.
In Angola, the development of the business is closely linked to oil price
trends, which will impact the pace of state spending. The pressure
facing the Angolan currency indicates that the devaluation scenario
will continue in 2016 and that the difficulties surrounding overseas
payments may become more acute.
Regarding expansion, we will continue to look out for opportunities
to strengthen the competitive position of the brands that we oper-
ate. We expect Ibersol to finalize the opening of 15 restaurants and
to continue the programme to remodel around 12 units.
119
