The other operating profits reached 2.8 million euros, of
which the largest share corresponds to suppliers’ contri-
butions to marketing campaigns.
Operating expenses
Consolidated operating expenses were 168.5 million
euros, 10.2% less than in the previous year, increasing
their weight in sales.
Gross margin
The cost of merchandise and raw materials sold and
consumed, which in 2011 accounted for 22.6% of sales,
increased to 23.5%, reflecting the part of the VAT in-
crease absorbed by the Group’s margin.
The gross margin over turnover was 76.6% in this finan-
cial year, compared to 77.5% posted in the previous year.
Remunerations and personnel costs
Personnel costs fell by 8.3 million euros to 56.7 million
euros. The 12.8% decrease was needed to accompany
the reduced activity, showing the great effort to adjust
teams and the drastic reduction of incentive bonuses.
The weight of this item, which in 2011 had fallen to
33.5%, accounted for 33.1% of turnover in 2012.
Supplies and External Services
Costs with supplies and external services came to 58.5
million euros, after reaching 63.7 million euros in 2011,
corresponding to a fall of 8.1%, or below the activity’s
evolution.
The weight of this item consequently shifted from 32.7%
to 34.1% of turnover. Increased energy prices and the
resilience of some costs of a more fixed nature, specifi-
cally rents, hindered a more accentuated reduction of
this item despite efforts to curtail some general expens-
es. Pre-opening costs for the business in Angola also im-
pacted the performance of this item.
Other Operating Expenses
Other operating expenses came to 1.7 million euros
and included about 1 million euros corresponding to
the cost of closing some units during the financial year.
Stamp duties and other fees rose to 446 thousand eu-
ros in 2012.
Amortizations and Provisions
The financial year’s amortizations and losses for impair-
ment totalled 11.6 million euros, 1.3 million euros less
than in 2012, and accounted for 6.8% of turnover. Im-
pairment losses of tangible and intangible assets rec-
ognized in this financial year came to 1.6 million euros,
about half the amount recorded in 2011.
EBITDA
EBITDA during the period came to 17.1 million euros,
compared to 23.3 million euros the previous year. An
unfavourable situation on the Iberian Peninsula and
costs associated to closings were decisive factors in the
reduction of consolidated EBITDA by 26.5%.
Lower turnover, loss of gross margin due to increased
VAT and definitive closing costs led the EBITDA margin
to fall from 12.0% in 2011 to 10.0% in 2012.
FINANCIAL RESULTS
The cost of net financing during the year was negative
by 2.1 million euros, nearly 900,000 euros more than in
2011. This increased net financing cost is basically due
to the higher financing spreads, lower remuneration
rates for applications and also to the addition of financ-
ing in Angola, whose nominal cost is much more than
the Group’s average.
Payable interest was 2.6 million euros, corresponding to
an average debt cost of 4.8%.
Consolidated financial analysis
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