IBERSOL Annual Report and Consolidated Accounts 2017

Counters Founded in 1991, having first opened in Barcelona, Pans & Company is one of the leading brands in the Iberian sandwiches and Coffee & Bakery mar- ket, with a presence in the Spanish, Portuguese and Italian markets. Pans & Company reached the end of 2017 with 102 restaurants in Spain (35 owned, 9 in Travel and 58 franchised), 46 in Portugal (45 owned and one franchised) and eight in Italy, all on a franchising basis. The year of 2017 wasmarked by investment in the renewal of the image of its restaurants and the opening of new restaurants. In the retail channel, eight restaurants were refurbished and one new restaurant was opened in the L’Aljub shopping centre in Elche (Alicante). In the travel channel, a restaurant was opened in the station of AVE in Tarragona and two Café Pans points of sale were opened in the station of AVE in Tarragona and in Terminal 2 of Madrid Airport. In 2017 Pans & Company thereby reinforced its commitment to the rene- wal of its assets and in particular in the cafeteria segment – at the end of 2017 there were already 65 Pans & Company restaurants with image 3.0 (three with Café Pans “alone”), which in addition to a renewed sales point image, also includes a new range of coffee shop products and pastries prepared daily in each of our restaurants. Regarding the range of sandwiches, which is still the brand’s main offe- ring, the renewal of the Wellness range and the “From the plate to the sandwich” and “Sandwich to sit at the table” campaigns were the main actions during 2017 and reflected the brand’s commitment to continue to present innovative offers in its core product and thus reinforce its lea- dership position in this segment in Spain. SPAIN 78