Quarterly Report • May 31, 2022
Quarterly Report
Open in ViewerOpens in native device viewer
IBERSOL – SGPS, SA
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
(not audited)
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 an initial first quarter affected by the Omnicrom variant, which slowed down the pace of recovery from the effects of the Covid-19 pandemic, the quarter was also marked by the outbreak of the military conflict in Ukraine and the worsening of global geopolitical tensions.
This context of uncertainty and instability led to an acceleration of the escalation of inflation in food products, energy and transport, with a consequent impact on the drop in consumer confidence, evident at the end of February.
Despite the demanding context experienced in the first quarter, the comparable performance with the same period in 2021, affected by the period of lockdown and restrictions on mobility, resulted in a growth of 91.3%.
Consolidated turnover for the three months of 2022 amounted to EUR 106.5 million, compared to EUR 55.7 million in the same period of the previous year.
| Turnover (euro million) | 3M 2022 | 3M 2021 | Var. 22/21 | 3M 2019 | Var 22/19 |
|---|---|---|---|---|---|
| Sales of Restaurants | 104.4 | 54.6 | 91.1% | 98,9 | 5.6% |
| Sales of Merchandise | 1.6 | 0,8 | 97.8% | 3,0 | $-47.8%$ |
| Services Rendered | 0.4 | 0.2 | 114.1% | 0.8 | $-46.7%$ |
| Turnover | 106.5 | 55.7 | 91.3% | 102.8 | 3.6% |
The sales evolution compared to 2019 shows the effect of the retraction in consumption checked in March. In April, there was 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 exceeded that seen in the pre-pandemic period, except for the month of March.
In Spain, there was a reduction in losses to levels below 20%, 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 the slowdown in the recovery at the end of 2021, registered a strong growth pace in this quarter, directly related to the increased traffic passengers at airports.
In Spain, where the group operates restaurants at seven airports, passenger traffic has registered a gradual recovery since February, with losses in the 1st quarter of 31%, when compared to 2019, with urban airports showing a slower pace of recovery. In Portugal, losses were 28%, which reflects an identical level of recovery of passenger's traffic in the airports of Iberia. It should also be noted that in April, as a result of the Easter period, there was an important increase in passenger traffic, reducing losses to 15% at airports in Spain and 9% at airports in Portugal, compare to the same period in 2019.
| SALES IN RESTAURANTS (euro million) |
3M 2022 | 3M 2021 | Var. 22/21 | 3M 2019 | Var 22/19 |
|---|---|---|---|---|---|
| Restaurants | 20,2 | 11.8 | 72.1% | 24,0 | $-15.6%$ |
| Counters | 66,6 | 38,5 | 73.0% | 51,3 | 29.9% |
| Concessions&Catering | 17.6 | 4.4 | 302,8% | 23.6 | $-25,6%$ |
| Total Sales | 104.4 | 54.6 | 91,1% | 98.9 | 5.6% |
The pace of activity recovery in restaurants, with dine-in service, that had taken place since the beginning of the year was interrupted in March, having 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 73%), as well as a high pace of recovery compared to 2019 of 30%, to which contributed decisively three factors:
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 first quarter 28% of sales - excluding sales in the concessions and catering segment - around 10 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.
During the first quarter, 7 restaurants were definitively closed, 5 of which were franchised, with the opening of three new KFC restaurants 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.
At the end of the quarter, the total number of restaurants was 618 (546 equity and 72 franchises), as shown below:
| Nº of Restaurants | 31.12.2021 | Q1 | Closures 2022 | 31.03.2022 |
|---|---|---|---|---|
| PORTUGAL | 383 | 3 | $\bf{0}$ | 386 |
| Equity Restaurants | 382 | $\overline{\mathbf{3}}$ | $\bf{0}$ | 385 |
| Pizza Hut | 100 | 100 | ||
| Okilo+MIIT+Ribs | 4 | 4 | ||
| Pans | 40 | 40 | ||
| Burger King | 119 | 119 | ||
| KFC | 41 | 3 | 44 | |
| Pasta Caffé | $\overline{2}$ | $\overline{2}$ | ||
| Quiosques | 8 | 8 | ||
| Taco Bell | 11 | 11 | ||
| Coffee Shops | 25 | 25 | ||
| Catering | 9 | 9 | ||
| Concessions & Other | 23 | 23 | ||
| Franchise Restaurants | 1 | 1 | ||
| SPAIN | 225 | 1 | $6\phantom{1}$ | 220 |
| Equity Restaurants | 152 | 1 | $\overline{a}$ | 151 |
| Pizza Móvil | 14 | $\overline{2}$ | 12 | |
| Pizza Hut | 3 | 3 | ||
| Burger King | 38 | 38 | ||
| Pans | 28 | 1 | 29 | |
| Ribs | 13 | 13 | ||
| FrescCo | $\overline{2}$ | 2 | ||
| KFC | $\overline{2}$ | 2 | ||
| Concessions | 52 | 52 | ||
| Franchise Restaurants | 73 | 0 | 4 | 69 |
| Pizza Móvil | 5 | 1 | 4 | |
| Pans | 42 | 1 | 41 | |
| Ribs | 17 | 1 | 16 | |
| FrescCo | 4 | 4 | ||
| SantaMaria | 5 | 1 | 4 | |
| ANGOLA | 10 | $\bf{0}$ | 10 | |
| KFC | 9 | 9 | ||
| Pizza Hut | 1 | 1 | ||
| Other Locations - Franchise | $\overline{3}$ | $\mathbf{0}$ | 1 | $\overline{2}$ |
| Pans | 3 | 1 | $\overline{2}$ | |
| Total Equity Restaurants | 544 | 4 | $\overline{a}$ | 546 |
| Total Franchise Restaurants | 77 | $\bf{0}$ | 5 | 72 |
| TOTAL | 621 | 4 | 7 | 618 |
As a result of the application of Ley 13/2021, since October 1 st 2021, rents at airports in Spain are no longer relevant for the purposes of applying IFRS16 until passenger traffic per airport returns to 2019 levels.
For this purpose, and in order to allow a correct comparability of results in the first quarter of 2022, the comparison with the results of the first quarter of 2019 is highlighted, if the derecognition was also in force in the same period.
The consolidated operating income at the end of the first three months amounted to 1.4 million Euros, which compares with the same period of 2019 corrected, in the amount of 4.4 million Euros.
| (million euros) | 3M 2022 | 3M 2021 with Ley 13/2021 AENA |
3M 2019 with Ley 13/2021 AENA |
var. 22 vs 19 |
|||
|---|---|---|---|---|---|---|---|
| Turnover | 106,5 | 55,7 | 102,8 | 3,6% | |||
| Cost of sales | 26,5 | 24,8% | 14,4 | 13,5% | 24,9 | 24,2% | 6,2% |
| gross margin % | 75,2% | 74,1% | 75,8% | $-0,6$ p.p. | |||
| External supplies and services | 31,4 | 29,5% | 16,4 | 15,4% | 28,6 | 27,8% | 9,8% |
| Personnel costs | 35,0 | 32,9% | 21,1 | 19,8% | 34,3 | 33,4% | 1,9% |
| Amortisation, depreciation and impairment losses of TFA, Rights of Use, Goodwill and IA |
13,2 | 12,4% | 13,5 | 12,7% | 11,1 | 10,8% | 19,1% |
| Other income/operating costs | $-1,0$ | $-0,9%$ | $-2,5$ | $-2,3%$ | $-0,6$ | $-0.6%$ | 63,1% |
| Operating Income | 1,4 | 1,3% | $-7,2$ | $-6,8%$ | 4,4 | 4,3% | 68,8% |
| margin | 1,3% | $-12,9%$ | 4,3% | $-3,0p.p.$ | |||
| Ebitda | 14,6 | 13,7% | 6,3 | 5,9% | 15,6 | 15,1% | $-6,0%$ |
| margin | 13,7% | 11,3% | 15,1% | $-1,4p.p.$ |
Turnover amounted to 106.5 million Euros, 3.6% higher than the 102.8 million Euros in the same period of 2019, with more 5.6% directly operated restaurants.
Gross margin was 75.2% of turnover, 0.6 p.p. lower than in the first quarter of 2019 (3M19: 75.8%), evidencing the increased pressure on raw material prices
Compared to 2021, the increase in the margin in the first quarter highlights the recovery of operations of less aggressive promotional concepts, and thereby with higher margins.
Staff costs increased 1.9%, with the weight of this cost representing 32.9% of the turnover (3M19: 33.4%).
During this period, and in order to reconcile the still reduced activity at airports in Spain and the protection of jobs, the subsidiary Pansfood joined the ERTE, under which 237 employees remained at the end of March.
External Supplies and services costs increased 9.8%, representing 29.5% of turnover, which represents an increase of 1.7 p.p. compared to the same period of 2019 with Ley 13/2021 (3M 2019 with Ley 13/2021: 27.8%).
The commissions paid to aggregators contributed to this increase with the expansion of this channel to all brands and the consequent increase in the weight of delivery sales, as well as the increase in energy costs in Spain.
Other operating income and costs in the total amount of 1.0 million Euros, represent a decrease of 0.4 million Euros compared to the same period of 2019, a difference that mainly results by the reduction of revenue related to contracts with suppliers.
Amortisation, depreciation and impairment losses of TFA, Rights of Use, Goodwill and IA in the first quarter amounted to 13.2 million Euros, which compares with 11.1 million euros of the same period of 2019 corrected by the application of Ley 13/2021, of which 5.3 million correspond to amortization of rights of use.
Therefore EBITDA in the first quarter amounted to 14.6 million Euros, a decrease of 6.0% compared to the same period of 2019 corrected with Ley 13/2021.
Consolidated EBITDA margin stood at 13.7% of turnover, which compares with 15.1% in the same period in 2019, if Ley 13/2021 had been in force.
Consolidated Financial Results in the first three months of the year were negative by 2.3 million Euros, which compares with identical amount in the first quarter of 2019 with Ley 13/2021.
| (million euros) | 3M 2022 | 3M 2021 with Ley 13/2021 AENA |
3M 2019 with Ley 13/2021 AENA |
var. 22 vs 19 |
|||
|---|---|---|---|---|---|---|---|
| Financial Results | 2,3 | 2.2% | 2.5 | 2.3% | 2.2 | $2.2\%$ | 5,0% |
| Financial expenses and losses | 2.7 | 2.6% | 2.7 | 2.5% | 2.3 | 2.2% | 19.0% |
| Financial income and gains | 0.4 | 0.4% | 0.2 | 0.2% | 0.1 | 0.1% | 395,4% |
Financial expenses and losses totalled 2.7 million Euros, which represents an increase of 0.4 million Euros compared to the corrected first quarter of 2019. A part of these expenses and losses corresponds to interest with leases in the amount of 1.8 million Euros (1.2 million Euros in the first quarter of 2019 with Ley 13/2021).
Net interest supported and commissions related to financing reached a total of 0.8 million Euros, which equals an average debt cost of 2.0%.
Total Assets amounted to 602.0 million Euros and Equity stood at 229.3 million Euros, representing 38.1% of total assets.
CAPEX amounted to 5.2 million Euros, essentially in the expansion program in Portugal.
Current liabilities amount to 113.2 million Euros, of which 21.2 million correspond to liabilities for leases and 28.6 million Euros to current loans. Regarding to current loans, the Group has 47 million Euros related to commercial paper and unused contracted credit lines.
Consolidated liabilities reached 372.7 million Euros on March 31, 2022, which represents a reduction of 31.0 million Euros compared to the final result in 2021.
On March 31, 2022, Equity stood at 229.3 million Euros, identical to the amount at the end of 2021.
| Consolidated Financial Position (million euros) |
31/03/2022 | 31/12/2021 | Var. |
|---|---|---|---|
| Total Assets | 602,0 | 632,4 | $-30,3$ |
| Total Equity | 229,3 | 228,7 | 0,6 |
| Loans | 150,8 | 167,0 | $-16.2$ |
| Liability for leases | 141,7 | 143,1 | $-1,4$ |
| Other liabilities | 80,2 | 93,6 | $-13,4$ |
| Total Equity and Liabilities | 602,0 | 632,4 | $-30,4$ |
At the end of the first quarter of 2022, net debt amounted to 225.7 million Euros, 14.7 million Euros higher than the amount outstanding at the end of 2021 (211.0 million Euros), with an increase in the "Gearing" to 50% (48% in 2021).
| (million euros) | 31/03/2022 | 31/12/2021 | var. |
|---|---|---|---|
| Total loans | 150.8 | 167.0 | $-16.2$ |
| Cash and bank deposits | $-64.3$ | $-97.0$ | $-32.7$ |
| Other current and non-current liabilities | $-2,5$ | $-2.2$ | 0,4 |
| Net Bank Debt | 84,0 | 67,9 | 16,1 |
| Liability for leases | 141.7 | 143.1 | $-1,4$ |
| Net Debt | 225,7 | 211,0 | 14,7 |
| Equity | 229,3 | 228,7 | 0,6 |
| Gearing (Net Debt/Net Debt + Equity) | 50% | 48% |
On March 31, 2022, the total Net Bank Debt amounted to 84.0 million Euros.
| Turnover | Sales + Services Rendered |
|---|---|
| Sales | Sales of Restaurants + Sales of Merchandise |
| Sales of Restaurants | Sales of directly operated restaurants |
| Retail Sales | Sales of restaurants - Concessions and Catering Sales |
| Sales of Merchandise | Sales of goods to third parties and franchisees |
| Gross Margin | Sales + Services Rendered - Cost of Sales |
| EBIT Margin | EBIT / Turnover |
| EBITDA Margin | EBITDA / Turnover |
| EBIT (Earnings before Interest and Taxes) | Operacional Results |
| EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) |
Operating results less amortisation, depreciation and impairment losses of fixed assets, Rights of Use, Goodwill and Intangible Assets |
| Financial Position | |
| Capex | Tangible and intangible assets additions |
| Interest Coverage | EBITDA / Net Financing Costs |
| Net Bank Debt | Bonds + bank loans + other loans + financial leases - cash, bank deposits, current investments, and other long-term financial applications |
| Net Debt | Net Bank Debt + Liability for Leases |
| Gearing | Net Debt / (Net debt + Equity Capital) |
| Financial Autonomy ratio | Equity/Total Assets |
Recent IMF forecasts for 2021 point to a 4.0% growth of GDP in Portugal and 4.8% in Spain, which indicates a slower recovery than previously expected.
The uncertainty associated with the recovery from the pandemic, in parallel with global geopolitical tensions and the military conflict in Ukraine, led to a worsening of inflation and could compromise consumer confidence levels and the pace of the recovery.
However, there is a return to prior habits and a sharp increase in population mobility which foreshadows a swifter recovery in regions with high tourism demand.
In addition to the openings carried out to date, we will continue with plans to expand Pizza Hut, KFC and Taco Bell brands.
In May, within the scope of negotiations on an exclusive basis, regarding a potential acquisition of the subsidiaries that operate the Burger King restaurants, in Portugal and Spain, for an Enterprise Value of 250 million euros, on a cash and debt-free basis , which may be increased by up to 7 million euros, related to the potential use of tax credits, the group said it had agreed to extend the exclusivity period until June 3, 2022.
Porto, 31th May 2022
.
António Alberto Guerra Leal Teixeira
António Carlos Vaz Pinto de Sousa
_____________________________________ Maria do Carmo Guedes Antunes de Oliveira
_____________________________________
_____________________________________
_____________________________________
_____________________________________
Juan Carlos Vázquez-Dodero de Bonifaz
Maria Deolinda Fidalgo do Couto
31 March 2022
| ASSETS | Notes | 31/03/2022 | 31/12/2021 |
|---|---|---|---|
| Non-current | |||
| Property, plant and equipment | 7 | 212 873 748 | 214 373 712 |
| Rights of use | 6 | 136 535 442 | 138 871 151 |
| Goodwill | 8 | 79 032 821 | 79 032 821 |
| Intangible assets | 8 | 36 148 781 | 35 870 696 |
| Financial investments - joint controlled subsidiaries and associated | 5 | 2 948 935 | 2 940 318 |
| Non-current financial assets | 5 | 1 019 794 | 978 965 |
| Other financial assets | 9 | 869 899 | 841 165 |
| Other non-current assets | 10 | 7 524 150 | 7 524 331 |
| Deferred tax | 5 and 16 | 11 156 786 | 11 088 442 |
| Total non-current assets | 488 110 356 | 491 521 600 | |
| Current | |||
| Inventories | 15 355 718 | 15 717 458 | |
| Income tax receivable | 5 and 16 | 135 222 | 110 222 |
| Other financial assets | 9 | 1 671 359 | 1 338 791 |
| Other current assets | 12 | 32 457 149 | 26 698 358 |
| Cash and cash equivalents | 11 | 64 276 047 | 96 968 003 |
| Total current assets | 113 895 496 | 140 832 831 | |
| Total Assets | 602 005 852 | 632 354 431 | |
| EQUITY AND LIABILITIES | |||
| EQUITY Capital and reserves attributable to shareholders |
|||
| Share capital | 46 000 000 | 46 000 000 | |
| Own shares | -11 180 516 | -11 180 516 | |
| Share premium | 29 900 789 | 29 900 789 | |
| Legal reserves | 1 751 081 | 1 751 081 | |
| Translation reserve | -9 023 271 | -11 331 432 | |
| Other Reserves & Retained Earnings | 173 603 424 | 142 053 271 | |
| Net profit for the period | -1 697 855 | 31 379 907 | |
| 229 353 652 | 228 573 100 | ||
| Non-controlling interests | -79 783 | 90 482 | |
| Total Equity | 229 273 869 | 228 663 582 | |
| LIABILITIES | |||
| Non-current | |||
| Loans | 13 | 122 231 221 | 140 439 066 |
| Lease liabilities | 13 | 120 475 792 | 121 422 685 |
| Deferred tax | 5 and 16 | 3 127 270 | 3 376 658 |
| Provisions | 5 | 2 338 023 | 2 428 023 |
| Derivative financial instrument | 5 | 18 976 | 18 976 |
| Other non-current liabilities | 4 176 | 4 176 | |
| Total non-current liabilities | 248 195 457 | 267 689 584 | |
| Current | |||
| Loans Lease liabilities |
13 | 28 609 857 | 26 593 284 |
| Accounts payable to suppliers and accrued costs | 13 14 |
21 182 722 60 774 805 |
21 645 649 72 507 391 |
| Income tax payable | 16 | 1 038 799 | 456 400 |
| Other current liabilities | 15 | 12 930 342 | 14 798 541 |
| Total current liabilities | 124 536 526 | 136 001 265 | |
| Total Liabilities | 372 731 983 | 403 690 849 | |
| Total Equity and Liabilities | 602 005 852 | 632 354 431 | |
| Notes | 3 months ended 31/03/2022 |
3 months ended 31/03/2021 |
|
|---|---|---|---|
| Sales | 5 | 106 036 373 | 55 449 235 |
| Rendered services | 5 | 448 163 | 209 337 |
| Cost of sales | -26 452 326 | -14 428 494 | |
| External supplies and services | -31 378 872 | -15 434 499 | |
| Personnel costs | -34 991 642 | -21 075 218 | |
| Amortisation, depreciation and impairment losses of TFA, Rights of | |||
| Use, Goodwill and IA | 6, 7 and 8 | -13 242 495 | -21 312 868 |
| Other operating gains (losses) | 17 | 968 815 | 2 502 344 |
| Operating Income | 1 388 016 | -14 090 163 | |
| Financial expenses and losses | 18 | -2 737 271 | -4 924 767 |
| Financial income and gains | 18 | 408 733 | 245 749 |
| Gains (losses) in subsidiary, associated and joint controlled subsidiaries | -331 873 | -198 624 | |
| Profit before tax | -1 272 395 | -18 967 805 | |
| Income tax | 19 | -425 480 | 3 228 856 |
| Net profit | -1 697 875 | -15 738 949 | |
| Other comprehensive income: | |||
| Change in currency conversion reserve (net of tax and that can be | |||
| recycled for results) | 2 308 161 | 501 677 | |
| TOTAL COMPREHENSIVE INCOME | 610 286 | -15 237 272 | |
| Net profit attributable to: | |||
| Owners of the parent | -1 697 855 | -15 726 604 | |
| Non-controlling interest | -20 | -12 345 | |
| -1 697 875 | -15 738 949 | ||
| Total comprehensive income attributable to: | |||
| Owners of the parent | 610 306 | -15 224 927 | |
| Non-controlling interest | -20 | -12 345 | |
| Earnings per share: | 20 | 610 286 | -15 237 272 |
| Basic | -0,04 | -0,49 | |
| Diluted | -0,04 | -0,49 | |
| Assigned to shareholders | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Note | Share Capital | Own Shares |
Share Premium |
Legal Reserves |
Translation Reserve |
Other Reserves & Retained Earnings |
Net Profit |
Total parent equity |
Non controlling interests |
Total Equity |
|
| Balance on 1 January 2021 Changes in the period: Application of the consolidated profit from 2020: |
36 000 000 | -11 180 516 | 469 937 | 1 629 598 | -12 821 109 | 197 372 003 | -55 197 249 | 156 272 663 | 133 241 | 156 405 905 | |
| Transfer to reserves and retained results Conversion reserves - Angola Net consolidated income for the three months ended on 31 March, 2021 |
501 677 | -55 197 249 | 55 197 249 -15 726 604 |
- 501 677 -15 726 604 |
-12 345 | - 501 677 -15 738 949 |
|||||
| Total changes in the period Net profit Total comprehensive income Transactions with capital owners in the period Application of the consolidated profit from 2020: Paid dividends |
- | - | - | - | 501 677 | -55 197 249 | 39 470 645 -15 726 604 |
-15 224 927 -15 726 604 -15 224 927 - |
-12 345 -12 345 -12 345 |
-15 237 272 -15 738 949 -15 237 272 - |
|
| - | - | - | - | - | - | - | - | - | - | ||
| Balance on 31 March 2021 | 36 000 000 | -11 180 515 | 469 937 | 1 629 598 | -12 319 432 | 142 174 754 | -15 726 604 | 141 047 735 | 120 896 | 141 168 633 | |
| Balance on 1 January 2022 Changes in the period: Application of the consolidated profit from 2021: |
46 000 000 | -11 180 516 | 29 900 789 | 1 751 081 | -11 331 432 | 142 053 271 | 31 379 907 | 228 573 100 | 90 482 | 228 663 582 | |
| Transfer to reserves and retained results Liquidation of subsiduary Cortsfood Conversion reserves - Angola Net consolidated income for the three months ended |
2 308 161 | 31 379 907 170 245 |
-31 379 907 | - 170 245 2 308 161 |
-170 245 | - - 2 308 161 |
|||||
| on 31 March, 2022 Total changes in the period Net profit Total comprehensive income Transactions with capital owners in the period Application of the consolidated profit from 2021: Paid dividends |
- - |
- - |
- - |
- - |
2 308 161 - |
31 550 152 - |
-1 697 855 -33 077 762 -1 697 855 - |
-1 697 855 780 551 -1 697 855 610 306 - - |
-20 -170 265 -20 -20 - |
-1 697 875 610 286 -1 697 875 610 286 - - |
|
| Balance on 31 March 2022 | 46 000 000 | -11 180 516 | 29 900 789 | 1 751 081 | -9 023 271 | 173 603 423 | -1 697 855 | 229 353 652 | -79 783 | 229 273 869 |
| Note | 3 months ended 31/03/2022 |
3 months ended 31/03/2021 |
|
|---|---|---|---|
| Cash Flows from Operating Activities | |||
| Receipts from clients | 106 239 325 | 56 338 432 | |
| Payments to supliers | 61 347 647 | 30 267 810 | |
| Staff payments | 33 514 159 | 16 475 289 | |
| Flows generated by operations | 11 377 519 | 9 595 333 | |
| Payments/receipt of income tax | -51 448 | 15 391 | |
| Other paym./receipts related with operating activities | -4 856 778 | -6 429 705 | |
| Flows from operating activities (1) | 6 572 189 | 3 150 237 | |
| Cash Flows from Investment Activities Receipts from: |
|||
| Financial investments | 55 929 | 54 926 | |
| Tangible fixed assets | |||
| Investment benefits | |||
| Interest received | 461 114 | 245 991 | |
| Other financial assets | 44 782 | 1 749 987 | |
| Payments for: | |||
| Financial Investments | 244 344 | 58 642 | |
| Other financial assets | 612 520 | ||
| Tangible fixed assets | 11 259 911 | 7 734 076 | |
| Intangible assests | 1 766 841 | 1 526 281 | |
| Flows from investment activities (2) | -12 709 271 | -7 880 615 | |
| Cash flows from financing activities | |||
| Receipts from: | |||
| Loans obtained | 4 213 103 | 3 458 642 | |
| Payments for: | |||
| Loans obtained | 20 691 505 | 547 809 | |
| Leases agreements | 5 115 463 | 4 442 104 | |
| Interest and similar costs | 2 832 817 | 3 054 132 | |
| Interest on lease agreements | 1 804 006 | 1 829 783 | |
| Flows from financing activities (3) | -26 230 688 | -6 415 185 | |
| Change in cash & cash equivalents (4)=(1)+(2)+(3) | -32 367 770 | -11 145 563 | |
| Change in the perimeter | -324 186 | ||
| Cash & cash equivalents at the start of the period | 96 968 003 | 50 549 377 | |
| Cash & cash equivalents at end of the period | 11 | 64 276 047 | 39 403 814 |
(Values in euros)
IBERSOL, SGPS, SA (Group or Ibersol) with head office at Praça do Bom Sucesso, Edifício Península n.º 105 a 159 – 9º, 4150-146 Porto, Portugal. Ibersol's subsidiaries (jointly called "the Group"), operate a network of 618 units in the restaurant segment through the brands Pizza Hut, Pasta Caffé, Pans & Company, Ribs, FresCo, SantaMaria, Kentucky Fried Chicken, Burger King, O' Kilo, Quiosques, Pizza Móvil, Miit, Taco Bell, Sol, Silva Carvalho Catering e Palace Catering, coffe counters and other concessions. The group has 546 units which it operates and 72 units under a franchise contract. Of this universe, 386 are based in Portugal, of which 385 are owned and 1 franchised, and 220 are based in Spain, spread over 151 own establishments and 69 franchisees, and 10 in Angola and 2 in other locations.
Ibersol is a public limited company listed on the Euronext of Lisbon.
Ibersol SGPS parent company and ultimate parent entity is ATPS - SGPS, S.A..
In Spain, on 2 October 2021, Law 13/2021 of October 1st was published, which established the new rules to apply to the minimum rents of lease contracts for restaurants and retail establishments located at airports managed by AENA.
This diploma determines that the guaranteed minimum annual income provided for in these contracts for the period between March 15, 2020 and June 20, both included, be eliminated and from June 21, 2020 and until the annual traffic of each Airport reach the values recorded in 2019, the minimum guaranteed annual rents of existing contracts are reduced in direct proportion to the variation in passenger traffic compared to those verified in 2019.
As a result, and given that traffic in 2022 has not yet reached those recorded in 2019, the lease contributions associated with the contracts with AENA in the first 3 months of 2022 are recognized as rent and rental expenses, which impairs comparability with the same period in 2021 in terms of operating costs, amortization and financial expenses.
The main accounting policies adopted in the preparation of these consolidated financial statements are described below. These policies have been applied consistently in comparative periods.
These consolidated interim financial statements were prepared according to the international standard nº. 34 – Interim Financial Report, and therefore do not include all the information required by the annual financial statements, and should be read together with the company's financial statements for the period ended 31 December 2021.
The consolidated interim financial statements have been prepared in accordance with the historical cost principle.
The Consolidated Financial Statements of the Group were prepared in accordance with the same accounting principles and policies adopted by the Group in the preparation of the annual financial statements, except for the adoption of new standards, amendments and interpretations with mandatory application from 1 January 2022, and essentially including an explanation of the events and changes relevant to understanding the changes in the Group's financial position and performance since the date of the annual report. In this way, the accounting policies, as well as a part of the notes contained in the 2021 financial statements, are omitted, either because they have not changed, or because they are not materially relevant to the understanding of these interim financial statements.
These financial statements were approved by the Board of Directors and authorised for emission on 31 May 2022.
In June 2021, Regulation No. 1080/2021 was issued by the EU, which was adopted by the Group with effect from 1 January 2022:
Amendments to IFRS 3 Business Combinations: References to the Conceptual Framework
IAS 16 Tangible fixed assets: Income prior to expected use (changes)
Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Costs of fulfilling onerous contracts (amendments)
2018-2020 cycle of improvement to IFRS standards: IFRS 1 First-time adoption of international financial reporting standards, IFRS 9 Financial Instruments, IFRS 16 Leases and IAS 41 Agriculture. These improvements are prospectively applicable.)
The Group implemented the above changes, with no materially relevant impact on its Consolidated Financial Statements.
The EU adopted and approved in 2022 a set of amendments issued by the IASB, Regulation no.
IAS 1 Presentation of Financial Statements: Disclosure of Accounting Policies (amendments)
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (changes)
The group has not yet implemented these changes.
3.1 Financial risk factors
The group's activities are exposed to a number of financial risk factors: market risk (including currency exchange risk, fair value risk associated to the interest rate and price risk), credit risk, liquidity risk and cash flow risks associated to the interest rate.
The Board of Directors provides principles for managing the risk as a whole and policies that cover specific areas, such as the currency exchange risk, the interest rate risk, the credit risk and the investment of surplus liquidity.
i) Currency exchange risk
With regard to exchange rate risk, the Group follows a natural hedge policy using financing in local currency. Since the Group is mainly present in the Iberian market, bank loans are mainly denominated in euros and the volume of purchases outside the Euro zone are of irrelevant proportions.
The Group's main source of exposure comes from investment outside the Euro zone, namely from the operation it is being developed in Angola, which is still small. The imbalances of the Angolan economy give rise to significant exchange rate variations of the kwanza, so it is to be considered that there is an exchange rate risk. Financing contracted by Angolan subsidiaries is denominated in the local currency, the same currency in which income is generated.
The exchange rate used in the financial statements for the conversion of transactions and balances expressed in Kwanzas was, respectively:
| Mar/22 | |||
|---|---|---|---|
| Euro exchange rates | (x | Rate on March, 31 | Average interest 1st |
| foreign currency per 1 Euro) | 2022 | Trimester 2022 | |
| Kwanza de Angola (AOA) | 488,520 | 557,724 |
Dec/21
| Euro exchange rates | (x | Rate on December, | Average interest rate | |
|---|---|---|---|---|
| foreign currency per 1 Euro) | 31 2021 | year 2021 | ||
| Kwanza de Angola (AOA) | 635,728 | 705,219 |
ii) Price risk
The Group is not greatly exposed to goods price risk, despite the fact that the raw materials market is experiencing a period of disruption.
iii) Interest rate risk (cash flow and fair value)
The Group's interest rate risk follows its liabilities, in particular long-term loans.
Unpaid debt bears variable interest rate, part of which has been the object of an interest rate swap. Interest rate swap contracts to hedge the interest rate risk of part of the loans (commercial paper) of 6.4 million Euros are subject to interest maturities and repayment plans identical to the terms of the loans. A loan of 33 million Euros with fixed rate debt is contracted.
Based on simulations performed on 31 March 2022, an increase of 100 basis points in the interest rate, maintaining other factors constant, would have a negative impact in the net profit of 116,000 Euros (522,000 Euros in December 2021).
Regarding customers, the risk is limited to the Catering business and sales of merchandise to franchisees representing less than 3.5% of the consolidated turnover. The Group has policies to ensure that credit sales are made to customers with an appropriate credit history.
The Group's cash and cash equivalents include mainly deposits resulting from cash provided by sales and its deposits in current accounts. Excluding these amounts, the amount of financial investments at 31 March 2022, is not significant, with the exception of the above mentioned Treasury Bonds of the Republic of Angola in the amount of 2.7 million Euros, subject to country risk.
Deposits and other financial investments are spread over several credit institutions; therefore there is not a concentration of these financial assets.
On 31 March 2022, current liabilities reached 125 million Euros, compared with 114 million Euros in current assets. The Group presents a situation of current liabilities greater than current assets, a financial characteristic of this business, it is important to note that current liabilities include some Commercial Paper programs, with termination clauses, in which reimbursement on the termination date is considered regardless of the terms for which they are contracted. On the other hand, circumstantially the option for issuance under contracts of lesser maturity at the expense of other programs of greater maturity that are left unused and consequently with amounts available for coverage.
The Group considers the expected operating cash flows and, if necessary, the commercial paper and the contracted credit lines, the amounts of which have not yet been used, are sufficient to settle all current liabilities.
On 31 March 2022, the Group had Commercial Paper Programs and unused medium and long-term lines of 38 million Euros and unused short term liquidity cash flow amounted to 13 million Euros. Investments in term deposits and other application of 63 million Euros, match 38% of liabilities paid.
The following table shows the Group financial liabilities (relevant items), considering contractual cash-flows:
| until 31 March 2023 | > 1 year | ||
|---|---|---|---|
| Bank loans and overdrafts | 28 609 857 | 122 231 221 | |
| Lease liabilities | 21 182 722 | 120 475 792 | |
| Other non-current liabilities | - | 4 176 | |
| Accounts payable to suppliers and | |||
| accrued costs (*) | 50 129 593 | - | |
| Other current liabilities (**) | 4 759 113 | - | |
| Total | 104 681 286 | 242 711 188 |
(*) amount excluding remunerations to be paid (note 14).
(**) amount excluding balances with the state and deferred income (note 15).
The capital structure balance is monitored based on the gearing ratio (defined as: (net remunerated debt / net remunerated debt + equity)) in order to place the ratio within a 50%-75% range.
As at 31 March 2022 and 31 December 2021 the gearing ratio was of 50% and 48%, respectively, as follows:
| mar/22 | Dec-21 | ||
|---|---|---|---|
| Lease liabilities | 141 658 514 | 143 068 334 | |
| Bank loans | 150 841 078 | 167 032 350 | |
| Other financial assets | -2 541 259 | -2 179 955 | |
| Cash and bank deposits | -64 276 047 | -96 968 003 | |
| Net indebtedness | 225 682 285 | 210 952 726 | |
| Equity | 229 273 869 | 228 663 582 | |
| Total capital | 454 956 154 | 439 616 308 | |
| Gearing ratio | 50% | 48% |
In restaurants where it operates with international brands, the group enters into long-term franchise agreements: 20 years for Burger King and 10 years for Pizza Hut, Taco Bell and KFC, which are renewable for another 10 years at the franchise's option, provided certain obligations have been fulfilled.
It has become practical for these contracts to be renewed. However, nothing obliges the franchisees to do so, so the risk of non-renewal may be verified.
In these contracts it is normal to contract the payment of an "Initial Fee" at the beginning of each contract and a "Renewall Fee" at the end of the initial period, in addition to a royalty of marketing operations on the sales made.
Periodically, development contracts are negotiated which guarantee the right and the obligation to open new restaurants. In case of non-compliance with the opening plans provided for in these contracts, franchisors may terminate their development contracts.
The group has signed development contracts with Taco Bell and KFC (Portugal and Spain) and Burger King (Portugal and Spain). In unusual circumstances, such as the current pandemic crisis, readjustments to the development programs with the different brands Taco Bell and KFC were agreed. In the case of Burger King for Portugal, an amendment to the contract was being negotiated, but Burger King decided to terminate it. On the grounds that two restaurants were not built and three renovations weren't carried out, in addition to the 12 open restaurants and the 7 renovations made.
4.1. The following Group companies were included in the consolidation perimeter as at 31 March 2022 and 31 December 2021:
| Company | Head Office | % Shareholding | |
|---|---|---|---|
| Mar/22 | Dec/21 | ||
| Parent company | |||
| Ibersol SGPS, S.A. | Porto | mãe | mãe |
| Subsidiary companies | |||
| Iberusa Hotelaria e Restauração, S.A. | Porto | 100% | 100% |
| Ibersol Restauração, S.A. | Porto | 100% | 100% |
| Ibersande Restauração, S.A. | Porto | 100% | 100% |
| Ibersol Madeira e Açores Restauração, S.A. | Funchal | 100% | 100% |
| Ibersol - Hotelaria e Turismo, S.A. | Porto | 100% | 100% |
| Iberking Restauração, S.A. | Porto | 100% | 100% |
| Iberaki Restauração, S.A. | Porto | 100% | 100% |
| Restmon Portugal, Lda | Porto | 61% | 61% |
| Vidisco, S.L. | Vigo - Espanha | 100% | 100% |
| Inverpeninsular, S.L. | Vigo - Espanha | 100% | 100% |
| Asurebi SGPS, S.A. | Porto | 100% | 100% |
| Firmoven Restauração, S.A. | Porto | 100% | 100% |
| IBR - Sociedade Imobiliária, S.A. | Porto | 100% | 100% |
| Eggon SGPS, S.A. | Porto | 100% | 100% |
| Anatir SGPS, S.A. | Porto | 100% | 100% |
| Lurca, SA | Madrid-Espanha | 100% | 100% |
| Sugestões e Opções-Actividades Turísticas, S.A | Porto | 100% | 100% |
| José Silva Carvalho Catering, S.A | Porto | 100% | 100% |
| (a) Iberusa Central de Compras para Restauração ACE | Porto | 100% | 100% |
| (b) Vidisco, Pasta Café Union Temporal de Empresas | Vigo - Espanha | 100% | 100% |
| Maestro - Serviços de Gestão Hoteleira, S.A. | Porto | 100% | 100% |
| SEC - Eventos e Catering, S.A. | Porto | 100% | 100% |
| IBERSOL - Angola, S.A. | Luanda - Angola | 100% | 100% |
| HCI - Imobiliária, S.A. | Luanda - Angola | 100% | 100% |
| Ibergourmet Produtos Alimentares (ex-Gravos 2012, S.A.) Porto | 100% | 100% | |
| Lusinver Restauracion, S.A. | Vigo - Espanha | 100% | 100% |
| The Eat Out Group S.L.U. | Barcelona - Espanha | 100% | 100% |
| Pansfood, S.A.U. | Barcelona - Espanha | 100% | 100% |
| Foodstation, S.L.U | Barcelona - Espanha | 100% | 100% |
| Dehesa de Santa Maria Franquicias, S.L. | Barcelona - Espanha | 100% | 100% |
| (c) Cortsfood, S.L. | Barcelona - Espanha | - | 50% |
| Volrest Aldaia, S.L | Vigo - Espanha | 100% | 100% |
| Volrest Alcala, S.L | Vigo - Espanha | 100% | 100% |
| Volrest Alfafar, S.L. | Vigo - Espanha | 100% | 100% |
| Volrest Rivas, S.L. | Vigo - Espanha | 100% | 100% |
| Voesmu Restauracion, SL | Vigo - Espanha | 100% | 100% |
| Associated companies | |||
| Ziaicos - Serviços e gestão, Lda | Porto | 40% | 40% |
| Companies controlled jointly | |||
| UQ Consult - Serviços de Apoio à Gestão, S.A. | Porto | 50% | 50% |
(a) Company consortium agreement that acts as the Purchasing and Logistics Centre and provides the respective restaurants with raw materials and maintenance services.
(b) Union Temporal de Empresas which was founded in 2005 and that during the year functioned as the Purchasing Centre in Spain by providing raw materials to the respective restaurants. (c ) Subsidiary liquidated in February 2022..
The above entities develop their business in the countries where they are based.
The subsidiary companies were included in the consolidation by the full consolidation method. UQ Consult, the jointly controlled entity and the associated Ziaicos, was subject to the equity method according to the group's shareholding in this company.
The shareholding percentages in the indicated companies imply an identical percentage in voting rights.
4.2. Changes to the consolidation perimeter
4.2.1. Acquisition of new companies
In the three month period ended in 31 March 2022 and in 31 December 2021 there were no acquisitions of subsidiaries.
In the three month period periods ended in 31 March 2022 and in 31 December 2021 there were no disposals of subsidiaries.
5.1. Revenue from contracts with clients
Revenue from contracts with customers is presented as follows:
| 2022 | 2022 | |
|---|---|---|
| Turnover | 106 484 536 | 55 658 572 |
| Restaurant activity sales | 104 449 720 | 54 647 135 |
| Restaurants sales | 101 170 011 | 54 171 334 |
| Event catering sales | 1 852 301 | 241 936 |
| Catering sales in concessions | 1 427 407 | 233 865 |
| Merchandise sales | 1 586 653 | 802 100 |
| Rendered services | 448 163 | 209 337 |
| Franchised Royalties | 417 207 | 178 942 |
| Others | 30 956 | 30 395 |
In 31 March 2022, sales through Aggregator platforms amounted to 13.4 million Euros.
Ibersol Administration monitors the business based on the following segmentation (Note 2.5):
| SEGMENT | BRANDS | ||||||
|---|---|---|---|---|---|---|---|
| Restaurants | Pizza Hut | Pasta Caffe | Pizza Movil | FresCo | Ribs | StaMaria | |
| Counters | KFC | O'Kilo | Miit | Burger King | Pans & C.ª | Coffee Counters Taco Bell | |
| Concessions, Travel | |||||||
| and catering | Sol (SA) | Concessions | Catering | Convenience stores | Travel |
DETAILED INFORMATION CONCERNING THE OPERATING SEGMENTS
| Restaurants | Counters | Concessions, Travel and Catering |
Other, write off and adjustments |
Total Group | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| mar/22 | mar/21 | mar/22 | mar/21 | mar/22 | mar/21 | mar/22 | mar/21 | mar/22 | mar/21 | |
| Turnover | 21 302 989 12 315 758 | 67 465 690 | 38 931 701 | 17 649 069 | 4 381 461 | 66 788 | 29 652 | 106 484 536 55 658 572 | ||
| Operating income net of Amortization, deprec. and impairment losses Amortization, depreciation and impairment |
3 021 945 | 755 734 | 11 383 764 | 6 101 915 | 246 889 | 293 864 | -22 087 | 71 192 | 14 630 511 | 7 222 705 |
| losses Operating income |
-2 559 666 462 279 |
-3 069 137 -2 313 404 |
-8 186 859 3 196 905 |
-7 972 551 -1 870 635 |
-1 720 036 -1 473 147 |
-9 966 103 -9 672 239 |
-775 934 -798 021 |
-305 077 -233 885 |
-13 242 495 -21 312 868 1 388 016 -14 090 163 |
|
| Financial gains (losses) | -2 328 538 | -4 679 018 | ||||||||
| Financial gains (losses) | -331 873 | -198 624 | ||||||||
| Income tax | -425 480 | 3 228 856 | ||||||||
| Net profit | -1 697 875 -15 738 949 | |||||||||
| Total assets allocated | 117 247 542 110 057 174 360 845 002 290 847 553 | 94 221 015 265 497 415 11 890 298 10 205 301 | 584 203 856 676 607 443 | |||||||
| Total liabilities allocated | 40 043 676 33 849 269 153 226 323 127 595 262 | 23 690 304 224 373 971 | 745 557 | 377 175 | 217 705 860 386 195 677 |
Unallocated assets and liabilities arising from investment, financing and tax activities are presented as follows:
| Mar/22 | Dec/21 | |||
|---|---|---|---|---|
| Assets | Liabilities | Assets | Liabilities | |
| Deferred taxes | 11 156 786 | 3 127 270 | 11 088 442 | 3 376 658 |
| Current taxes | 135 222 | 1 038 799 | 110 222 | 456 400 |
| Current bank loans | - | 28 609 857 | - | 26 593 284 |
| Non current bank loans | - | 122 231 221 | - | 140 439 066 |
| Derivative financial instrument | - | 18 976 | - | 18 976 |
| Non-current financial assets | 1 019 794 | - | 978 965 | - |
| Financial investments - joint controlled subsidiaries | 2 948 935 | - | 2 940 318 | - |
| Other financial assets | 2 541 259 | - | 2 179 955 | - |
| Total | 17 801 995 | 155 026 123 | 17 297 902 | 170 884 384 |
| Mar/22 | Dec/21 | |||
|---|---|---|---|---|
| Assets | Liabilities | Assets | Liabilities | |
| Allocated by segment | 584 203 856 | 217 705 860 | 615 056 529 | 232 806 465 |
| Not allocated | 17 801 995 | 155 026 123 | 17 297 902 | 170 884 384 |
| 602 005 852 | 372 731 984 | 632 354 431 | 403 690 850 |
As at 31 March 2022 income and non-current assets by geography is presented as follows:
| 31 MARCH 2022 | Portugal | Angola | Spain | Group |
|---|---|---|---|---|
| Turnover | 69 716 884 | 2 914 773 | 33 852 879 | 106 484 536 |
| Property, plant and equipment and intangible assets | 184 717 633 | 16 762 639 | 47 542 257 | 249 022 529 |
| Rights of use | 74 200 436 | 588 843 | 61 746 163 | 136 535 442 |
| Goodwill | 7 474 768 | 130 714 | 71 427 339 | 79 032 821 |
| Deferred tax asset | 4 930 340 | - | 6 226 445 | 11 156 786 |
| Financial investments - joint controlled subsidiaries | 2 948 935 | - | 2 948 935 | |
| Non-current financial assets | 619 794 | - | 400 000 | 1 019 794 |
| Other financial assets | - | 869 899 | - | 869 899 |
| Other non-current assets | - | - | 7 524 150 | 7 524 150 |
| Total non-current assets | 274 891 906 | 18 352 095 | 194 866 354 | 488 110 356 |
During the three month period ended on 31 March 2022, rights of use, as well as in the respective accumulated amortizations and impairment losses, were as follows:
| Stores and Commercial |
|||||
|---|---|---|---|---|---|
| Spaces | Buildings | Equipment | Other assets | Total | |
| 1 January 2022 | |||||
| Initial net amount | 128 125 587 | 5 881 809 | 4 496 619 | 367 138 | 138 871 152 |
| Currency conversion | 155 011 | - | - | - | 155 011 |
| Increases | 3 003 726 | 10 423 | 997 765 | 62 218 | 4 074 132 |
| Decreases | -367 | 0 | - | - | -367 |
| Depreciation in the year | -5 263 542 | -803 323 | -472 025 | -25 597 | -6 564 487 |
| Final net amount | 126 020 415 | 5 088 910 | 5 022 359 | 403 759 | 136 535 442 |
| 31 March 2022 | |||||
| Cost | 187 548 141 | 14 615 260 | 8 129 990 | 533 152 | 210 826 542 |
| Accumulated depreciation | -61 527 727 | -9 526 350 | -3 107 630 | -129 394 | -74 291 101 |
| Net amount | 126 020 415 | 5 088 910 | 5 022 359 | 403 759 | 136 535 442 |
The value of the increases corresponds to 9 new leases (4 of spaces and 5 of equipment) and also the effect of remeasurement of contracts by the rent updates by the Price Index in the Consumer and other changes to expected lease payments (eg in cases of lease term reassessment).
During the three month period ended 31 March 2022, property, plant and equipment, as well as in the respective depreciation and accumulated impairment losses, were as follows:
| Land | Buildings | Equipment | Other property, plant and equipment |
Property, plant and equipment in progress |
Total | |
|---|---|---|---|---|---|---|
| 1 January 2022 | ||||||
| Initial net amount | 19 497 339 | 153 238 101 | 31 204 592 | 9 664 958 | 768 719 | 214 373 711 |
| Currency conversion | 243 808 | 155 417 | -47 030 | -25 527 | 836 | 327 504 |
| Charge-off | - | 2 672 554 | 825 299 | 502 378 | 57 226 | 4 057 458 |
| Decreases | - | -79 966 | -2 033 | -1 709 | -979 | -84 686 |
| Transfers | - | 55 229 | 35 409 | 3 126 | -93 768 | -4 |
| Depreciation in the year | -12 632 | -3 236 308 | -1 950 829 | -600 466 | - | -5 800 235 |
| Impairment in the year | - | - | - | - | - | - |
| Final net amount | 19 728 515 | 152 805 027 | 30 065 408 | 9 542 760 | 732 034 | 212 873 748 |
| 31 March 2022 | ||||||
| Cost | 20 113 978 | 293 485 753 | 145 468 451 | 33 740 730 | 732 035 | 493 540 948 |
| Accumulated depreciation | -376 464 | -129 763 534 | -114 647 761 | -24 146 611 | - | -268 934 371 |
| Accumulated impairment | -9 000 | -10 917 191 | -755 280 | -51 359 | - | -11 732 830 |
| Net amount | 19 728 514 | 152 805 028 | 30 065 409 | 9 542 762 | 732 034 | 212 873 748 |
In 2022, investment essentially refers to the opening of three KFC.
Goodwill and intangible assets are broken down as follows:
| Mar/22 | Dec/21 | |
|---|---|---|
| Goodwill | 79 032 821 | 79 032 821 |
| Intangible assets | 36 148 781 | 35 870 696 |
| 115 181 602 | 114 903 517 |
During the 3 month period ended 31 March 2022, intangible assets, amortization and accumulated impairment losses were as follows:
| Industrial | Other intangible | Assets in | ||||
|---|---|---|---|---|---|---|
| Goodwill | Brands | property | Assets | progress | Total | |
| 1 January 2022 | ||||||
| Initial net amount | 79 032 821 | 16 316 667 | 16 912 142 | 1 411 652 | 1 230 241 | 114 903 517 |
| Currency conversion | - | - | 4 376 | - | 31 189 | 35 565 |
| Charge-off | - | - | 180 269 | - | 997 607 | 1 177 876 |
| Decreases | - | - | -4 822 | - | - | -4 822 |
| Transfers | - | - | 2 673 | - | -2 673 | - |
| Amortization in the year | - | -275 000 | -575 822 | -79 713 | - | -930 535 |
| Impairment in the year | - | - | - | - | - | - |
| Final net amount | 79 032 821 | 16 041 667 | 16 518 816 | 1 331 939 | 2 256 364 | 115 181 602 |
| 31 March 2022 | ||||||
| Cost | 93 984 684 | 22 000 000 | 53 115 572 | 12 232 629 | 2 256 365 | 183 589 250 |
| Accumulated amortization | - | -5 958 333 | -32 268 475 | -10 868 396 | - | -49 095 204 |
| Accumulated impairment | -14 951 863 | - | -4 328 280 | -32 296 | - | -19 312 439 |
| Net amount | 79 032 821 | 16 041 667 | 16 518 817 | 1 331 939 | 2 256 364 | 115 181 602 |
Intangible assets in progress mostly relate to territorial rights to open units, which are paid in advance to brands at the time when joint agreements are made to open units between Ibersol and the franchisors.
Goodwill is allocated to each of the groups of homogeneous cash-generating units as follows:
| Mar/22 | Dec/21 | |
|---|---|---|
| Restaurants | 7 147 721 | 7 147 721 |
| Counters | 37 199 991 | 37 199 991 |
| Concessions, Travel and Catering | 34 505 388 | 34 505 388 |
| Other, write off and adjustments | 179 721 | 179 721 |
| 79 032 821 | 79 032 821 |
The amount of financial assets refers to investments in Angolan State Treasury Bonds. The separation by maturity is as follows:
| Mar/22 | Dec/21 | |||||
|---|---|---|---|---|---|---|
| Non | Non | |||||
| Current | current | Total | Current | current | Total | |
| Treasury bonds | 1 761 722 | 996 949 | 2 758 672 | 1 429 154 | 968 215 | 2 397 368 |
| Sub-total | 1 761 722 | 996 949 | 2 758 672 | 1 429 154 | 968 215 | 2 397 368 |
| Accumulated impairment losses | 90 363 | 127 050 | 217 413 | 90 363 | 127 050 | 217 413 |
| TOTAL | 1 671 359 | 869 899 | 2 541 259 | 1 338 791 | 841 165 | 2 179 955 |
As there was no significant increase in credit risk since the initial recognition of Treasury Bonds, expected losses within a period of 12 months were considered.
Indices used for Probability of Default and Loss Given Default are in accordance with the publication of Moodys and S&P, the probability of default considered was 7.9% and the loss given default considered to be 59%.
Treasury bond securities held by the group on 31 March 2022 with a maturity of more than 12 months are as follows:
| Issue date | 08/07/2020 | 31/08/2017 | |
|---|---|---|---|
| Acquisition date | 25/05/2021 | 06/05/2021 | |
| Due date | 08/07/2023 | 31/08/2024 | |
| BNA exchange rate | n/a | 645 | |
| Amount | 1 350 | 250 | |
| Amount as at 31/03/2022 | 251 474 | 344 550 | |
| Gross annual return | 16,25% | 7% | |
| Non-current | TOTAL | ||
| Issue date | 21/04/2021 | 31/07/2020 | - |
| Acquisition date | 04/10/2021 | 24/11/2021 | - |
| Due date | 21/04/2023 | 31/07/2024 | - |
| BNA exchange rate | n/a | n/a | - |
| Amount | 1 200 | 1 000 | - |
| Amount as at 31/03/2022 | 227 954 | 172 972 | 996 949 |
Treasury bond securities held by the group as at 31 March 2022 with a maturity of less than 12 months are presented as follows:
| Current | |||
|---|---|---|---|
| Issue date | 26/10/2017 | 16/04/2021 | 28/02/2019 |
| Acquisition date | 07/04/2021 | 25/05/2021 | 05/05/2021 |
| Due date | 26/10/2022 | 16/10/2022 | 28/02/2023 |
| BNA exchange rate | n/a | n/a | n/a |
| Amount | 600 | 2 000 | 1 000 |
| Amount as at 31/03/2022 | 108 647 | 393 024 | 189 327 |
| Gross annual return | 12% | 15,75% | 16,5% |
| Current | TOTAL | ||
| Issue date | 16/09/2015 | 29/09/2017 | - |
| Acquisition date | 22/01/2016 | 16/03/2021 | - |
| Due date | 16/09/2022 | 29/09/2022 | - |
| BNA exchange rate | 154,84 | n/a | - |
| Amount | 975 | 250 | - |
| Amount as at 31/03/2022 | 1 025 215 | 45 510 | 1 761 722 |
| Gross annual return | 5% | 12% | - |
Other non-current assets breakdown is presented as follows:
| Mar/22 | Dec/21 | |
|---|---|---|
| Other non-current assets | 7 524 150 | 7 524 331 |
| 7 524 150 | 7 524 331 |
Balance of other non-current debtors is mainly comprised of deposits and securities in Spain resulting from lease agreements. Trade accounts receivable from other debtors are initially recognized at fair value and, in the case of medium and long-term debt, are subsequently measured at amortized cost using the effective interest method, less impairment.
The Group considers that this asset is not exposed to significant credit risk, since in general these assets are directly associated with rent payment obligations.
These guarantees may be enforced by the beneficiaries in the event of breach of contract by Ibersol, for example in cases where the rent is not paid.
As at 31 March 2022 and 31 December 2021, Cash and cash equivalents were as follows:
| Mar/22 | Dec/21 | |
|---|---|---|
| Cash | 1 053 141 | 1 029 212 |
| Bank deposits | 63 222 406 | 95 938 291 |
| Treasury applications | 500 | 500 |
| Cash and bank deposits in the balance sheet | 64 276 047 | 96 968 003 |
| Bank overdrafts | - | - |
| Cash and cash equivalents in the cash flow statement | 64 276 047 | 96 968 003 |
As at 31 December 2021 and 2020 Other current assets were as follows:
| Mar/22 | Dec/21 | |
|---|---|---|
| Clients | 6 780 161 | 6 369 453 |
| State and other public entities | 6 268 914 | 5 803 060 |
| Other debtors (1) | 16 486 483 | 10 895 308 |
| Advances to suplliers | 359 870 | 202 341 |
| Advances to fixed suppliers | 1 649 011 | 225 008 |
| Accruals and income | 2 344 299 | 4 386 985 |
| Deferred costs | 1 512 970 | 1 698 608 |
| Other current assets | 35 401 708 | 29 580 764 |
| Accumulated impairment losses | 2 944 559 | 2 882 406 |
| 32 457 149 | 26 698 358 |
(1) As at 31 March 2022 and 31 December 2021, the balance in Other debtors includes aggregators, other debtor balances from suppliers c/c, debts to suppliers for the recovery of charges for marketing and rappel co-payments, meal vouchers (delivered by customers), short-term bails and various advances, reflection of a growth in activity in the last 2 months.
As at 31 March 2022 and 31 December 2021, current and non-current loans were as follows:
| Non-current | Mar/22 | Dec/21 |
|---|---|---|
| Bank loans Commercial paper programmes |
77 381 221 44 850 000 122 231 221 |
75 839 066 64 600 000 140 439 066 |
| Current | Mar/22 | Dec/21 |
| Bank overdrafts Bank loans Commercial paper programmes |
- 15 310 327 13 299 530 |
- 13 325 470 13 267 814 |
| 28 609 857 | 26 593 284 | |
| Total loans | 150 841 078 | 167 032 350 |
Movements in 31 March 2022 and 31 December 2021 in current and non-current loans, except financial leases and bank overdrafts, are as follows:
| mar/22 | Dec/21 | |
|---|---|---|
| 1st January | 167 032 350 | 165 068 581 |
| Loan receipts obtained | 4 213 103 | 34 298 753 |
| Financial debt payments | -20 691 505 | -32 227 604 |
| Variation effect of bank overdrafts (note 11) | - | -916 |
| Financing assembly costs | 19 799 | -344 259 |
| Capitalized interest and others | 267 330 | 237 793 |
| 150 841 078 | 167 032 350 | |
As at 31 March 2022 and 31 December 2021, the company has commitments made to third parties, arising from lease contracts, namely real estate contracts. The breakdown of future payments of lease payments, given their maturity, can be analyzed as follows:
| mar/22 | dez/21 | ||||||
|---|---|---|---|---|---|---|---|
| Current | Non-current | Total | Current | Non-current | Total | ||
| Leases | TOTAL | 21 182 722 21 182 722 |
120 475 792 120 475 792 |
141 658 514 141 658 514 |
21 645 649 21 645 649 |
121 422 685 121 422 685 |
143 068 334 143 068 334 |
The movements in the first 3 months 2022 in liabilities with leases are presented as follows:
| mar/22 | Dec/21 | |
|---|---|---|
| 1st January | 143 068 335 | 329 014 533 |
| Financial debt payments | -6 919 469 | -34 031 830 |
| Update of liabilities with leases | 1 804 006 | 13 361 651 |
| Lease contract increases | 4 074 132 | 35 106 030 |
| Contract terminations / store closings | -367 | -276 893 |
| Write-off Liabilities lease contracts AENA (1) | - | -195 183 511 |
| Income concessions resulting from the COVID-19 pandemic | -459 184 | -4 681 174 |
| Others | 91 059 | -240 474 |
| 141 658 514 | 143 068 335 |
(1) the debt of concession contracts at airports in Spain managed by AENA was derecognised, pursuant to the application of Law 13/2021 (introductory note). This diploma determines the reduction of the minimum guaranteed annual rents of the contracts, in direct proportion to the reduction of annual passenger traffic compared to those verified in 2019, until the annual volume of passengers at the airport resumes the traffic of the same year, thus making it impossible for the future responsibilities of these same contracts are determined.
During the first three months of 2022, the Group obtained discounts on rent payments with the amount of 459,184 Euros that led to the respective decrease in liabilities without outflow of funds.
As at 31 March 2022 and 31 December 2021, accounts payable to suppliers and accrued costs were broken down as follows:
| Mar/22 | Dec/21 | |
|---|---|---|
| Suppliers c/ a | 32 184 879 | 38 501 025 |
| Suppliers - invoices pending approval | 2 244 313 | 3 196 603 |
| Suppliers of fixed assets c/ a | 4 330 053 | 10 063 593 |
| Total accounts payable to suppliers | 38 759 245 | 51 761 221 |
| mar/22 | dez/21 | |
| Acréscimos de custos - Seguros a liquidar | 131 799 | 108 056 |
| Acréscimos de custos - Remunerações a liquidar | 10 645 212 | 8 987 232 |
| Acréscimos de custos - Rendas e alugueres (1) | 3 308 902 | 5 583 055 |
| Acréscimos de custos - Fornec.Serviços Externos | 5 988 833 | 5 583 485 |
| Acréscimos de custos - Outros | 1 940 814 | 484 342 |
| Total acréscimos de custos | 22 015 560 | 20 746 170 |
| Total contas a pagar a fornec. e acréscimos de custos | 60 774 805 | 72 507 391 |
(1) accrued costs- rent and lease include only the amount related to variable rents that are not included in the lease liability.
As at 31 March 2022 and 31 December 2021, "Other current liabilities" may be broken down as follows:
| Mar/22 | Dec/21 | |
|---|---|---|
| Other creditors | 4 759 113 | 5 536 323 |
| State and other public entities | 7 255 194 | 8 480 036 |
| Deferred income | 916 035 | 782 182 |
| 12 930 342 | 14 798 541 |
As at 31 March 2022, income tax receivable amounts to 135,222 Euros (2021: 110,222 Euros), presented as follows:
| Mar/22 | Dec/21 | |
|---|---|---|
| Inverpeninsular Group (1) | 39 490 | 35 614 |
| Ibersol Angola | 91 224 | 70 100 |
| Others | 4 508 | 4 508 |
| 135 222 | 110 222 |
(1) tax amount resulting from the tax group of subsidiaries in Spain.
16.1.2. Income tax payable
Income tax payable in the periods ended 31 March 2022 and 31 December 2021 is broken down as follows:
| Mar/22 | Dec/21 | |
|---|---|---|
| RETGS (1) | 937 004 | 444 395 |
| Ibersol Angola | 89 789 | - |
| Others (2) | 12 006 | 12 006 |
| 1 038 799 | 456 401 |
(1) amount of tax resulting from the tax group of subsidiaries in Portugal (RETGS). (2) excluded from RETGS, income tax to be paid by subsidiary Iberusa ACE.
Changes in deferred taxes in the period are:
| Movement in the | |||
|---|---|---|---|
| Deferred taxes | 31.03.2022 | 31.12.2021 | year (1) |
| Assets | 11 156 786 | 11 088 442 | 68 344 |
| Liabilities | -3 127 270 | -3 376 658 | 249 388 |
| Total | 8 029 516 | 7 711 784 | 317 732 |
(1) tax for the year in the amount of 161,260 euros (note 19) and 156,472 euros of currency exchange conversion recognized in reserves.
Nominal tax rates of the jurisdictions in which the Group is present are as follows:
| Portugal | 21% |
|---|---|
| Spain | 25% |
| Angola | 25% |
As at 31 March 2022 and 31 December 2021 deferred tax assets on, according to jurisdiction and the temporary differences that generate them, are broken down as follows:
| mar/22 | Dec/21 | |||||
|---|---|---|---|---|---|---|
| Deferred tax assets | Portugal | Spain | Total | Portugal | Spain | Total |
| Tax losses carried forward | - | 7 025 378 | 7 025 378 | - | 7 005 961 | 7 005 961 |
| Ded. temporary differences (IFRS16) (1) | - | 792 929 | 792 929 | - | 744 265 | 744 265 |
| Taxable temporary differences | -33 859 | -1 572 089 | -1 605 947 | -33 859 | -1 572 089 | -1 605 947 |
| Homogenization of property, plant and | ||||||
| equipment and intangible assets (2) | -5 034 604 | -708 707 | -5 743 312 | -5 065 885 | -677 689 | -5 743 575 |
| Other temporary differences (3) | 9 998 803 | 688 934 | 10 687 737 | 9 998 803 | 688 934 10 687 737 | |
| 4 930 340 | 6 226 445 | 11 156 786 | 4 899 059 | 6 189 382 11 088 442 |
(1) deferred taxes resulting from a temporary difference due to the application of IFRS16 in the Group's consolidated accounts, not applicable in the statutory accounts of subsidiaries in Spain.
(2) deferred taxes that correspond to the difference in the net amount considered in the individual financial statements of the subsidiaries and the net amount to which they contribute in the consolidated financial statements.
(3) amount referring, essentially to tax benefits. As at 31 December 2021, there are 147,000 euros of tax benefit associated with the capital increase and 9,847,534 euros of tax benefits not deducted, to be used in subsequent years, 1,337,879 euros of RFAI for 2019, 2,066,044 euros of 2020 RFAI, 4,731,689 euros from 2021 RFAI and 1,711,922 euros from CFEI II (1,142,477 euros deductible until 2025 and 569.45 euros until 2026, inclusive). It should be noted that these credits have a reporting period of 10 tax periods, a period whose count was suspended during 2020 and during the following tax period, according to Law No. 21/2021, of 21 of April.
As at 31 March 2022 and 31 December 2021, Deferred tax liabilities, according to jurisdiction and the temporary differences that generated them, are broken down as follows:
| mar/22 | Dec/21 | |
|---|---|---|
| Deferred tax liabilities | Angola | Angola |
| Homogenization of property, plant and equipment and intangible | ||
| assets (1) | -641 577 | -450 931 |
| Hyperinflationary Economies (IAS 29) | 3 882 097 | 3 927 202 |
| Deductible temporary differences (IFRS16) | -58 896 | -45 259 |
| Other temporary differences | -54 354 | -54 354 |
| 3 127 270 | 3 376 657 |
(1) deferred taxes corresponding to the difference of the net value as in the individual financial statements of the subsidiaries and the net amount that they contribute in the consolidated.
Other operating and income costs in the three months periods ended 31 March 2022 and 31 March 2021 are broken down as follows:
| Other operating costs | 2022 | 2021 |
|---|---|---|
| Direct/indirect taxes not assigned to operating activities | 237 987 | 149 218 |
| Losses in fixed assets | 32 877 | 92 124 |
| Currency exchange differences | 317 623 | 152 217 |
| Membership fees, donations samples and inventory offers | 66 294 | 48 483 |
| Impairment adjustments (debts receivable) | 58 526 | 79 950 |
| Inventories break | 127 015 | - |
| Other operating costs | 22 129 | 30 953 |
| 862 451 | 552 944 | |
| Outros proveitos operacionais | 2022 | 2021 |
| Proveitos suplementares (1) | 685 022 | 543 813 |
| Subsídios à exploração (2) | 22 591 | 2 300 212 |
| Diferenças câmbio | 469 526 | 175 895 |
| Indemnizações | 618 320 | - |
| Ganhos em imobilizado | - | 16 787 |
| Subsídios para investimento | 13 516 | 14 746 |
| Outros ganhos operacionais | 22 290 | 3 835 |
| 1 831 266 | 3 055 288 | |
| Outros proveitos /(custos) operacionais | 968 815 | 2 502 344 |
(1) arise essentially from revenue from contracts with suppliers and franchisees (Eat Out group); (2) amount referring, essentially, to government support within the scope of Covid-19.
Financial expenses and losses in the three months periods ended 31 March 2022 and 31 March 2021 are broken down as follows:
| Financial expenses and costs | 2022 | 2021 |
|---|---|---|
| Interest on rentals liabilities (IFRS16) | 1 804 006 | 3 884 513 |
| Interest paid | 684 889 | 696 666 |
| Other financial expenses and costs | 248 376 | 343 588 |
| 2 737 271 | 4 924 767 |
The reduction in interest on lease liabilities is due to the interest related to lease contracts for restaurants and retail establishments located at airports in Spain, which in 2021 were being considered as a result of the application of IFRS16.
Financial income and gains in the three months periods ended 31 March 2022 and 31 March 2021 are broken down as follows:
| Financial income and gains | 2022 | 2021 |
|---|---|---|
| Interest earned (1) | 125 115 | 117 106 |
| Other financial income and gains | 283 618 | 128 643 |
| 408 733 | 245 749 |
(1) essentially interest on treasury bonds and term deposits.
Income tax recognised in the three months periods ended on 31 March 2022 and 2021 are broken down as follows:
| Mar/22 | Mar/21 | |
|---|---|---|
| Current taxes | 586 740 | 12 382 |
| Deferred taxes | -161 260 | -3 241 238 |
| 425 480 | -3 228 856 |
The effective tax rate on profits is presented as follows::
| mar/22 | mar/21 | ||
|---|---|---|---|
| Profit before tax | -1 272 395 | -18 967 805 | |
| Income tax expense | -425 480 | 3 228 856 | |
| Effective tax rate | 33% | -17% |
Income per share in the three months periods ended 31 March 2022 and 2021 was calculated as follows:
| Mar/22 | Mar/21 | |
|---|---|---|
| Profit payable to shareholders | -1 697 855 | -15 726 604 |
| Number of shares issued at the beginning of the period Number of shares issued at the end of the period |
46 000 000 46 000 000 |
36 000 000 36 000 000 |
| Average weighted number of ordinary shares issued (i) | 46 000 000 | 36 000 000 |
| Average weighted number of own shares (ii) | -3 599 981 | -3 599 981 |
| Weighted average number of outstanding shares (i-ii) | 42 400 019 | 32 400 019 |
| Basic earnings per share (€ per share) | -0,04 | -0,49 |
| Earnings diluted per share (€ per share) | -0,04 | -0,49 |
| Number of own shares at the end of the year | 3 599 981 | 3 599 981 |
Since there are no potential voting rights, the basic earnings per share is equal to earnings diluted per share.
The Group has contingent liabilities related to its business (related to licensing, advertising fees, hygiene and food safety and employees, the success rate of Ibersol in these processes being historically high). It is not expected that there will be significant liabilities arising from contingent liabilities.
An indemnity proceeding was brought against a subsidiary of the Eat Out Group in Spain for alleged noncompliance with non-compete agreements in the amount of approximately 11.7 million Euros. The Board of Directors, supported by the position of the lawyers who accompany the process, considers that this situation represents a contingent liability. Additionally, it should be noted that the process concerns facts that occurred before the acquisition of this subsidiary by the Ibersol Group, and is therefore, under the liability and guarantees clauses provided for in the share purchase and sale agreement of the Eat Out Group, there is a right of return.
As at 31 March 2022 and 31 December 2021, liabilities not recorded by Ibersol's subsidiaries are mainly made up of bank guarantees provided on their account, as follows:
| Mar/22 | Dec/21 | ||
|---|---|---|---|
| Bank guarantees | 24 835 509 | 24 929 721 |
Bank guarantees by hedge type are as follows:
| Leases and rents |
Other supply contracts |
Fiscal and legal proceedings |
Other | Other legal claims |
|---|---|---|---|---|
| 24 539 833 | 185 683 | 66 263 | 23 000 | 20 731 |
The bank guarantees essentially arise from the concessions and rents of the Group's stores and commercial spaces, and can be executed in the event of non-compliance with the lease contracts, namely due to non-payment of rents.
The relevant amount comes from the guarantees required by the owners of spaces concession (ANA Airports and AENA Airports in Spain) or leased (shopping centres and other places) under concessions and rents, which amounts to 19,713,000 Euros with AENA Airports.
Regarding the precautionary measures requested, aiming at preventing AENA from executing the guarantees and deposits (see Note 12), which has a 24.7 million Euros benefit. On 26 March 2021, the Court ruled in favour of the precautionary measure. In March 2022, the higher court confirmed that Pansfood was right again in relation to the process of precautionary measures, in response to the appeal filed by AENA, regarding the first decision in March 2021. After the hearing on the substantive process, held during the month May 2022, a decision by the court of first instance on the same is expected in the next months..
Balances and transactions with related parties as at 31 March 2022 and 31 December 2021, can be presented as follows:
| Parent entitie | Jointly controlled entitie | Associated entitie | Other entities | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 1ºT 2022 | 2021 | 1ºT 2022 | 2021 | 1ºT 2022 | 2021 | 1ºT 2022 | 2021 | ||
| Supplies and services |
250 000 | 1 000 000 | 759 276 | 4 174 391 | - | - | - | - | |
| Rental lease | - | - | - | - | - | - | 550 862 | 2 200 946 | |
| Accounts Payable | - | - | 1 049 220 | 1 395 331 | - | - | - | - | |
| Other current assets |
- | - | - | - | - | 300 000 | - | - | |
| Financial investments |
- | - | - | - | 300 000 | - | - | - | |
| Other financial investments |
- | - | - | - | - | - | 400 000 | - |
The parent company of Ibersol SGPS S.A. is ATPS - SGPS, SA, holder directly and indirectly of 26.004.023 shares.
Dr. António Carlos Vaz Pinto de Sousa and Dr. António Alberto Guerra Leal Teixeira each hold 2.520 shares of Ibersol SGPS, SA The voting rights attributable to ATPS are also attributable to António Carlos Vaz Pinto de Sousa and António Alberto Guerra Leal Teixeira according to paragraph 1.b) Article 20, and paragraph 1 Article 21, both of the Portuguese Securities Market Code, by holding the domain of ATPS, in which they participate indirectly in equal parts by their companies, respectively, the companies CALUM - SERVIÇOS E GESTÃO, S.A. with NIPC 513799486 and DUNBAR - SERVIÇOS E GESTÃO, S.A. with NIPC 513799257, which, jointly, hold the majority of the share capital of ATPS.
The other entities refer to entities controlled by other holders of significant influence in the parent company of Ibersol Group. The amounts presented refer to rents paid in the year, which, as a result of the adoption of IFRS16, do not correspond to the amount of lease expenses reflected in the financial statements. As at 31 December 2021, the estimated payment commitments for rents over the term of the respective contracts amount approximately to 17.7 million Euros (31 December 2021: 17.9 million Euros).
In May, within the scope of the start of negotiations on an exclusive basis, regarding a potential acquisition of the subsidiaries that operate the Burger King restaurants, in Portugal and Spain, for an Enterprise Value of 250 million euros, on a cash and debt basis-free, which may be increased by up to 7 million euros, related to the potential use of tax credits, the group informed the extension of the exclusivity period until 3 June 2022.
The financial statements were approved by the Board of Directors and authorised for emission on 31 May 2022.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.