Ibersol

Earnings Release • May 28, 2010

IBERSOL – SGPS, SA

Publicly Listed Company

Registered office: Praça do Bom Sucesso 105/159, 9º andar, Porto Sahre Capital: Euro 20.000.000 Commercial Registry : Oporto under the number 501669477 Fiscal Number: 501 669 477

RESULTS -1st Quarter 2010

Consolidated Turnover of 49.4 million euro Growth of 2.9% over the first quarter of 2009

Consolidated EBITDA reached 7.0 million euros. EBITDA margin of 14,2%. YoY EBITDA in 2009 increased 1%.

Consolidated net profit of 2.9 million euros growth of 9.2% over the first quarter of 2009

TREND EVOLUTION

Activity

Consolidated turnover of the first quarter of 2010 reached 49.4 million euros which compares with 48.0 million euros in the same period in 2009.

Turnover of Ibersol restaurants amounted to 48.05 million euros and increased by 3% towards the same period of 2009. Contributions by concept and brand were as follows:

SALES		Euro million	% Ch.
			10/09
Pizza Hut		14,95	-0,4%
Pans/Bocatta		5,08	-1,7%
KFC		2,05	10,8%
Burger King		5,38	29,7%
Pasta Caffé (Portugal)		1,69	-1,8%
O`Kilo		1,25	6,8%
Quiosques		0,69	-2,6%
Cafetarias		1,54	-4,1%
Flor d`Oliveira		0,14
Catering (SeO e SCC)		0,84	-8,9%
Concessions & Other		1,85	15,2%
	Portugal	35,47	4,4%
Pizza Móvil		4,00	-0,6%
Pasta Caffé (Spain)		0,58	-20,9%
Burger King Spain		8,01	1,2%
	Spain	12,59	-0,6%
Total Sales of Restaurants		48,05	3,0%

In spite of the economic crisis, group sales in Portugal were up 4%. In Spain, where market indicators show a strong sales decrease, sales remained close to the first quarter of 2009.

Adverse economic environment of high risk and uncertainty demanded a more aggressive marketing policy in most of the brands and intensification of advertising campaigns at Pizza Hut and Burger King.

The growth trend evidenced last year in some brands - KFC, Burger King and O `kilo - lasted for the first quarter of 2010 allowing to achieve like for like growth above 7%.

Pizza Hut sales were affected approximately 550 000 euros due to the temporary closure of three units, the refurbishment of one restaurant (Foz) and the expansion of the shopping malls where tit is present (Sintra, Leiria).

Pans, with a trend of loss in the second half of 2009, started a process of recovery and ended the quarter reaching historical sales.

The business of the captive spaces, "the concessions", is growing more than 15% mainly driven by traffic increase where we operate.

In Spain, after a year of adverse sales performance, Burger King has grown above 1% and Pizza Móvil practically kept like-for-like sales. Pasta Caffé also showed a positive development - the decrease verified is a consequence of the closures occurred in mid-2009.

The expansion plan for Portugal, that included two openings - Pans and Burger King - held in LeiriaShopping, was successfully attained.

In Spain, we proceeded wit the process of optimizing the portfolio of restaurants with the closure of the Pizza Movil units in Barcelona. We also decided to close Burger King in Vigo when the franchise contract ended, because we believe that the location did not justify its renewal.

The total number of units has decreased by four at the end of 2009, as stated below:

Nº of Stores	2009	2010		2010
	31-Dec	Openings	Closings	31-Mar
PORTUGAL	318	2	0	320
Own Stores	317	2	0	319
Pizza Hut	99			99
Okilo	17			17
Pans	59	1		60
Burger King	36	1		37
KFC	16			16
Pasta Caffé	18			18
Quiosques	11			11
Flor d`Oliveira	1			1
Arroz Maria	0			0
Cafetarias	35			35
Catering (SeO e JSCC)	4			4
Concessions & Other	21			21
Franchise Stores	1			1
SPAIN	111	0	6	105
Own Stores	89	0	6	83
Pizza Móvil	49		5	44
Pasta Caffé	6			6
Burger King	34		1	33
Franchise Stores	22	0	0	22
Pizza Móvil	22			22
Pasta Caffé	0			0
Total Own stores	406	2	6	402
Total Franchise stores	23	0	0	23
TOTAL	429	2	6	425

Results

Consolidated net profit in the first quarter increased by 9.2%, reaching 2.9 million euros.

Overall, the promotion price policy led to an increased COS representing a gross margin of 80.2% (Q1 09:81,1%).

Personnel costs increased 2.4% and represent 34% of turnover, compared to the same period of 2009, despite the increase of the minimum wage above 5%.

External supplies and services now represent 31.6% of turnover - a decrease of 40 pp - and reflect a favourable balance between fixed costs decrease and higher expense in marketing campaigns.

EBITDA margin decreased mainly driven by the sacrifice of gross margin, the increased marketing costs and the costs of closure of units under refurbishment .

Thus, consolidated EBITDA increased by almost 1% to 7.0 million. EBITDA margin stood at 14.2% of turnover compared to 14.5% in the first quarter of 2009.

Consolidated EBIT margin decreased to 9.1% of turnover, or 20 pp less than 1Q09, highlighting the operational effort to increase sales in a negative economic environment .

Consolidated financial results were negative in 377 000 million euros - a reduction of 312 000 euros over the first quarter of 2009 - reflecting the favourable balance between the reduction in reference rates and the gradual increase of the spreads linked to the financing operations.

Balance Sheet

Total Assets reached around 215 million euros and Equity stood at 58 million euros, representing around 46% of the Assets.

The cash flow of 5,5 million euros nearly funded in full the variation in working capital as usual at this time of the year.

Development investment amounted to 725 thousand euros. The Group also incurred a total investment of 536 thousand euros for the acquisition of the company Solinca - Events & Catering SA..

Net debt increased by 1.6 million euros and on March 31, 2010 amounted to 46.7 million euros.

Own shares

During the first quarter of 2010 there were no transactions of own shares. On March 31 the company was holding 2,000,000 shares, representing 10% of the capital, for an amount of 11,179,644 euros, corresponding to an average price per share of 5.59 euros

Outlook

As the economic and financial situation in the two countries where we operate tends to aggravate due to the austerity measures announced by governments , the prospects are in line with the slowdown in sales over the coming quarters.

This quarter saw the approval from the Competition Authority of the business Solinca Catering, whose integration we are undertaking. The expected annual turnover rounds 3 million euros.

The delay for the first quarter of next year of the completion of several malls under construction, with openings originally planned for this year, has implications for our expansion program that will slide into 2011.

Giving priority to the expansion of Burger King we are focused on the search for locations outside the malls and in May we opened a store in Gaia.

In the meantime we will proceed with an intense program of refurbishments, circa twelve stores.

We are in the process of studying the market in Angola, and carried on the procedural requirements for the constitution of Angola Ibersol

Finally, Ibersol has been invited to make a Non-Binding Offer for the Acquisition of the spanish company Restauravia Grupo Empresarial, S.L.. This opportunity of investment is under analysis and no decision has been taken so far.

Porto, 19th May 2010

______________________________ António Carlos Vaz Pinto de Sousa

______________________________ António Alberto Guerra Leal Teixeira

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

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

Consolidated Financial Statements

31st March 2010

Consolidated financial statements Indicie

	Nota	Page
	Consolidated Balance	3
	Detailed Consolidated Profit and Loss Account	4
	Statement of Alterations to the Consolidated Equity	5
	Consolidated Cash Flow Statements	6
	Annex to the Consolidated Financial Statements
1	Introduction	7
2	Main Accounting Policies:
	2.1 Presentation basis	7
3	Important accounting estimates and judgements	7
4	Information about the companies included in the consolidation and other companies	7
5	Information per segment	7
6	Unusual and non-recurring facts and season activity	8
7	Tangible fixed assets	8
8	Intangible assets	9
9	Income per share	11
10	Dividends	11
11	Contingencies	11
12	Commitments	11
13	Other information	12
14	Subsequent events	12
15	Approval oh the financial statements	12

IBERSOL S.G.P.S., S.A. CONSOLIDATED STATEMENT OF FINANCIAL POSITION ON 31 MARCH 2010 AND 31 DECEMBER 2009 (values in euros)

ASSETS	Notes	2010-03-31	2009-12-31
Non-current
Tangible fixed assets	7	118.655.414	120.120.387
Consolidation differences	8	42.358.041	42.369.581
Intangible assets	8	18.474.890	18.826.684
Deferred tax assets		980.381	934.938
Financial assets available for sale		1.047.165	511.165
Other non-current assets		1.544.960	1.575.686
Total non-current assets		183.060.851	184.338.441
Current
Stocks		3.800.384	4.170.721
Cash and cash equivalents		17.752.061	20.649.468
Other current assets		10.432.237	12.989.705
Total current assets		31.984.682	37.809.894
Total Assets		215.045.533	222.148.335
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
Consolidation differences		156.296	156.296
Reserves and retained results		82.868.298	68.255.660
Net profit in the year		2.926.297	14.612.638
		94.771.247	91.844.950
Minotiry interests		3.501.930	3.477.604
Total Equity		98.273.177	95.322.555
LIABILITIES
Non-current
Loans		7.819.535	30.113.106
Deferred tax liabilities		10.484.845	10.191.272
Provisions for other risks and charges		33.257	33.257
Other non-current liabilities		2.228.039	2.686.574
Total non-current liabilities		20.565.676	43.024.209
Current
Loans		52.876.620	31.285.323
Accounts payable to suppl. and accrued costs Other current liabilities		31.257.974 12.072.086	37.440.532 15.075.716
Total current liabilities		96.206.680	83.801.571
Total Liabilities		116.772.356	126.825.780
Total Equity and Liabilities		215.045.533	222.148.335

FOR THE THREE MONTHS PERIOD ENDED 31 MARCH, 2010 AND 2009 (values in euros) IBERSOL S.G.P.S., S.A. STATEMENT OF COMPREEHENSIVE INCOME

	Notes	31-03-2010	31-03-2009
Operating Income
Sales	5	49.066.194	47.565.347
Rendered services	5	381.384	470.450
Other operating income		929.097	901.701
Total operating income		50.376.675	48.937.498
Operating Costs
Cost of sales		10.711.371	10.004.040
External supplies and services		15.640.849	15.390.691
Personnel costs		16.793.143	16.403.819
Amortisation, depreciation and impairment losses	7 e 8	2.533.048	2.522.172
Provisions		0	0
Other operating costs		213.600	168.338
Total operating costs		45.892.011	44.489.060
Operating Income		4.484.664	4.448.438
Net financing cost		-376.708	-688.620
Pre-tax income		4.107.956	3.759.818
Income tax		1.157.333	1.052.338
Afther-tax income		2.950.623	2.707.480
Consolidated profit for the period		2.950.623	2.707.480
Other income		-	-
Total income		-	-
TOTAL COMPREEHENSIVE INCOME FOR THE PERIOD		2.950.623	2.707.480
Profit attributable to:
Shareholders		2.926.297	2.680.200
Minotiry interests		24.326	27.280
Total compreehensive income atrrribuable to:
Shareholders		2.926.297	2.680.200
Minotiry interests		24.326	27.280
Earnings per share	9
Basic		0,16	0,15
Diluted		0,16	0,15

IBERSOL S.G.P.S., S.A.Statement of Alterations to the Consolidated Equityfor the three months period ended 31 March, 2010 and 2009(value in euros)

		Att riv ble sh ho lde uta to are rs
	No te	Sh Ca ita l are p	Ow n Sh are s	Re & se rv. Re tai d ne Re lts su	Ne Pro fit t	To tal	Mi rity no Int sts ere	To tal Eq uit y
Ba lan 1 Ja 20 09 ce on nu ary Ap lica tio f th olid d p rof it fr ate 20 08 p n o e c ons om		20 .00 0.0 00	11. 179 .64 4 -	55 .42 4.8 13	13. 688 .81 3	77 .93 3.9 82	4.9 97 .02 9	82 .93 1.0 11
T sfe d r ine d r lts r to eta ran re ser ves an esu P aid div ide nds Ac isit ion / (s ale ) o f o sh qu wn are s				13. 688 .81 3	13. 688 .81 3 - 0	0 0 0		0 0 0
Ne lida ted inc e f the th hs riod ded 31 t co ont nso om or ree m pe en Ma rch 20 09 Ba lan 31 M h 2 009 ce on arc		20 .00 0.0 00	179 .64 11. 4 -	69 3.6 26 .11	2.6 80 .20 0 2.6 80 .20 0	2.6 80 .20 0 80 .61 82 4.1	27 .28 0 5.0 24 .30 9	2.7 07 .48 0 85 .63 8.4 91
Ba lan 1 Ja 20 10 ce on nu ary Ap lica tio f th olid d p rof it fr ate 20 09 p n o e c ons om		20 .00 0.0 00	11. 179 .64 4 -	68 .41 1.9 56	14. 612 .63 8	91 .84 4.9 50	3.4 77 .60 4	95 .32 2.5 54
T sfe d r ine d r lts r to eta ran re ser ves an esu P aid div ide nds Ac isit ion / (s ale ) o f o sh qu wn are s Ne lida ted inc e f the th hs riod ded 31 t co ont nso om or ree m pe en Ma rch 20 10				14. 612 .63 8	14. 612 .63 8 - 0 2.9 26 .29 7	0 0 0 2.9 26 .29 7	24 .32 6	0 0 0 2.9 50 .62 3
Ba lan 31 M h 2 010 ce on arc		20 .00 0.0 00	179 .64 11. 4 -	83 .02 94 4.5	2.9 26 .29 7	94 1.2 .77 47	3.5 01 .93 0	98 .27 3.1 77

IBERSOL S.G.P.S., S.A. Consolidated Cash Flow Statements for the three months period ended 31 March, 2010 and 2009 (value in euros)

		Period ending on March 31
	Note	2010	2009
Cash Flows from Operating Activities
Flows from operating activities (1)		1.650.095	9.388.928
Cash Flows from Investment Activities
Receipts from:
Financial investments		0	0
Tangible assets		16.375	86.675
Intangible assets		0	0
Investment benefits		0	0
Interest received		62.070	32.986
Dividends received
Other
Payments for:
Financial Investments		536.000	2.325
Tangible assets		2.164.508	4.131.077
Intangible assests		120.769	441.675
Other
Flows from investment activities (2)		-2.742.832	-4.455.416
Cash flows from financing activities
Receipts from:
Loans made
Loans obtained
Financial leasing contracts
Sale of own shares
Other
Payments for:
Loans obtained		685.151	212.898
Amortisation of financial leasing contracts		544.645	597.016
Interest and similar costs		407.781	691.890
Dividends paid		150.000
Capital reductions and supplementary entries
Acquisition of own shares
Other
Flows from financing activities (3)		-1.787.577	-1.501.804
Change in cash & cash equivalents (4)=(1)+(2)+(3)		-2.880.314	3.431.708
Effect of exchange rate differences
Cash & cash equivalents at the start of the period		13.817.861	6.014.733
Cash & cash equivalents at end of the period		10.937.547	9.446.441

IBERSOL SGPS, S.A.

ANNEX TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2010

(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 425 units in the restaurant segment through the brands Pizza Hut, Pasta Caffé, Pans & Company, Kentucky Fried Chicken, Burguer King, O' Kilo, Bocatta, Café Sô, Quiosques, Pizza Móvil, Flor d'Oliveira, Sol, Sugestões e Opções e José Silva Carvalho, Catering. The group has 402 units which it operates and 23 units under a franchise contract. Of this universe, 105 are headquartered in Spain, of which 83 are own establishments and 22 are franchised establishments.

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 described below.

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 31 March 2010.

The accounting policies applied on 31 March 2010 are identical to those applied for preparing the financial statements of 31 December 2009.

3. IMPORTANT ACCOUNTING ESTIMATES AND JUDGMENTS

There where no substantially differences between accounting estimates and judgments applied on 31 December 2009 and the accounting values considered in the three months period ended on the 31 March 2010.

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

4.1. Alterations to the consolidation perimeter

4.1.1. Acquisition of new companies

The group did not buy any of its subsidiaries in 2010.

4.1.2. Disposals

The group did not sell any of its subsidiaries in 2010.

5. INFORMATION PER SEGMENT

Main Report Format – geographic segment

The results per segment for the three months period ended 31 March 2010 are as follows:

31 March 2010	Portugal	Spain	Group
Restaurants	35.461.854	12.587.002	48.048.856
Merchandise	475.743	541.595	1.017.338
Rendered services	106.882	274.502	381.384
Turnover por Segment	36.044.479	13.403.099	49.447.578
Operating income	3.162.486	1.322.178	4.484.664
Net financing cost	-187.613	-189.095	-376.708
Share in the profit by associated companies	-	-	-
Pre-tax income	2.974.873	1.133.083	4.107.956
Income tax	844.229	313.104	1.157.333
Net profit in the year	2.130.644	819.979	2.950.623

The results per segment for the three months period ended 31 March 2009 were as follows:

31 March 2009	Portugal	Spain	Group
Restaurants	33.958.777	12.686.175	46.644.952
Merchandise	331.673	588.722	920.395
Rendered services	147.014	323.436	470.450
Turnover por Segment	34.437.464	13.598.333	48.035.797
Operating income	3.479.111	969.327	4.448.438
Net financing cost	-387.770	-300.850	-688.620
Share in the profit by associated companies	-	-	-
Pre-tax income	3.091.341	668.477	3.759.818
Income tax	875.759	176.579	1.052.338
Net profit in the year	2.215.582	491.898	2.707.480

Transfers or transactions between segments are performed according to normal commercial terms and in the conditions applicable to independent third parties.

6. UNUSUAL AND NON-RECURRING FACTS AND SEASON ACTIVITY

None unusual and non-recurring events took place in three months period ended 31 March 2010.

In the restaurant segment season activity is characterized by a decrease of sales in the three first months of the year, witch leads to a greater activity on the second quarter. In addition Easter and openings or closings units periods make a very strong contribution to these sales evolution. The previous years have evidenced that, in comparable perimeter and with an equal distribution of openings and closings, in the period that understands the three first months of the year, sales are about 24% of annual volume and, with the dilution effect of the fixed costs with the increase of the activity, the operating income represents about 20%.

7. TANGIBLE FIXED ASSETS

In the three months period ended 31 March 2010 and in the year ending on 31 December 2009, the following movements took place in the value of tangible fixed assets, and in the respective amortisation and accumulated impairment losses:

	Land and buildings	Equipment	Tools and utensils	Other tang. Assets	Fix. Assets in progress	Total
1 January 2009
Cost	112.625.244	69.200.730	4.186.400	7.486.554	1.905.864	195.404.792
Accumulated depreciation	18.544.148	43.083.486	3.333.393	5.481.075	-	70.442.102
Accumulated impairment	5.089.531	1.236.113	49.287	103.820	-	6.478.751
Net amount	88.991.565	24.881.131	803.720	1.901.659	1.905.864	118.483.939
31 December 2009
Initial net amount	88.991.565	24.881.131	803.720	1.901.659	1.905.864	118.483.938
Changes in consolidat perimeter	-	-	-	-	-	-
Additions	8.098.112	3.766.519	247.658	851.059	22.888	12.986.236
Decreases	955.727	504.448	18.906	-6.851	8.024	1.480.253
Transfers	2.396.427	-1.072.913	17.459	428.836	-1.869.779	-99.969
Depreciation in the year	2.699.863	4.639.331	387.514	832.591	-	8.559.298
Deprec. by changes in the perim.	-	-	-	-	-	-
Impairment in the year	1.210.267	-	-	-	-	1.210.267
Final net amount	94.620.248	22.430.959	662.418	2.355.814	50.949	120.120.387
31 December 2009
Cost	120.925.169	66.957.564	4.207.359	8.878.487	50.949	201.019.529
Accumulated depreciation	22.982.300	43.762.363	3.528.788	6.476.541	-	76.749.993
Accumulated impairment	3.322.621	764.242	16.153	46.132	-	4.149.149
Net amount	94.620.248	22.430.959	662.418	2.355.814	50.949	120.120.387
	Land and buildings	Equipment	Tools and utensils	Other tang. Assets	Fix. Assets in progress	Total
31 March 2010
Initial net amount	94.620.248	22.430.959	662.418	2.355.814	50.949	120.120.387
Changes in consolidat perimeter	-	-	-	-	-	-
Additions	173.437	136.101	0	92.573	219.696	621.807
Decreases	940	13.788	0	-1.043	866	14.551
Transfers	2.950	979	-662.418	662.418	-3.929	0
Depreciation in the year	651.592	1.124.555	0	296.083	-	2.072.230
Deprec. by changes in the perim.	-	-	-	-	-	-
Impairment in the year	-	-	-	-	-	-
Final net amount	94.144.103	21.429.696	0	2.815.765	265.850	118.655.413
31 March 2010
Cost	121.100.334	67.028.502	-	13.179.463	265.850	201.574.150

Accumulated depreciation 23.633.610 44.834.564 - 10.301.413 - 78.769.588 Accumulated impairment 3.322.621 764.242 - 62.285 - 4.149.149 Net amount 94.144.103 21.429.696 0 2.815.765 265.850 118.655.414

8. INTANGIBLE ASSETS

Intangible assets are broken down as follows:

	Mar-10	Dec-09
Consolidation difference	42.358.040	42.369.581
Other intangible assets	18.474.890	18.826.684
	60.832.930	61.196.265

In the three months period ended 31 March 2010 and in the year ending on 31 December 2009, the movement in the value of intangible fixed assets and in the respective amortisation and accumulated impairment losses were as follows:

	Consolidat. differences	Leasehold conveyance	Brands and Licences	Develop. Expenses	Industrial property	Fix. assets in progress (1)	Total
1 January 2009
Cost	46.047.391	2.029.398	22.680.465	821.005	16.528.191	3.103.407	91.209.858
Accumulated amortisation	-	688.700	21.341.762	648.536	3.500.109	-	26.179.107
Accumulated impairment	1.800.437	25.833	183.397	-	212.472	-	2.222.140
Net amount	44.246.954	1.314.866	1.155.306	172.469	12.815.610	3.103.407	62.808.611
31 December 2009
Initial net amount	44.246.954	1.314.866	1.155.306	172.469	12.815.610	3.103.407	62.808.611
Changes in consolidat. Perimeter	-	-	-	-	-	-	-
Additions	-1.831.210	-	549.035	59.658	1.152.730	530.895	461.108
Decreases	-	6.761	50.473	-	14.143	3.889	75.266
Transfers	-	-313.930	-160.426	-	1.290.148	-974.797	-159.005
Depreciation in the year	-	151.470	793.620	69.259	778.668	-	1.793.017
Deprec. by changes in the perim.	-	-	-	-	-	-	-
Impairment in the year	46.163	-	-	-	-	-	46.163
Final net amount	42.369.581	842.705	699.821	162.868	14.465.677	2.655.616	61.196.268
31 December 2009
Cost	44.216.181	1.433.631	22.623.705	880.663	19.122.970	2.655.616	90.932.767
Accumulated amortisation	-	590.926	21.774.811	717.795	4.448.851	-	27.532.384
Accumulated impairment	1.846.600	0	149.073	-	208.442	-	2.204.115
Net amount	42.369.581	842.705	699.821	162.868	14.465.677	2.655.616	61.196.268
	Consolidat. differences	Leasehold conveyance	Brands and Licences	Develop. Expenses	Industrial property	Fix. assets in progress (1)
							Total
31 March 2010
Initial net amount	42.369.581	842.705	699.821	162.868	14.465.677	2.655.616	61.196.268
Changes in consolidat. Perimeter	-	-	-	-	-	-	-
Additions	-	-	15.250	5.287	56.645	25.289	102.471
Decreases	-	-	4.988	-	-	-	4.988
Transfers	-	-	-	-	-	-	-
Depreciation in the year	-	37.561	179.603	16.751	215.362	-	449.277
Deprec. by changes in the perim.	-	-	-	-	-	-	-
Impairment in the year	11.541	-	-	-	-	-	11.541
Final net amount	42.358.040	805.144	530.480	151.404	14.306.960	2.680.905	60.832.933
31 March 2010
Cost	44.216.181	1.433.631	22.633.967	885.950	18.993.947	2.680.905	90.844.582
Accumulated amortisation	-	628.487	21.954.414	734.546	4.478.545	-	27.795.993
Accumulated impairment	1.858.141	0	149.073	-	208.442	-	2.215.656
Net amount	42.358.040	805.144	530.480	151.404	14.306.960	2.680.905	60.832.933

(1) the balance of the fixed assets items in progress refers mainly to the 3 new concessions yet to be open, in service areas of the following motorways: Guimarães, Fafe and Paredes. These service areas are still in the design stage and awaiting for platforms delivery. Moreover, the movement in the year arises from the opening of service areas whose work was completed.

The table below summarises the consolidation differences broken down into segments:

	Mar-10	Dec-09
Portugal	9.454.513	9.466.054
Spain	32.903.527	32.903.527
	42.358.040	42.369.581

9. INCOME PER SHARE

Income per share in the three months period ended 31 March 2010 and 2009 was calculated as follows:

	Mar-10	Mar-09
Profit payable to shareholders	2.926.297	2.680.200
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)	0,16	0,15
Earnings diluted per share (€ per share)	0,16	0,15
Number of own shares at the end of the year	2.000.000	2.000.000

Since there are no potential voting rights, the basic earnings per share is equal to earnings diluted per share.

10. DIVIDENDS

At the General Meeting of 29 March 2010, the company decided to pay a gross dividend of 0,055 euros per share (0,055 euros in 2009), which was paid on 28th April 2010 corresponding to a total value of 990.000 euros (990.000 euros in 2009).

11. CONTINGENCIES

The group has contingent liabilities regarding bank and other guarantees and other contingencies related with its business operations. No significant liabilities are expected to arise from the said contingent liabilities.

On 31 March 2010, responsibilities not recorded by the companies and included in the consolidation consist mainly of bank guarantees given on their behalf, as shown below:

	Mar-10	Dec-09
Guarantees given	137.721	142.188
Bank guarantees	4.022.614	4.010.175

Bank loans with the amount of 1.073.529 € (1.194.556 in 2009) are secured by Ibersol's land and buildings assets.

12. COMMITMENTS

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

13. OTHER INFORMATION

At the end of the year, current liabilities reached 96 million euros, compared with 32 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 option of considering the maturity date as the renewal date for the subscribed commercial paper programmes, regardless of its initial stated periods. In order to ensure liquidity of the short term debt it is expected that in the year 2010 the Group will renew the maturity date of the subscribed commercial paper programmes.

14. SUBSEQUENT EVENTS

On 26th February 2010, Ibersol signed an agreement for the purchase of subsidiary Solinca – Eventos e Catering, S.A., witch was subject to obtaining ADC's, portuguese competition authority's, favourable decision, that occurred in April 2010. An advance was made in the amount of 536.000 euros under this agreement.

15. APPROVAL OF THE FINANCIAL STATEMENTS

The financial statements were approved by the Board of Directors and authorised for emission on 19 May 2010.