Basic HTML Version
9
ANNUAL REPORT 2011
10
15
20
25
30
35
40
2008
2009
2010
2011
2007
32
35
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
EBITDA
Margin %
34
32
23
Portugal
Spain
0
50
100
150
200
250
300
350
400
450
2007
295
91
2008
308
90
2009
317
89
2010
321
81
2011
316
79
No. Units
EBITDA (mn
€
)