History 2021


The past year of 2021 was one of resilience, due to the ability to outdo ourselves and recover from adversity. Our expectations regarding the results of the Covid-19 pandemic were of uncertainty, and these were borne out during the year.

For starters, the restaurant sector had to undergo even more restrictions during the first semester than it had at the beginning of the pandemic. Comparing the lockdowns of the first semesters of 2020 and of 2021 one can see that the latter lasted longer and that when it ended, in June, new restrictions were introduced that lasted until after the semester was over.

During the second semester, when vaccination levels in the Iberian Peninsula were very high, restrictions on movement and on retail opening hours were partly lifted, so that the summer holiday season
was relatively normal for most residents, although tourism suffered substantially. The Group had to adapt to the circumstances, and benefited from a rise in consumer optimism that permitted a higher rate of recovery of the activity.

It was in this atmosphere of slow, but steady recovery that Ibersol carved out a path of dynamic resilience. First, the Group recovered its street and shopping centre restaurants business, and then its travel segment, although the latter was slower, given restrictions on mobility due to the pandemic. During this recovery process Ibersol maintained and increased its social sustainability profile as a large job creating Group, marked by social cohesion. In that sense it managed to protect jobs in Portugal and in Spain, through a combined strategy of making use of the state support mechanisms at its disposal, and a consistent policy of opening new restaurants of different Group brands, namely Burger King, Taco Bell, KFC, and Pizza Hut units.

One should highlight the fact that although the policy of refurbishing and openings was affected, it never stopped and can even be described as very energetic. Ibersol added six new KFC restaurants to its portfolio, which were opened over the year, plus seven new Taco Bell units. I would also point to the good performance registered by Pizza Hut, which reacted brilliantly to the challenges of the pandemic, both in terms of delivery, and in-house, having even opened five new units.

The Ibersol Group showed itself to be the driving engine of the growing presence of Burger King in Portugal. In 2021 it opened 12 new Burger King restaurants and closed the year with a total of 119 Group operated units in Portugal, out of a total 150 in Portugal. To support the challenges resulting from the impact of the second year of the pandemic and, also, to strengthen itself for the required investments, the Group underwent a share capital increase, aimed at shareholders, which endowed it with the necessary means to carry out the strategic guidelines and, especially, to keep up the normal rate of investment and expansion and, thereby, sustain and increase business market share. This operation was successful and showcases the trust felt by shareholders with total demand standing at around 146% of supply. This resulted in a net financial increase of 40 million euros.

2021 was also a year in which the Group’s environmental sustainability policies stood out, and there I would like to point to the partnerships that allowed us to make use of 170 electrical motorcycles for the delivery services of the Burger King and Pizza Hut brands. The Group estimates that it achieved a reduction of over 500 thousand kilos of CO2 emissions, and 400 thousand litres of fuel spent annually through the use of these electrical vehicles in delivery services.

In environmental terms, the Ibersol Group continued to intensify best practices policies in resource and residue management practices, as well as in separating and reusing generated residues, investing in renewable energies with a strong reduction of energy consumption and the subsequent impact in the decrease of CO2 emissions, preventing the emission of 10 thousand tonnes. To this end, the Group restructured the teams, the energy consumed, supplies, products, waste and, above all, it internalised a high concern with process changes and forms of operation which translates into an active adoption of sustainability and a circular economy.

Ibersol expects 2022 to be a year of great challenges, both due to the effects of the pandemic on consumer behaviour and their confidence, and due to geopolitical tension and its global economic impacts. These is why we have a determined outlook on the future, viewing the circumstances and subsequent readjustment from a strategic and tactical perspective.
2022 will be a very challenging year, with very high levels of uncertainty. Once again, we have the strength, determination and means to demonstrate our resilience, which is why we are counting on the support and dedication of all those who have demonstrated their recognition and preference for our Group. This includes all our stakeholders, customers, staff, partners, suppliers, investors, and civil society.