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CONSOLIDATED FINANCIAL ANALYSIS
Consolidated
liabilities
amounted to 99 million euros
at 31 December 2013, down 8.5 million euros on 2012.
At 31 December 2013 shareholders’ equity stood at
119 million euros, up 2 million euros on year-end 2012.
Approximately 1.0 million euros were paid out as divi-
dends during the year.
CAPEX
In 2013
CAPEX
reached 13.3 million euros, made up of
investments in:
– expansion and remodels in Portugal and Spain:
3 new restaurants and remodels of 15 units
(totalling 7.5 million euros);
– expansion in Angola: third unit opened and
acquisition of rights to the land for a fourth
(3.3 million euros);
– various current expenditures totalling
2.5 million euros.
There were also some divestments due to the closure of
11 units (8 in Portugal and 3 in Spain).
The cash flow generated during the year totalled 15.9
million euros, sufficient to cover CAPEX.
Consolidated net debt
At the end of the year, net interest-bearing debt stood
at 24.5 million euros, down 3.6 million on year-end 2012
(28.1 million euros). Short-term bank borrowing con-
sists of issues under the Commercial Paper Programme
redeemable in 2014 and medium and long-term debt
maturing in 2014.
The gearing ratio (net debt/(net debt + equity)), which at
the end of 2012 was 19.4%, fell to 17.0%.
Net debt over EBITDA at year-end 2013 was 1.3 times
(1.6 times at year-end 2012), while the interest coverage
ratio was 7.3 times (as against 6.6 in 2012).
The Group’s financial structure continues to be very
robust.
