IBERSOL | Annual Report 2020

Message from the Chairman of the Board 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 Covid-19 to be a pandemic, which led to the decreeing of states of emergency 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 deliv- ery available, cutting operations down to a much smaller scale than normal potential. Following the first wave of the pandemic, the group began a gradu- al reopening of its restaurants, culminating in the reopening of the restaurants located in shopping centres, in June. Restaurants located in concession areas, namely airports, opened only sporadically, in accordance with the grantors, to supply the expected passenger flow, as airspace travel restrictions were lifted. During this very demanding process, Ibersol Group, in accordance with in- dications of the World Health Organisation and national Health Boards, ac- tivated contingency plans that prioritised the safety of all clients and staff and guaranteed the protection of the supply chain, in order to combine the abrupt reduction of activity and job protection. At the same time, we had to make choices regarding financial sustainability and strict governance, namely those that directly affect cost reduction, such as renegotiating contracts in search of a renewed financial balance of the same and adjust payment schedules. Additionally, we took the appropriate measures to strengthen our financial position and, to that end, we negotiated additional credit lines, as a preventive measure to boost liquidity at a time of high uncertainty. As the second wave of the Covid-19 pandemic spread, first in Spain and then in Portugal, the Group once again saw its operations limited, both in terms of sales channels and opening hours, due to the measures implemented in different countries and regions. Thus, since October, our business has always been limited, in terms of hours of operation and authorized services. Message from the Chairman of the Board 6