90
Otheroperating revenueamountedto2.2millioneuros, of
whichthelargestpartcamefromsupplierco-participations
in marketing campaigns. This revenue component has
decreasedinrecentyearsassupplierco-participationswere
replacedbypurchaseprice reductions; in2014 it recorded
growth in line with sales performance.
Operating costs
Consolidated operating costs reached 178.5 million
euros, up 6.4% over the previous year, accounting for a
smaller proportion of sales.
Gross margin
The cost of sales (cost of goods and rawmaterials sold
and consumed) remained at 23.6% of turnover, very
stable despite the great pressure on sale prices occur-
ring in the food service market.
Gross margin over turnover was 76.4% in this financial
year, the same as the previous year’s figure.
Remunerations and other personnel costs
Personnel costs rose by 2.8 million euros to reach 57.9
million euros. The 5.1% increase was appropriate to ac-
company the rise in activity. In 2013 this itemaccounted
for 32% of turnover; in 2014 the figure is 30,9%.
External supplies and services
The cost of external supplies and services amounted
to 60.7 million euros, versus 58.3 million euros in 2013,
for growth of 4.2%.
This item’s proportion consequently fell from 33.8% to
32.4% of turnover. Higher energy prices and marketing
costs were compensated by strict austerity imposed on
management of the other general expenses.
Other operating costs
Other operating costs stood at 1.5million euros and in-
clude nearly 330,000 euros corresponding to the closure
of some units during the year.
In2014 stampdutiesandother taxesamounted to562,000
euros and provisions for clients to nearly 421,000 euros.
Amortizations and impairment losses
Amortizations and impairment losses during the finan-
cial year were 14.5 million euros, up 2.5 million euros
over 2013 and corresponding to 7.7% of turnover. Im-
pairment losses for tangible and intangible assets rec-
ognized in this financial year totalled 4.7 million euros,
2.2 million more than recorded in 2013.
EBITDA
EBITDA during the period attained 25.4 million euros,
compared to the previous year’s figure of 18.4 mil-
lion euros. The sales recovery occurring in the Iberian
Peninsula and the operation of one more restaurant
in Angola were decisive for the positive 37.7% rise in
consolidated EBITDA.
Higher turnover and instilled cost reduction dynamics
led to a recovery of the EBITDAmargin, which rose from
10.7% in 2013 to 13.5% in 2014.
