IBERSOL | 2019 Annual Report

Message from the Chairman of the Board of Directors team – that has helped us to overcome challenges in an increasingly chan- ging society, with new consumption habits and new behaviours on the part of consumers. Of equal importance is the paradigm shift that has resulted from the appearan- ce and consolidation of aggregators and their impact on the delivery market. The growth in sales in 2019 is a reflection of this new reality, although a group such as ours, of course, will always attempt to achieve a balance bet- ween internal sales and those generated by these new channels. Equally important, in 2019, was our investment in the international Taco Bell brand, that we expect to become another important part of our portfolio. In Spain, following the acquisition of the EOG, in 2016, we set ourselves to meeting and overcoming the natural challenges that come from the integra- tion and fusion of two companies with very different cultures. Spain is a country with a large market, in which we believe we will continue to be a big player, despite the many challenges ahead for which we need to be prepared. In Angola the socio-economic framework remained uncertain and therefore we our approach has been to sustain the operation, both for KFC and for PH, but withholding any further expansion until the uncertainty clears. In terms of our global operations, a word also about the importance of our teams, our staff, who have been crucial in living up to the expectation of our Clients. This is why training is an increasingly strategic pillar of our Group. It is a Human Capital challenge, because at the same time we need to train and retain talent at all levels, as well as being able to rejuvenate our teams. The Ibersol Group has created thousands and thousands of jobs, is respec- ted by its international partners and is composed of a fantastic team, reno- wned for its dedication and performance. We expect 2020 to be a very challenging year in all the markets in which we operate, but the current situation brought on by the Covid-19 pandemic has introduced an unprecedented degree of uncertainty. We are going to have to overcome the difficulties that result from a long lockdown and the gradual reactivation of business, and this will require a change in our mana- gement processes, since the impact is going to be significant and will have lasting consequences. We are optimists, and we know what we are capable of, so we know that we can overcome this hurdle together, with everybody’s support and dedication. 24