IBERSOL | Annual Report 2020

ANNUAL REPORT 2020 Covid-19 The past year of 2020 was marked by the Covid-19 pandemic, that spread at a global scale, causing the world economy to slow, with a deep impact on consumer’s habits and behaviour. On 11 March, the World Health Organisation declared the spread of Cov- id-19 to be a pandemic, which led to the decreeing of states of emer- gency in all the locations where the Ibersol Group operates, with the population confined to their homes and a general lockdown of busi- nesses and restaurants to block transmission chains. This situation forced our restaurants to close, with only take-away and delivery available, cutting operations down to a much smaller scale than normal potential. Gradually, at the beginning of the second semester, activity began to recover, adjusted to the rules aimed at ensuring safety and reducing contagion risks, by imposing conditions on certain businesses to guar- antee compliance with social distancing. During this period, the recovery of the Group’s activity was condi- tioned by: • 50% reduction of restaurant occupancy; • limits on opening hours of shopping centres in the region of Lisboa e Vale do Tejo; • suspension of flights from England and Germany; • absence of public at football stadiums and cancellation of events. MAIN EVENTS 15