IBERSOL | Integrated Management Report 2022

CONSOLIDATED FINANCIAL PERFORMANCE Due to the sale of the Burger King operation the Group disposed of 112 restaurants in Portugal and 37 in Spain, having closed 1 unit of this restau- rant brand in the third quarter of 2022. A further 17 restaurants, 11 of which franchised, were closed. The closure of six equity restaurants was due to the option of non-renew- al of the lease in the case of three units, and the conversion of one Pasta Caffé into a Taco Bell, and two Pans restaurants into KFCs in Spain. At the end of the year, we operated 421 equity restaurants, 295 of which in Portugal, 116 in Spain, and 10 in Angola, as well as 66 restaurants of our brands, operated by third parties, as franchises. Consolidated Financial Performance Due to the application of Law 13/2021, since 1 October 2021 airport leases in Spain are no longer relevant for the effects of the applica- tion of the IFRS16 until annual traffic per airport returned to the levels of 2019. Therefore, in order to allow for a correct comparison of continued operations results in 2022, results are shown in comparison to the same period in 2021, in a simulated scenario in which the contracts with AENA also did not count for the effects of IFRS16. During the entirety of 2021 the provision of external services began to reflect the totality of rent for the 12 months, with corrections also being ap- plied to the financial amortisations line, due to the derecognition of the amortisation of rights of use linked to the contracts with AENA, as well as the cancellation in other operational assets of the figures related to the write-off of assets and lease debts in airports managed by AENA at the time the new law came into force (1 October 2021). 148