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Ibersol SGPS S A : Consolidated Report & Accounts 3rd Quarter 2021 – not audited (view report)

11/19/2021 | 12:00am


Publicly Listed Company

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

Share Capital Euros 46.000.000

Commeercial Registry: Oporto under number 501669477

Fiscal number: 501669477

Consoolidated Report & Accounts

9M 2021

(not audited)

  • Consolidatedd Turnover of 241.7 million Euros

Increase of 13% over 9M of 2020

  • Consolidatedd EBITDA reached 54.0 million Euroos

Ebitda increased 50.5% over 9M of 2020

  • Consolidatedd net profit of -20.2 million Euros

Increase of 45.3% when compared to the 9M of 2020

Consolidated Management Report


The end of the first half of 2021 was affected by a worsening of the pandemic outbreak in Portugal, due to the spread of the Delta variant. However, during the third quarter there was a substantial improvement in the control of the outbreak, as a result of the acceleration of the pace of vaccination in the Iberia.

During this period, we witnessed an easing of restrictions imposed on people's mobility and limitations of retail opening hours, which allowed the summer holidays to have taken place in an environment of greater normality for residents - although with a substantial loss of tourists - and that there had been an increase in the levels of consumer confidence, which allowed a recovery in activity at a higher pace.

The recovery seen in August and September, which benefited from the beginning of the recovery in tourism, registered a favourable evolution in the following months - a trend that will continue unless new restrictions occur - even though activity at airports shows a slower evolution

At the end of the third quarter, the group remained in Spain with around 16% of employees in ERTE (equivalent to lay off), mainly due to the reduced activity at airports, while in Portugal all the subsidiaries had already left the job protection mechanisms.


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.

With the gradual reduction in mobility restrictions during the summer months, due to the increase in the coverage of vaccinated population, the consolidated turnover for the nine months of 2021 amounted to EUR 241.7 million, compared to EUR 213.9 million in the same period of the previous year, which represents a growth of 13%.

The gradual reopening of most restaurants throughout this third quarter - although with some limitations - allowed Ibersol to have 95% of its equity restaurants in operation at the end of September, with closed restaurants mostly located in airports and service stations.

The sales evolution compared to 2019 shows the effect of the restrictions that have been implemented since 2020 in the different countries, as well as the periods in which they were reduced, and it is clear that the activity improved as a result of a better demand behavior and greater adaption of the businesses to the current challenges.

In Portugal, despite the effects of the 4th wave in June, which lasted until the beginning of summer, Ibersol achieved the best performance since the beginning of the pandemic, with activity in September recording a loss of only 1.5% compared to the same period of 2019, although access to restaurants was limited in July and August to holders of vaccination certificates.

In Spain, with a smaller number of restaurants with drive-thru service and locations more dependent on tourism and city center traffic, there is a more significant recovery from the month of July, directly related to the positive evolution of traffic at airports, resulting from the gradual lifting of restrictions in the main European markets (United Kingdom, Germany, France and Italy), even though they remain at a lower level than in Portugal.

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 place until September 2021 and the respective comparative with the same period of 2019.

The concessions and catering segment - despite continuing to be the most penalized - showed a significant pace of recovery in this quarter due to the lifting of restrictions and limitations on air traffic, as well as the pace of vaccination that accelerated the increase in consumer confidence.

In Spain, where the group operates restaurants at nine airports, passenger traffic dropped in the 3rd quarter 46% (77% in the second quarter), compared to 2019, with airports located in the Canary and Balearic Islands being less penalized than the urban ones.

In Portugal, drops in passenger's traffic where the group is present amounted to 45% compared to 2019, behaving identically to Spain.

It should be noted that the seasonality of the months of July and August did not reach the usual values, although it continued into the following months, which reflects a sign of recovery in passenger confidence levels and the intention to recover habits and consumption patterns interrupted by pandemic.


Ibersol SGPS SA published this content on 19 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2021 11:54:04 UTC.

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