INTRODUCTION
INTRODUCTION
In February, the Instituto Nacional de Estatísti-
ca (Portuguese Statistics Institute) disclosed its
estimate for 2016, which projected a growth in
the Portuguese economy of 1.4%, attributing
the acceleration in GDP seen in the last quarter
to the increase in the contribution from do-
mestic demand, as a result of investment reco-
very and a more pronounced growth in private
consumption.
As such, the positive trend was consolidated,
with an impact on the Ibersol Group’s perfor-
mance, as private consumption heightened in
a quarter that by nature is very important for
Modern Restaurant Services.
In this context, the Ibersol Group continued to
show a notable recovery compared to the years
of external intervention, an evolution that was
somewhat jeopardised by the effect of the ex-
change conversion of the sales in Angola, as
a consequence of the devaluation of the local
currency. On the other hand, in July the appli-
cation of an intermediate VAT rate of 13% on
food came into force, which enabled the impact
of the rise in tax, which took place in 2012, to
be softened.
The favourable evolution of the restaurants
market, which was also seen in Spain, had a
positive impact on the businesses carried out
in that country.
In the counter segment, the brands operated by
the Ibersol Group maintained the same trend
as the previous year, and showed gains in mar-
ket share and good growth rates, also influen-
ced by the opening of new units.
The businesses grouped into “Catering and
Concessions” had a more stable performance,
arising from portfolio reorganisations due to
simplifying the offer, the end of concession pe-
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