IBERSOL Annual Report and Consolidated Accounts 2017

ANNUAL REPORT 2017 This is also a way of assessing the satis- faction of our customers who, although they value an overall experience, will con- tinue to pay close attention to good value for money. At the end of the year, we feel that our mission is being accomplished and that can be seen in our performance, with a turnover that has been growing by two digits since the first quarter of the year. In the Iberian Peninsula growth remained quite favourable and that has had a posi- tive impact on the Group’s results. Ango- la, however, registered a reversal of its growth trend, as of the second quarter. The acquisition of the Eat Out Group con- tributed to a higher volume of service pro- vision and almost all the segments regis- tered positive growth, above the average of the market, with special emphasis on “Counters”. The businesses grouped under “Catering and Concessions”, with the best relative performance, benefitted from a high num- ber of major events and increased traffic in the spaces under concession that we operate, namely airports. The fourth quarter consolidated the sales growth trend, whereas in Portugal there was an impact on the consolidated sales of the first semester, which we estimate at around 4.5% due to the reduction in VAT during 2016. The implementation of the refurbishment and opening plan, which applied to all of the Group’s brands, is noteworthy. Regarding Eat Out Group, it is important to highlight the opening of a new unit awarded in the public tender of the Madrid Airport, the participation in the public ten- der of Barcelona Airport, the five units in a group awarded following the public tender of the Gran Canaria Airport and the partic- ipation in the public tenders for Barcelona and Málaga. In Angola, business evolution remained very much dependent on the price of oil and its impact on economic activity, in a year of elections which resulted in the replacement of President Eduardo dos Santos. During the year inflation reached very high levels, which led to a significant drop in consumption, since income did not evolve in a positive way, the Kwanza not having been devalued as expected. Not- withstanding, a new cycle began after the August elections and the government gave signs of a strategy for manufacture, decreasing dependency on imports and oil, creation of conditions for increasing for- eign investment, compliance and a return to the international markets. 9