IBERSOL Annual Report and Consolidated Accounts 2017

8 Introduction 10 Key Indicators 16 Message from the Chairman of the Board of Directors 18 The year of 2017 20 Main Events 24 Economic Context 32 The Ibersol Group 34 Business Structure 36 Strategic Profile of the Group 42 Governing Bodies 44 Financial Performance 46 Restaurants 66 Counters 84 Other Businesses 100 Consolidated Financial Analysis 115 Risks and Uncertainties 118 Own Shares 120 Activity of the Non-Executive Member of the Board of Directors 122 Outlook for 2018 124 Allocation of Results 126 Subsequent Events and Statement of Responsibility 128 Non-Financial Statement 130 Acknowledgements 134 Report on Corporate Governance 202 Consolidated Financial Statements and Appendices 282 Legal Certification of Accounts and Audit Report on Consolidated Financial Information 292 Fiscal Council Responsibility Statement 294 Report and Opinion of the Fiscal Council