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CONSOLIDATED FINANCIAL ANALYSIS
Other operating revenue amounted to 1.8 million euros,
the bulk of which came from suppliers’ contributions to
marketing campaigns. This component of revenue has
decreased over the years as suppliers’ contributions
have been replaced by purchase price reductions.
Operating costs
Consolidated operating costs came to 167.9 million eu-
ros, a reduction of 0.4% compared to the previous year,
representing a smaller proportion of sales.
Gross margin
Cost of sales (cost of merchandise and raw materials
sold and consumed), which in 2012 was 23.5% of sales,
increased to 23.6%, reflecting the intense pressure on
restaurant prices.
The gross margin in 2013 was 76.4%, compared to 76.6%
the previous year.
Personnel costs
Staff costs fell by 1.3 million euros to 55.4 million eu-
ros. This 2.3% decrease was necessary to offset the
decrease in prices and the optimization of the opening
times of some restaurants. As a percentage of turnover,
staff costs fell from 33.1% in 2012 to 32.1% in 2013.
External Supplies and services
The cost of supplies and external services was 57.8 mil-
lion euros, down from 58.5 million euros in 2012, a de-
crease of 1.1%.
As a percentage of turnover, it fell from 34.1% to 33.5%.
The increase in energy prices and maintenance costs
was offset by strict austerity in the management of oth-
er general expenses.
Other operating costs
Other operating costs amounted to 1.8 million euros,
which included a cost of around 700 million euros for
the closing of a number of units during the period.
Stamp duty and other taxes totalled 557 thousand eu-
ros in 2013.
Depreciation and amortization
expense and impairment
Depreciation and amortization expense and impair-
ment losses for the year totalled 12.2 million euros, 0.6
million euros more than in 2012, representing 7.1% of
turnover. Impairment losses on tangible and intangible
assets recognized in the year came to 2.5 million euros,
0.9 million more than the amount recorded in 2012.
EBITDA
EBITDA for the period was 18.6 million euros, compared
to 17.1 million euros the previous year. The slight recov-
ery of sales in the Iberian Peninsula in the second half
and the operation of the restaurants in Angola for the
whole year were decisive in growing consolidated EBIT-
DA at a rate of 8.6%.
The increase in turnover and the cost reduction dynam-
ic led to a recovery of the EBITDA margin, which rose
from 10.0% in 2012 to 10.8% in 2013.
