IBERSOL | Annual Report 2020

ANNUAL REPORT 2020 Outlook Recent IMF forecasts point to a 3.9% growth of GDP in Portugal and 5.6% in Spain, which indicates a slow and partial recovery, namely in business areas that depend on traffic and movement, such as airports and shopping centres. As of the publication of this report, restrictions imposed following the new “lockdown” which affected Portugal and some regions of Spain in the first quarter of 2021, following the third wave of the Covid pandemic, which swept all of Europe, were being lifted. Economic recovery will be directly related to the pace and efficiency of the vaccination process, both in the countries in which we operate and globally. Despite the enormous challenges that resulted from a long period of operation below the normal capacity, Ibersol Group continues to moni- tor developments constantly, adjusting operations based on the behav- iour of demand, to minimise the impacts of this crisis and safeguard the interests of all stakeholders. The group remains committed to its enacted prevention/contingency plans and will resort, whenever possible, to labour protection mecha- nisms available, that allow for the minimisation of negative impacts for the group and its employees. In 2021, the Group is expecting to open 20 new restaurants, in accord- ance with the expansion plans of the brands and formats that have shown greater resilience over the previous period. 205