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Ibersol SGPS S A : Consolidated Report & Accounts 1st Half 2022 (view report)

09/14/2022 | 08:00am


Publicly Listed Company

Registered office: Praça do Bom Sucesso, 105/159, 9th floor, Porto

Share Capital Euros 46.000.000

Commercial Registry: Oporto under number 501669477

Fiscal number: 501669477

Consolidated Report & Accounts

1st Half 2022

  • Consolidated Turnover of 242.1 million Euros

Increase of 79.5% over 1st half of 2021

  • Consolidated EBITDA reached 37.6 million Euros

Ebitda increased 50.8% over 1st half of 2021

  • Consolidated net profit of 3.7 million Euros

Increase of 116.2% when compared to the 1st half of 2021

Consolidated Management Report


To allow comparison with other companies in the sector and previous financial periods, the Group uses operational performance indicators, as mentioned throughout this section, the definition and explanation of which can be consulted in the glossary.

After the beginning of the semester, still marked by the Ómicron variant, which slowed down the pace of recovery from the effects of the Covid-19 pandemic, the outbreak of the military conflict in Ukraine and the worsening of global geopolitical tensions have challenged again the group portfolio brands.

This context of uncertainty and instability led to a disruption in supply chains, to the acceleration of the escalation of inflation in food products, energy and transport, with a consequent impact on the drop in consumer confidence and on Ibersol cost structure.

Despite the demanding context experienced in the semester, the comparable performance with the same period in 2021, affected by the period of lockdown and restrictions on mobility, resulted in a growth of 79.5%.

Consolidated turnover in the first six months of 2022 amounted to EUR 242.1 million, compared to EUR 134.9 million in the same period of the previous year.

The sales evolution compared to 2019 shows the effect of the retraction in consumption checked in March, interrupted in April with a recovery to the highest levels since the beginning of the pandemic - in March 2020 - which coincided with the Easter period, in which there was a growth in mobility and consumption in the operated markets.


In Portugal, after an initial period of the year with a considerable part of the population at home, by the effect of the increase in the number of infected with the new Omnicrom variant, turnover - with the exception of March - exceeded that seen in the pre-pandemic period.

In Spain, there was a reduction in losses to levels below 5% compared to the same period in 2019, directly related to the positive evolution of traffic at airports, especially in locations that are more dependent on tourism.

Sales of restaurants located in Angola reflect the evolution in local currency, - which does not include the impacts arising from currency conversion - continuing to be the least penalized by the effect of the pandemic.

In this context, the monthly sales evolution by segment, illustrates the different impacts of the restrictions that have been in the last two years, the respective comparative with the same period of 2019 and the pace of recovery achieved by business area.


The concessions and catering segment - after a slowdown in the recovery in March, registered a strong growth in April, directly related to the increase in traffic passengers at airports in parallel with the growth in consumption per client, which remained in the following months.

In Spain, where the group operates restaurants at seven airports, passenger traffic has registered a gradual recovery since February, with losses in the 2nd quarter of 14%, when compared to 2019, with urban airports showing a slower pace of recovery. In Portugal, losses were 5%, which reflects a higher level than in Spain, which is not unrelated to the lower dependence on passengers from markets still affected by restrictions caused by Covid-19, namely the Asian ones. It should also be noted that since the beginning of the second quarter, some of the airports located on the islands have had higher monthly traffic than in the same period in 2019, benefiting from recognition as safe and unrestricted destinations by tourists from the domestic market, as well as by northern European countries.

The pace of activity recovery in restaurants, with dine-in service resumed at the beginning of the second quarter, after the interruption in March, although it has not yet reached pre-pandemic sales levels.

The counter segment once again showed a good performance, with strong growth compared to the same period of 2021, (a growth of 56%), as well as a high pace of recovery compared to 2019 of 34%, to which contributed three factors:

  1. the impact of the expansion which occurred in 2020 and 2021, namely with the Burger King, KFC and Taco Bell brands;
  2. the generalized extension to a significant number of restaurants with delivery and take- away services;
  3. the positive performance of restaurants with drive-thru services (operated by Burger King and KFC brands) which helped overcome the losses registered in the eat-in services.

Delivery sales, which partially offset the impact of the operation's limitations in the restaurant and counter segments in the lockdown period, with the gradual return to normality tends to reduce its weight, representing, however, in the semester 26% of sales - excluding sales in the concessions and catering segment - around 8 p.p. higher than in the first quarter of 2020, the previously period to the impact of the pandemic.

With the gradual resumption of normality in consumer habits, there is a reduction in the relative weight of sales in the drive and delivery channels, as opposed to an increase in the weight of sales


in restaurants, namely those located in shopping centers, which returned in end of the first half at a sales weight similar to pre-pandemic levels.

During the semester, 9 restaurants were definitively closed, 7 of which were franchised. In addition to the four openings in the first quarter, five new restaurants were opened in the second quarter: two Burger King restaurants, one KFC and one Taco Bell in Portugal and the conversion of a Pans franchised restaurant in Spain into a equity one.

The closure of the two equity restaurants resulted from the option of not renewing the lease contracts of two Pizza Móvil restaurants.


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Ibersol SGPS SA published this content on 14 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2022 11:59:02 UTC.

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