Ibersol

Quarterly Report • May 24, 2016

IBERSOL – SGPS, SA

Publicly Listed Company

Registered office: Praça do Bom Sucesso 105/159, 9th floor, Porto Share Capital: Euro 20.000.000 Commercial Registry : Oporto under the number 501669477 Fiscal Number: 501669477

Consolidated Report & Accounts 1st Quarter 2016 (not audited)

• Consolidated Turnover of EUR 53 million Increase of 12% over the 1st quarter of 2015
• Consolidated EBITDA reached EUR 9.3 million.
• EBITDA adjusted from non-recurring facts of EUR 6.9 million YoY EBITDA increased 18.5%.
• Consolidated net Profit of EUR 5.9 million
• Consolidated net profit adjusted from nonrecurring facts of EUR 2.7 million

Consolidated Management Report

Activity

The positive evolution of the demand in the Iberian Peninsula coupled with the effects of the openings during 2015 contributed to maintain the business growth trend in this period.

The consolidated turnover amounted to EUR 53 million which compares with EUR 47.3 million in the first quarter 2015.

Group restaurant sales amounted to EUR 52.3 million, a growth of 12.3% as follows:

SALES IN RESTAURANTS	Million €	Ch.16/15
Restaurants	16,74	8,1%
Counters	31,07	17,0%
Concessions &Catering	4,54	-0,8%
Total Sales	52,36	12,3%

With a more favorable context, the segment of restaurants grew above than the market, with main emphasis on the performance of the Pizza Hut.

In the counters segment, the brands which we operate maintained the trend observed last year with market share gains and growth rates influenced by a higher number of units operating.

In the "Catering and Concessions" business, although closed 5 units at the beginning of the quarter, sales remained similar than the same period of 2015.

During the quarter, because the concession periods ended, we closed five units located in Service Areas that included five cafeterias and two Pans. Continuing the process of simplification the the offer in Service Areas with less traffic, we closed two more Pans to remain only with cafeteria services.

Following the selective expansion strategy in malls opened a Pizza Hut and a Burger King in Arcade Shopping Braga. In the Centro Universitário do Porto we opened a restaurant and we have a reference space for catering events.

At the end of the quarter the Group operated 372 own restaurants, as shown below:

Nº of Stores	2015	2016		2016
	31-Dec	Openings	Closings	31-Mar
PORTUGAL	304	4	9	299
Own Stores	303	4	9	298
Pizza Hut	92	1		93
Okilo+MIIT	6			6
Pans+Roulotte	51		4	47
Burger King	54	1		55
KFC	18			18
Pasta Caffé	10			10
Quiosques	9			9
Flor d`Oliveira	0			0
Cafetarias	35		5	30
Catering	6	1		7
Concessions & Other	22	1		23
Franchise Stores	1			1
SPAIN	83	0	0	83
Own Stores	66	0	0	66
Pizza Móvil	33			33
Burger King	33			33
Franchise Stores	17			17
ANGOLA	8	0		8
KFC	7			7
Pizza Hut	1			1
Total Own stores	377	4	9	372
Total Franchise stores	18	0	0	18
TOTAL	395	4	9	390

Results

The consolidated net income of the 1Q amounted to EUR 5.9 million, EUR 3.5 million more than what had been registered in Q1 2015.

At the end of the quarter the group received a financial compensation for the loss of traffic caused by the implementation of tolls on ex-Scuts and also the refund of concession rights, plus the inherent interest, timely paid with the signing of three contracts whose object were not implemented.

Consequently, for a better understanding of the result to the operation of the first quarter we segregated the impact of these non-recurring income. The adjusted statement which is presented below will be the reference for comparative purposes with the first quarter of last year.

		Non- recurring	Adjusted
	31-03-2016	income	31-03-2016
Operating Income
Sales	52.807.354		52.807.354
Rendered services	149.970		149.970
Other operating income	3.969.565	-2.397.758	1.571.807
Total operating income	56.926.889	-2.397.758	54.529.131
Operating Costs
Cost of sales	12.930.687		12.930.687
External supplies and services	16.721.037		16.721.037
Personnel costs	16.810.068		16.810.068
Amortisation, depreciation and impairment losses	2.717.675		2.717.675
Other operating costs	1.185.285		1.185.285
Total operating costs	50.364.752	0	50.364.752
Operating Income	6.562.137	-2.397.758	4.164.379
EBITDA	9.279.812	-2.397.758	6.882.054
Net financing cost	1.051.026	-1.570.323	-519.297
Gaisn (losses) in joint controlled subsidiaries - Equity method	-8.309		-8.309
Profit before tax	7.604.854	-3.968.081	3.636.773
Income tax expense	1.741.233	-833.297	907.936
Net profit	5.863.621	-3.134.784	2.728.837

Thus, the adjusted net income for the 1st quarter is EUR 2.7 million, compared with EUR 2.3 million in the same period 2015.

The gross margin corresponds to 75.6% of turnover (Q1 2015: 76.3%) reflecting a more aggressive promotional activity and the greater weight of the counters in sales.

The cost structure continues to show the dynamics of recent years which ensures a return of leverage whenever it records a turnover growth. In fact, there was a dilution of the weight in the items:

− Staff costs: increase of 10.5%, below the evolution of sales, representing 31.7% of the turnover (Q1 15: 32.3%). The permanent focus on management of the staff hours and the dilution of structure costs compensate the effects of a rise of more than 5% in the minimum wage in Portugal;

• Supplies and services: increase of 9.4%, representing 31.6% of turnover, 0.7 pp less than in Q1 2015. With the continued control efforts and renegotiation of overheads carried on the recent years we managed to maintain fixed costs.

Other operating income increased by about 1 million corresponds almost entirely to income from a consulting services contract in this quarter.

Furthermore, other operating costs also increased by about EUR 1.2 million, due to costs associated with closures (€ 0.5 million) and exchange rate differences in the amount of 505 thousand euros recorded in the Angolan subsidiary by depreciation the AKZ against foreign currencies in which are denominated some liabilities and some assets indexed.

Therefore, adjusted EBITDA increased by EUR 1 million and amounted to 6.9 million euros, ie 18.5% more than in the same quarter of 2015.

The adjusted consolidated EBIT margin increased from 7.0% of turnover to 7.9%, corresponding to an operating profit of EUR 4.2 million.

Adjusted consolidated financial results were negative in EUR 520 thousand, about EUR 370 thousand above than Q1 15 and at the same level of the 1st quarter of 2014. Should be noted that in the first quarter 2015 exchange differences calculated in Angola were favorable in about 275 thousand euros and were recorded in the rubrics of the net financing costs

The average cost of funds, which stood at 4.5%, was substantially higher than Q1 2015. Despite the reduction of the rates of loans seen over the last twelve months in Europe, the increased weight of financing contracted in Angola (35% of total group loans) with interest rates much higher than the average Group made the average cost of borrowing to rise 1%

Financial Situation

Total Assets amounted to EUR 245million and equity stood at EUR 136 million representing 56% of assets.

As is characteristic of this business, the current assets are lower than the current liabilities. The negative working capital stood at EUR 27 million but EUR 4.7 million below the end of last year.

The CAPEX amounted to EUR 2.6 million mainly directed to the expansion and refurbishment of some Pizza Hut restaurants.

The net debt on March 31, 2016 amounted to EUR 20 million, EUR 2 million lower than the figure recorded at the end of 2015.

Own Shares

During the first quarter of 2016 there has not been registered transactions of own shares. On the 31st March the company held 2,000,000 own shares, representing 10% of the capital, for an amount of EUR 11,179,644, corresponding to an average price per share of EUR 5.59.

Outlook

In the second quarter we expect to maintain the trend of sales that occurred in the first and a more pressure on margins. Next July 1 will enter in effect the law which establishes the intermediate rate of VAT for food in restoration services, which will recover the effects when occurred the reverse movement (year 2012).

The expansion plan will result in the opening of at least 13 new units, which include 2 or 3 in Angola. We keep the purpose of continuing the plan modernization and refurbishment of existing units, especially Pizza Hut.

In Angola, the export oil revenues not reach even the amount needed to, despite the significant reduction in imports, ensure their coverage, so it is likely to remain the pace of devaluation during 2016. Thus, keeping the current difficulties in payments abroad we will give special attention to the cover of the foreign exchange risk.

Porto, 18th May 2016

______________________________ António Alberto Guerra Leal Teixeira

_____________________________ António Carlos Vaz Pinto de Sousa

______________________________ Juan Carlos Vázquez-Dodero

In compliance with paragraph c) of section 1 of article 246 of the Securities Market Code each member of the board identified below declares that to the best of their knowledge:

• (i) the consolidated financial statements of Ibersol SGPS, SA, referring to the first quarter, were drawn up in compliance with applicable accounting rules and provide a true and suitable picture of the assets and liabilities, financial situation and results of Ibersol SGPS, S.A., and the companies included in the consolidation perimeter; and
• (ii) the interim management report includes a fair review of the important events that have occurred in the first nine months of this year and the evolution of business performance and the position of all the companies included in consolidation.

António Alberto Guerra Leal Teixeira Chairman of Board Directors António Carlos Vaz Pinto Sousa Member of Board Directors Juan Carlos Vásquez-Dodero Member of Board Directors

Ibersol S.G.P.S., S.A.

Consolidated Financial Statements

31st March 2016

IBERSOL S.G.P.S., S.A. CONSOLIDATED STATEMENT OF FINANCIAL POSITION ON 31st MARCH 2016 AND 31st DECEMBER 2015 (values in euros)

ASSETS	Notes	31-12-2015	31-12-2015
Non-current
Tangible fixed assets	7	137.989.176	141.633.142
Goodwill	8	40.509.009	40.509.009
Intangible assets	8	11.195.621	11.431.871
Deferred tax assets		3.268.861	3.294.546
Financial investments - joint controlled subsidiaries		2.409.582	2.417.891
Other financial investments		408.194	402.591
Other financial assets		10.573.511	7.098.836
Other non-current assets		1.384.562	1.408.996
Total non-current assets		207.738.516	208.196.882
Current
Stocks		7.147.238	7.711.071
Cash and bank deposits		16.696.385	14.471.082
Income tax receivable		947.606	144.108
Other current assets	15	12.441.616	10.793.400
Total current assets		37.232.845	33.119.661
Total Assets		244.971.361	241.316.543
EQUITY AND LIABILITIES
EQUITY
Capital and reserves attributable to shareholders
Share capital		20.000.000	20.000.000
Own shares		-11.179.644	-11.179.644
Conversion Reserves		-1.809.489	-850.439
Legal Reserves		4.000.001	4.000.001
Other Reserves & Retained Results		118.204.920	107.372.132
Net profit in the year		5.913.159	10.582.266
		135.128.947	129.924.316
Non-controlling interest		1.023.357	5.121.687
Total Equity		136.152.304	135.046.003
LIABILITIES
Non-current
Loans		29.753.668	25.309.774
Deferred tax liabilities		10.032.414	10.046.125
Provisions		861.962	861.962
Derivative financial instrument		181.602	181.602
Other non-current liabilities		232.501	239.713
Total non-current liabilities		41.062.147	36.639.176
Current
Loans		17.944.707	18.125.529
Accounts payable to suppl. and accrued costs		36.252.265	41.398.168
Income tax payable Other current liabilities	15	3.284.267 10.275.671	1.390.543 8.717.124
Total current liabilities		67.756.910	69.631.364
Total Liabilities		108.819.057	106.270.540
Total Equity and Liabilities		244.971.361	241.316.543

FOR THE THREE MONTHS PERIOD ENDED 31 MARCH, 2016 AND 2015 (values in euros) IBERSOL S.G.P.S., S.A. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Notes	31-03-2016	31-03-2015
Operating Income
Sales	5	52.807.354	47.121.813
Rendered services	5	149.970	148.943
Other operating income	6	3.969.565	541.178
Total operating income		56.926.889	47.811.934
Operating Costs
Cost of sales		12.930.687	11.221.713
External supplies and services		16.721.037	15.291.194
Personnel costs		16.810.068	15.207.382
Amortisation, depreciation and impairment losses	7 e 8	2.717.675	2.484.139
Other operating costs		1.185.285	281.918
Total operating costs		50.364.752	44.486.346
Operating Income		6.562.137	3.325.588
Net financing cost	16	1.051.026	-148.650
Gaisn (losses) in joint controlled subsidiaries - Equity method		-8.309	4.562
Profit before tax		7.604.854	3.181.500
Income tax expense		1.741.233	849.531
Net profit		5.863.621	2.331.969
Other comprehensive income:
Change in currency conversion reserve (net of tax and that can be
recycled for results)		-959.050	99.936
TOTAL COMPREHENSIVE INCOME		4.904.571	2.431.905
Net profit attributable to:
Owners of the parent		5.913.159	2.371.180
Non-controlling interest		-49.538	-39.211
		5.863.621	2.331.969
Total comprehensive income attributable to:
Owners of the parent		4.954.109	2.471.116
Non-controlling interest		-49.538	-39.211
		4.904.571	2.431.905
Earnings per share:	9
Basic		0,33	0,13
Diluted		0,33	0,13

IBERSOL S.G.P.S., S.A.Statement of Alterations to the Consolidated Equity

for the three months period ended 31st March, 2016 and 2015

(value in euros)

				Ass ign	ed har eho lde to s rs
	Not e	Sha re C ital ap	Ow n Sha res	Co rsio nve n Res erv es	Leg al Res erv es	Oth er Res & erv es Ret ain ed Res ults	Net Pro fit	Tot al p nt are ity equ	No n llin tro con g inte t res	Tot al Equ ity
Bal n 1 Ja 201 5 anc e o nua ry Ch in t he iod ang es per : App lica tion of the lida ted fit f 20 14: co nso pro rom		20. 000 .00 0	11. 179 .64 4 -	68. 631	4.0 00. 001	100 .69 1.6 23	7.7 56. 088	121 .33 6.6 99	4.9 76. 886	126 .31 3.5 85
T sfe r to and ret ain ed ults ran res erv es res Co rsio - A la nve n re ser ves ngo Net lida ted inc e in the thr nth riod co nso om ee mo pe end ed 31 Ma rch 20 15 on				99. 936		7.7 56. 088	7.7 56. 088 - 2.3 71. 180	- 99. 936 2.3 71. 180	39. 211	- 99. 936 2.3 31. 969
Tot al c han in the riod ges pe Net ofit pr Tot al c hen sive inc om om e							7.7 56. 088 2.3 71. 180	2.4 71. 116 2.3 71. 180 2.4 71. 116	- 39. 211 - 39. 211 - 39. 211	2.4 31. 905 2.3 31. 969 2.4 31.
pre Tra ctio wit h c ital s in the riod nsa ns ap ow ner pe App lica tion of the lida ted fit f 20 14: co nso pro rom P aid div ide nds								-	-	905 -
		-	-	-	-	-	-	-	-	-
Bal n 3 1 M h 2 015 anc e o arc		20. 000 .00 0	11. 179 .64 4 -	68. 631	4.0 00. 001	100 .69 1.6 23	15. 512 .17 6	123 .80 7.8 15	4.9 37. 675	128 .74 5.4 90
Bal n 1 Ja 201 6 anc e o nua ry Ch in t he iod ang es per : App lica tion of the lida ted fit f 20 15: co nso pro rom		20. 000 .00 0	11. 179 .64 4 -	850 .43 9 -	4.0 00. 001	107 .37 2.1 32	10. 582 .26 6	129 .92 4.3 16	5.1 21. 687	135 .04 6.0 03
T sfe and ain ed ults r to ret ran res erv es res Non lling int han ntro st c -co ere ge Co rsio - A la nve n re ser ves ngo	4			-95 9.0 50		10. 582 .26 6 250 .52 2	10. 582 .26 6 -	- 250 .52 2 -95 9.0 50	250 .52 2 -	- - 959 .05 0 -
Net lida ted inc e in the thr nth riod co nso om ee mo pe end ed 31 Ma rch 20 16 on							5.9 13. 159	5.9 13. 159	49. 538 -	5.8 63. 621
Tot al c han in the riod ges pe Net ofit pr Tot al c hen sive inc om pre om e Tra ctio wit h c ital s in the riod nsa ns ap ow ner pe		-	-	-95 9.0 50	-	10. 832 .78 8	4.6 69. 107 - 5.9 13. 159	5.2 04. 631 5.9 13. 159 4.9 54. 109	300 .06 0 - 49. 538 - 49. 538 -	4.9 04. 571 5.8 63. 621 4.9 04. 571
App lica tion of the lida ted fit f 20 15: co nso pro rom
P aid div ide nds		-	-	-	-	-	-	- -	-3.7 98. 270 -3.7 98. 270	3.7 98. 270 - 3.7 98. 270 -
Bal n 3 1 M h 2 016 anc e o arc		20. 000 .00 0	11. 179 .64 4 -	1.8 09. 489 -	4.0 00. 001	118 .20 4.9 20	5.9 13. 159	135 .12 8.9 47	1.0 23. 357	136 .15 2.3 04

IBERSOL S.G.P.S., S.A. Consolidated Cash Flow Statements for the three months period ended 31 March, 2016 and 2015

(value in euros)

		Three months period ending on March 31
	Note	2016	2015
Cash Flows from Operating Activities
Receipts from clients		53.333.327	47.132.686
Payments to supliers		-37.535.197	-32.359.098
Staff payments		-12.243.159	-9.361.468
Payments/receipt of income tax		-570.529	-140.049
Other paym./receipts related with operating activities		4.275.201	-2.224.579
Flows from operating activities (1)		7.259.643	3.047.492
Cash Flows from Investment Activities
Receipts from:
Financial investments
Tangible fixed assets		1.967	13.135
Intangible assets
Investment benefits			57.314
Interest received		1.599.771	22.954
Payments for:
Financial Investments		5.604
Other financial assets		3.474.665	11.188
Tangible fixed assets		5.332.608	5.533.816
Intangible assests		278.138	476.243
Other		500.000
Flows from investment activities (2)		-7.989.277	-5.927.844
Cash flows from financing activities
Receipts from:
Loans obtained		7.205.210	1.338.046
Payments for:
Loans obtained		662.666	695.858
Amortisation of financial leasing contracts		37.807
Interest and similar costs		480.798	459.047
Dividends paid		3.647.565
Flows from financing activities (3)		2.376.374	183.141
Change in cash & cash equivalents (4)=(1)+(2)+(3)		1.646.740	-2.697.211
Perimeter changes effect
Exchange rate differences effect		463.256	-152.329
Cash & cash equivalents at the start of the period		14.425.207	13.471.613
Cash & cash equivalents at end of the period		16.535.203	10.622.073

IBERSOL SGPS, S.A.

ANNEX TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2016

(Values in euros)

1. INTRODUCTION

IBERSOL, SGPS, SA ("Company" or "Ibersol") has its 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 390 units in the restaurant segment through the brands Pizza Hut, Pasta Caffé, Pans & Company, Kentucky Fried Chicken, Burger King, O' Kilo, Roulotte, Café Sô, Quiosques, Pizza Móvil, Miit, Sol, Sugestões e Opções, Silva Carvalho Catering e Palace Catering, coffee counters and other concessions. The group has 372 units which it operates and 18 units under a franchise contract. Of this universe, 83 are headquartered in Spain, of which 66 are own establishments and 17 are franchised establishments, and 8 in Angola.

Ibersol is a public limited company listed on the Euronext of Lisbon.

2. MAIN ACCOUNTING POLICIES

The main accounting policies applied in preparing these consolidated financial statements are identical to those used in preparing information for the periods ended March 31 and December 31, 2015, as described in the complete financial statements for the prior year presented, except for the exchange currency differences included in other income / other operating costs and excluded from net financing cost.

2.1 Presentation basis

These consolidated financial statements were prepared according to the International Financial Reporting Standards (IFRS), as applied in the European Union and in force on 01 January 2016, mainly with the international standard nº. 34 – Interim Financial Report.

3. IMPORTANT ACCOUNTING ESTIMATES AND JUDGMENTS

There where no substantially differences between accounting estimates and judgments applied on 31 December 2015 and the accounting values considered in the three months period ended on the 31 March 2016.

4. INFORMATION ABOUT THE COMPANIES INCLUDED IN THE CONSOLIDATION AND OTHER COMPANIES

4.1. The following group companies were included in the consolidation on 31st March 2016 and 31st March and 31st December 2015:

			% Shareholding
Company	Head Office	Mar-16	Mar-15	Dec-15
Parent company
Ibersol SGPS, S.A.	Porto	parent	parent	parent
Subsidiary companies
Iberusa Hotelaria e Restauração, S.A. Ibersol Restauração, S.A. Ibersande Restauração, S.A. Ibersol Madeira e Açores Restauração, S.A. Ibersol - Hotelaria e Turismo, S.A. Iberking Restauração, S.A. Iberaki Restauração, S.A. Restmon Portugal, Lda Vidisco, S.L. Inverpeninsular, S.L. Ibergourmet Produtos Alimentares, S.A. Ferro & Ferro, Lda. Asurebi SGPS, S.A. Charlotte Develops, SL Firmoven Restauração, S.A. ( c) IBR - Sociedade Imobiliária, S.A. Eggon SGPS, S.A. Anatir SGPS, S.A. Lurca, SA Q.R.M.- Projectos Turísticos, S.A Sugestões e Opções-Actividades Turísticas, S.A Resboavista- Restauração Internacional, Lda José Silva Carvalho Catering, S.A (a) Iberusa Central de Compras para Restauração ACE (b) Vidisco, Pasta Café Union Temporal de Empresas Maestro - Serviços de Gestão Hoteleira, S.A. SEC - Eventos e Catering, S.A. IBERSOL - Angola, S.A. HCI - Imobiliária, S.A.	Porto Porto Porto Funchal Porto Porto Porto Porto Vigo - Espanha Vigo - Espanha Porto Porto Porto Madrid-Espanha Porto Porto Porto Porto Madrid-Espanha Porto Porto Porto Porto Porto Vigo - Espanha Porto Porto Luanda - Angola Luanda - Angola	100% 100% 80% 100% 100% 100% 100% 61% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%	100% 100% 80% 100% 100% 100% 100% 61% 100% 100% 100% 100% 100% 100% 100% 98% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%	100% 100% 80% 100% 100% 100% 100% 61% 100% 100% 100% 100% 100% 100% 100% 98% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
( c) Gravos 2012, S.A. Companies controlled jointly	Porto	100%	98%	98%
UQ Consult - Serviços de Apoio à Gestão, S.A.	Porto	50%	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) Changes resulting from intra-group sale of 10% of the subsidiary IBR by Ibersande subsidiary to subsidiary Asurebi.

The subsidiary companies were included in the consolidation by the full consolidation method. UQ Consult, the Jointly controlled entity, 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. Alterations to the consolidation perimeter

4.2.1. Acquisition of new companies

The group did not buy any subsidiary in the three months period ended on 31 March 2016.

4.2.2. Disposals

The group did not sell any of its subsidiaries in the three months period ended on 31 March 2016.

4.2.3. Change in % shareholding

On January 2, 2016, the Ibersande subsidiary sells its 10% share in the subsidiary IBR Imobiliária, SGPS to Asurebi.

As the Group has a shareholding of 80% in subsidiary Ibersande and IBR of 100% in subsidiary Gravos, with that sale the change in the percentage of group share changes from 98% to 100% of the two subsidiaries IBR and Gravos.

5. INFORMATION PER SEGMENT

Ibersol monitors the business based on following segmentation:

SEGMENT		BRANDS
Restaurants	Pizza Hut	Pasta Caffe	Pizza Movil
Counters	KFC	O'Kilo	Miit	Burguer King	Pans	Coffee Counter
Other business	Sol (SA)	Concessões Catering		Convenience stores

The results per segment for the three month period ended on 31 March 2016 and 2015 were as follows:

				Other, write off
			Concessions	and
31 March 2016	Restaurants	Counters	and Catering	adjustments	Total Group
Inter-segment client	-	-	-	-	-
External client	17.230.042	31.079.802	4.569.124	78.356	52.957.324
Total sales and services	17.230.042	31.079.802	4.569.124	78.356	52.957.324
Royalties	767.340	1.449.128	52.015	-	2.268.483
Operating cash-flow (EBITDA)	1.905.901	4.294.974	3.078.937	-	9.279.812
Amortisation, depreciation and impairment losses	642.000	1.585.255	430.997	59.424	2.717.675
Operating income (EBIT)	1.263.901	2.709.719	2.647.941	-59.424	6.562.137

31 March 2015	Restaurants	Counters	Concessions and Catering	Other, write off and adjustments	Total Group
Inter-segment client	-	-	-	-	-
External client	15.964.251	26.636.399	4.609.115	60.991	47.270.756
Total sales and services	15.964.251	26.636.399	4.609.115	60.991	47.270.756
Royalties	674.721	1.202.511	41.443	-	1.918.675
Operating cash-flow (EBITDA)	1.484.947	4.287.815	35.614	1.351	5.809.727
Amortisation, depreciation and impairment losses	651.619	1.334.043	435.790	62.686	2.484.139
Operating income (EBIT)	833.328	2.953.771	-400.177	-61.335	3.325.588

On March 31, 2016 and 2015 income and non-current assets by geography is presented as follows:

31 MARCH 2016	Portugal (1)	Espanha	Grupo
Restaurants	39.994.416	12.307.746	52.302.162
Merchandise	109.151	396.041	505.192
Rendered services	58.320	91.650	149.970
Total sales and services	40.161.887	12.795.437	52.957.324
Tangible fixed and intangible assets	130.725.599	18.459.198	149.184.797
Goodwill	7.605.482	32.903.527	40.509.009
Deferred tax assets	2.877.297	391.564	3.268.861
Financial investments - joint controlled subsidiaries	2.409.582	-	2.409.582
Other financial investments	408.194	-	408.194
Other financial assets	10.573.511	-	10.573.511
Other non-current assets	-	1.384.562	1.384.562
Total non-current assets	154.599.665	53.138.851	207.738.516
31 MARCH 2015	Portugal (1)	Espanha	Grupo
Restaurants	35.507.416	11.092.999	46.600.415
Merchandise	129.047	392.351	521.398
Rendered services Total sales and services	62.968 35.699.431	85.975 11.571.325	148.943 47.270.756
Tangible fixed and intangible assets	133.691.667	19.373.346	153.065.013
Goodwill	7.691.061	32.903.527	40.594.588
Deferred tax assets	99.777	377.389	477.166
Financial investments - joint controlled subsidiaries	2.453.418	-	2.453.418
Other financial investments	381.245	-	381.245
Other financial assets
Other non-current assets	- -	- 1.474.662	- 1.474.662

(1) Due to the small size of its operations Angola is included in Portugal segment.

6. UNUSUAL AND NON-RECURRING FACTS AND SEASON ACTIVITY

In operating income, from the agreement with Ascendi, is a non-current income of 2.397.758 eur corresponding to compensation for loss of traffic by charging tolls on former Scuts. It was also agreed not to install the Guimarães Service Areas, Fafe and Paredes have been returned to their respective concession rights that led to the receipt of contractual interest in the amount of 1.570.323 eur (Note 16).

Furthermore, non-current consulting services in the amount of 951 thousand euros were provided to third parties.

In the restaurant segment season activity is characterized by a decrease of sales in the first two quarters of the year. In addition sales for the first three months of the year are influenced by the Easter calendar as well as the pace of openings or closures of the group restaurants. The previous years have evidenced that, in comparable perimeter and with an equal distribution of openings and closings, in the period that understands the first three months of the year, sales are about 23% of annual volume and.

7. TANGIBLE FIXED ASSETS

In the three months period ended 31 March 2016 and in the year ending on 31 December 2015, entries in the value of tangible fixed assets, depreciation and accumulated impairment losses were as follows:

	Land	Buildings	Equipment	Other tangible fixed Assets	Tangible Assets in progress (1)	Total
1 January 2015
Cost	7.444.433	138.429.980	70.718.503	17.057.427	9.564.864	243.215.209
Accumulated depreciation	-	34.496.057	54.791.463	13.348.258	-	102.635.777
Accumulated impairment	-	7.844.284	562.633	62.515	-	8.469.432
Net amount	7.444.433	96.089.640	15.364.408	3.646.655	9.564.864	132.110.000
31 December 2015
Initial net amount	7.444.433	96.089.640	15.364.408	3.646.655	9.564.864	132.110.000
Changes in consolidat perimeter	-	-	-	-	-	-
Currency conversion	-455.293	-993.314	-319.677	-73.998	-779.806	-2.622.088
Additions	833.571	14.095.614	6.587.413	2.520.021	131.654	24.168.273
Decreases	-	275.933	169.302	13.776	-	459.012
Transfers	4.140.938	2.453.987	1.375.694	635.587	-8.504.897	101.310
Depreciation in the year	-	3.845.385	4.181.118	857.312	-	8.883.815
Deprec. by changes in the perim.	-	-	-	-	-	-
Impairment in the year	-	2.929.579	-	-	-	2.929.579
Impairment reversion	-	-148.054	-	-	-	-148.054
Final net amount	11.963.649	104.743.084	18.657.418	5.857.177	411.815	141.633.143
31 December 2015
Cost	11.963.649	150.435.664	76.028.676	19.707.381	411.815	258.547.187
Accumulated depreciation	-	36.522.989	56.954.512	13.802.872	-	107.280.372
Accumulated impairment	-	9.169.591	416.747	47.333	-	9.633.671
Net amount	11.963.649	104.743.084	18.657.418	5.857.177	411.815	141.633.143

				Other tangible	Tangible Assets
	Land	Buildings	Equipment	fixed Assets	in progress (1)	Total
31 March 2016
Initial net amount	11.963.649	104.743.084	18.657.418	5.857.177	411.815	141.633.143
Changes in consolidat perimeter	-	-	-	-	-	-
Currency conversion	-657.665	-1.497.519	-657.386	-195.385	-16.892	-3.024.847
Additions	34.759	861.010	352.648	68.973	998.732	2.316.122
Decreases	-	419.776	13.387	1.742	58.276	493.181
Transfers	-	38.122	790	5.228	-90.761	-46.621
Depreciation in the year	-	1.048.477	1.100.667	246.295	-	2.395.439
Deprec. by changes in the perim.	-	-	-	-	-	-
Impairment in the year	-	-	-	-	-	-
Impairment reversion	-	-	-	-	-	-
Final net amount	11.340.743	102.676.444	17.239.416	5.487.956	1.244.618	137.989.177
31 March 2016
Cost	11.340.743	146.970.456	74.651.493	19.117.522	1.244.618	253.324.834
Accumulated depreciation	-	36.402.118	57.058.455	13.594.209	-	107.054.781
Accumulated impairment	-	7.891.894	353.623	35.358	-	8.280.875
Net amount	11.340.743	102.676.444	17.239.416	5.487.956	1.244.618	137.989.177

(1) changes in 2015 and in the three months period ended on 31 March 2016 are due, mainly, to KFC restaurants in Angola.

Investments in 2015, with the amount of about 24 million euros, refer mainly to KFC restaurants openings in Angola, and Burger King and Pizza Hut in Portugal.

8. INTANGIBLE ASSETS AND GOODWILL

Goodwill and intangible assets are broken down as follows:

	Mar-16	Dec-15
Goodwill	40.509.009	40.509.009
Intangible assets	11.195.619	11.431.869
	51.704.628	51.940.878

In the three months period ended 31 March 2016 and in the year ending on 31 December 2015, entries in the value of intangible assets, amortization and accumulated impairment losses were as follows:

		Industrial	Other intangible	Intangible Assets in
	Goodwill	property	Assets	progress	Total
1 January 2015
Cost	42.456.266	21.231.044	5.969.250	2.487.970	72.144.530
Accumulated amortization	-	8.322.510	5.290.418	-	13.612.928
Accumulated impairment	1.861.678	2.511.522	70.110	-	4.443.310
Net amount	40.594.588	10.397.012	608.722	2.487.970	54.088.293
31 December 2015
Initial net amount	40.594.588	10.397.012	608.722	2.487.970	54.088.293
Changes in consolidat. perimeter	-	-	-	-	-
Currency conversion	-	-77.506	-	-37.454	-114.960
Additions	-	2.242.182	109.736	442.757	2.794.675
Decreases	-	7.075	71.086	-	78.161
Transfers	-85.579	66.401	-	-2.134.239	-2.153.417
Amortization in the year	-	1.141.796	302.608	-	1.444.404
Amortiz. by changes in the perimeter	-	-	-	-	-
Impairment in the year	-	1.151.148	-	-	1.151.148
Impairment reversion	-	-	-	-	-
Final net amount	40.509.009	10.328.070	344.764	759.034	51.940.878
31 December 2015
Cost	42.370.687	23.375.701	5.918.825	759.034	72.424.247
Accumulated amortization	-	9.386.529	5.534.246	-	14.920.775
Accumulated impairment	1.861.678	3.661.102	39.815	-	5.562.594
Net amount	40.509.009	10.328.070	344.764	759.034	51.940.878

	Goodwill	Industrial property	Other intangible Assets	Intangible Assets in progress	Total
31 March 2016
Initial net amount	40.509.009	10.328.070	344.764	759.034	51.940.878
Changes in consolidat. Perimeter	-	-	-	-	-
Currency conversion	-	-82.302	-	-111.181	-193.483
Additions	-	338.132	-	5.706	343.838
Decreases	-	198	-	69.054	69.252
Transfers	-	-	-	-	-
Amortization in the year	-	279.359	37.994	-	317.353
Amortiz. by changes in the perimeter	-	-	-	-	-
Impairment in the year	-	-	-	-	-
Impairment reversion	-	-	-	-	-
Final net amount	40.509.009	10.304.343	306.770	584.505	51.704.628
31 March 2016
Cost	42.370.687	23.468.202	5.826.958	584.505	72.250.352
Accumulated amortization	-	9.502.757	5.511.587	-	15.014.344
Accumulated impairment	1.861.678	3.661.102	8.601	-	5.531.380
Net amount	40.509.009	10.304.343	306.770	584.505	51.704.628

Industrial property includes group's concessions and territorial rights.

Goodwill is broken down as shown bellow:

	Mar-16	Dec-15
Restaurants	11.104.988	11.104.988
Counters	25.349.831	25.349.831
Concessions and Catering	3.874.469	3.874.469
Other, write off and adjustments	179.721	179.721
	40.509.009	40.509.009

9. INCOME PER SHARE

Income per share in the three months period ended 31 March 2016 and 2015 was calculated as follows:

	Mar-16	Mar-15
Profit payable to shareholders	5.913.159	2.371.180
Mean weighted number of ordinary shares issued	20.000.000	20.000.000
Mean weighted number of own shares	-2.000.000	-2.000.000
	18.000.000	18.000.000
Basic earnings per share (€ per share)	0,33	0,13
Earnings diluted per share (€ per share)	0,33	0,13
Number of own shares at the end of the year	2.000.000	2.000.000

10. DIVIDENDS

At the General Meeting of 29th April 2016, the company decided to pay a gross dividend of 0,10 euros per share (0,055 euros in 2015), representing a total value of 1.800.000 euros for outstanding shares (990.000 euros in 2015), settled on May 27th, 2016.

11. CONTINGENT ASSETS AND LIABILITIES

The group has contingent liabilities regarding bank and other guarantees and other contingencies related with its business operations (as licensing, advertising fees, food hygiene and safety and employees, and the rate of success of these processes is historically high in Ibersol). No significant liabilities are expected to arise from the said contingent liabilities.

On 31st March 2016 and 31st December 2015, responsibilities not recorded by the companies and included in the consolidation consist mainly of bank guarantees given on their behalf, as shown below:

	Mar-16	Dec-15
Bank guarantees	1.910.888	1.875.027

Bank guarantees are related mainly to concessions and rents.

12. COMMITMENTS

No investments had been signed on the Balance Sheet date which had not taken place yet.

13. IMPAIRMENT

Changes in the three months period ended 31 March 2016 and in the year ending on 31 December 2015, under the heading of asset impairment losses were as follows:

	Mar-16
			Impairment
	Starting balance	Transfer	assets disposals	Losses in the Year	Impairment reversion	Closing balance
Tangible fixed assets	9.633.672	-	-1.352.795	-	-	8.280.877
Goodwill	1.861.678	-	-	-	-	1.861.678
Intangible assets	3.700.917	-	-31.214	-	-	3.669.703
Stocks	74.981	-	-	-	-	74.981
Other current assets	1.442.527	2.045	-	-13.169	-28.569	1.402.834
Other non current assets	134.342	-2.045	-	-	-	132.297
	16.848.116	-	-1.384.009	-13.169	-28.569	15.422.369

	Dec-15
			Impairment
	Starting		assets	Losses in	Impairment	Closing
	balance	Transfer	disposals	the Year	reversion	balance
Tangible fixed assets	8.469.432	-	-1.617.285	2.929.579	-148.054	9.633.672
Goodwill	1.861.678	-	-	-	-	1.861.678
Intangible assets	2.581.631	-	-31.862	1.151.148	-	3.700.917
Stocks	74.981	-	-	-	-	74.981
Other current assets	1.386.567	24.170	-	102.321	-70.532	1.442.527
Other non current assets	158.512	-24.170	-	-	-	134.342
	14.532.802	-	-1.649.147	4.183.048	-218.586	16.848.116

14. FINANCIAL RISK MANAGEMENT

14.1 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 group maintains a risk management program that focuses its analysis on financial markets to minimise the potential adverse effects of those risks on the group's financial performance.

Financial risk management is headed by the Financial Department based on the policies approved by the Board of Directors. The treasury identifies, evaluates and employs financial risk hedging measures in close cooperation with the group's operating units. The Board 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.

a) Market risk

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 main source of the Group's exposure arises from the investment outside the euro area of operation that develops in Angola, although it is still small is growing and consequently to gain weight in the group activity. The reduction of oil prices is to lead to a shortage of foreign currency in Angola by the devaluation of the kwanza is a risk to consider. The financing of the Angolan subsidiary in foreign currency in the amount of \$ 1.875.000, does not have large exposure due to the reduced amount. The remaining financing concerning Angolan subsidiaries are denominated in the local currency, the same in which the income is generated. The difficulty in paying the imports have been increasing and the liabilities of the Angolan subsidiary in foreign currency has increased. The adopted policy is liability coverage in foreign currency assets indexed to USD.

Currency exchange rate used for conversion of the transactions and balances denominated in Kwanzas, were respectively:

Mar-16
Euro exchange rates (x	Rate on March, 31	Average interest rate
foreign currency per 1 Euro)	2016	March 2016
Kwanza de Angola (AOA)	178,667	175,778
Dec-15
Euro exchange rates (x	Rate on December,	Average interest rate
foreign currency per 1 Euro)	31 2015	year 2015
Kwanza de Angola (AOA)	147,842	134,409

Based on simulations performed on March 31, 2016, a decrease from 5% to 10% in AOA, concerning EUR and USD currency, keeping everything else constant, would have a negative impact of 61 thousand euros and 116 thousand euros, respectively, on the consolidated financial statements of the group.

ii) Price risk

The group is not greatly exposed to the merchandise price risk.

iii) Interest rate risk (cash flow and fair value)

With the exception of the Angola Treasury Bonds, the group has no significant interest bearing assets. Therefore, profit and cash flows from investment activities are substantially independent of changes in market interest rate. Regarding the Angolan State treasury bonds, interest is fixed, so there is also no risk.

The group's interest rate risk follows its liabilities, in particular long-term loans. Loans issued with variable rates expose the group to the cash flow risk associated to interest rates. Loans with fixed rates expose the group to the risk of the fair value associated to interest rates. At the current interest rates, in financing of longer maturity periods the group has a policy of totally or partially fixing the interest rates.

The unpaid debt bears variable interest rate, part of which has been the object of an interest rate swap. The interest rate swap to hedge the risk of a 8,75 million euros (commercial paper programmes) loan has the maturity of the underlying interest and the repayment plan identical to the terms of the loan.

Based on simulations performed on 31 March 2016, an increase of 100 basis points in the interest rate, maintaining other factors constant, would have a negative impact in the net profit of 58 thousand euros.

b) Credit risk

The main activity of the Group is carried out with sales paid in cash, or debit or credit card, so the Group has no significant credit risk concentrations. Regarding the customers, the risk is limited to the Catering business and sales of merchandise to franchisees representing less than 4% of the consolidated sales. The Group has policies to ensure that credit sales are made to customers with an appropriate credit history. The Group has policies that limit the amount of credit that customers have access to.

The Group's cash and cash equivalents include mainly deposits resulting from cash provided by sales and its deposits in current accounts. These amounts excluded, the value of financial investments at March 31, 2016, is not significant.

Deposits and other financial investments are spread over several credit institutions; therefore there is not a concentration of these financial assets.

c) Liquidity risk

Liquidity risk management implies maintaining a sufficient amount of cash and bank deposits, the feasibility of consolidating the floating debt through a suitable amount of credit facilities and the capacity to liquidate market positions. Treasury needs are managed based on the annual plan that is reviewed every quarter and adjusted daily. Related with the dynamics of the underlying business operations, the group's treasury strives to maintain the floating debt flexible by maintaining credit lines available.

The Group considers that the short-term bank loans are due on the renewal date and that the commercial paper programmes matured on the dates of denunciation.

At the end of the year, current liabilities reached 68 million euros, compared with 37 million euros in current assets. This disequilibrium is, on one hand, a financial characteristic of this business and, on the other hand, due to the use of commercial paper programmes in witch the Group considers the maturity date as the renewal date, regardless of its initial stated periods. In order to ensure liquidity of the short term debt it is expected in the year 2016 the renewal of the commercial paper programmes (8.750.000 euros). However, in case of need, cash and cash equivalents and cash flows from operations are sufficient to settle current loans.

On March 31, 2016, the use of short term liquidity cash flow support was less than 1%. Investments in term deposits and other application of 9.6 million euros, match 32% of liabilities paid.

The following table shows the Group financial liabilities (relevant items), considering contractual cash-flows:

		to March 2017	from March 2017 to 2028
Bank loans and overdrafts		6.542.207	19.054.906
Commercial paper		11.250.000	10.250.000
Suppliers of fixed assets c/ a		7.626.893	-
Suppliers c/ a		18.111.620	-
Leasing suppliers		152.500	448.762
Other creditors		11.918.063	232.501
Accrued costs		10.513.752	-
	Total	66.115.035	29.986.169

d) Capital risk

The company aims to maintain an equity level suitable to the characteristics of its main business (cash sales and credit from suppliers) and to ensure continuity and expansion. 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 35%-70% interval.

On 31st March 2016 the gearing ratio was of 13% and on 31st December 2015 of 14%, as follows:

		Mar-16	Dec-15
Bank loans		47.698.375	43.435.303
Other financial assets		-10.573.511	-7.098.836
Cash and bank deposits		-16.696.385	-14.471.082
Net indebtedness		20.428.479	21.865.385
Equity		136.152.304	135.046.003
Total capital		156.580.783	156.911.388
	Gearing ratio	13%	14%

Given the current constraints of the financial markets and despite the goal of placing the gearing ratio in the range 35% -70%, prudently, in March 2016 we have a 13% ratio and in December 2015, 14%.

14.2 Estimated fair value

The fair value of financial instruments commercialised in active markets (such as publicly negotiated derivatives, securities for negotiation and available for sale) is determined based on the listed market prices on the consolidated statement of financial position date. The market price used for the group's financial assets is the price received by the shareholders in the current market. The market price for financial liabilities is the price to be paid in the current market.

The nominal value of accounts receivable (minus impairment adjustments) and accounts payable is assumed to be as approximate to its fair value. The fair value of financial liabilities is estimated by updating future cash flows contracted at the current market interest rate that is available for similar financial instruments.

15. OTHER CURRENT ASSETS AND LIABILITIES

Other current assets and liabilities on 31 March 2016 and 31st December 2015 are broken down as follows:

Other current assets

	Mar-16	Dec-15
Clients	3.326.070	3.688.266
State and other public entities	188.472	203.710
Other debtors	6.548.103	4.876.466
Advances to suplliers	675.473	94.089
Accruals and income	1.291.345	1.591.708
Deferred costs	1.814.987	1.781.688
Other current assets	13.844.450	12.235.927
Accumulated impairment losses	1.402.834	1.442.527
	12.441.616	10.793.400
Other current liabilities
	Mar-16	Dec-15
Other creditors	2.052.009	1.986.777
State and other public entities	6.581.787	6.020.854
Deferred income	1.641.875	709.493
	10.275.671	8.717.124

16. NET FINANCING COST

Net financing cost on 31st March 2016 and 31st December 2015 are broken down as follows:

	2016	2015
Interest paid	470.001	280.296
Interest earned (1)	-1.717.878	-10.776
Payment discounts obtained	-2.417	-2.151
Other financial costs and income	199.268	-118.719
	-1.051.026	148.650

(1) 2016 balance is essentially the compensatory interest of Aenor (Note 6).

17. TRANSACTIONS WITH RELATED PARTIES

The related parties of Ibersol group are:

• António Carlos Vaz Pinto de Sousa 1.400 shares (*)

• António Alberto Guerra Leal Teixeira 1.400 shares (*)

• ATPS, SGPS, SA – 10.981.701 shares

(*) ATPS voting rights are also attributable to Antonio Carlos Vaz Pinto de Sousa and António Alberto Guerra Leal Teixeira under subparagraph b) of paragraph 1 of article 20 and paragraph 1 Article 21, both of the Portuguese Market Code, by holding the domain of ATPS, in which they participate indirectly in equal parts by their companies, respectively, CALUM – Serviços e Gestão, S.A. with the NIPC 513799486 and DUNBAR – Serviços e Gestão, S.A with the NIPC 513799257, which together hold the majority of the capital of ATPS.

• Joint controlled entities – UQ Consult

With respect to the balances and transactions with related entities, the overall value of the balances and transactions of the Group with the joint controlled UQ Consult relates mainly to support services and management information systems, and was, respectively, 765.348 and 616.019 euros.

• Administrators

The company shareholder ATPS-S.G.P.S., S.A., which signed a service-rendering contract with the subsidiary Ibersol Restauração, S.A.. ATPS-S.G.P.S., S.A. under contract with Ibersol Restauração, S.A. has the obligation to ensure that its administrators, António Carlos Vaz Pinto de Sousa and Antonio Alberto Guerra Leal Teixeira, manage the group without incur in any additional charge. The company does not pay directly to its administrators any remuneration.

18. SUBSEQUENT EVENTS

There were no subsequent events as of 31 March 2016 that may have a material impact on these financial statements.

19. APPROVAL OF THE FINANCIAL STATEMENTS

The financial statements were approved by the Board of Directors and authorised for emission on 18th May 2016.