92
Consolidated liabilities amounted to 93million euros at
31 December 2014, 5million euros less than at end 2013.
At 31 December 2014 shareholders’ equity stood at
126 million euros, up 7 million euros compared to
end 2013. Dividends of nearly 1.0 million euros were
distributed during the year.
CAPEX
CAPEX totalled 23.5million euros in 2013, corresponding
to investment in:
– expansion: 9 new restaurants opened and ongoing
work on two due to open in 2015 (16.4 million euros);
– remodelling: 18 units in Portugal and Spain (4.5 mil-
lion euros);
– various current expenses totalling 2.6 million euros.
Divestment occurred due to the closing of 11 units (8 in
Portugal and 3 in Spain).
Cash flow generated during the financial year was 22,4
million euros, an amount nearly enough to ensure fi-
nancial coverage of CAPEX.
Net consolidated debt
At year’s end net remunerated debt stood at 25.3 mil-
lion euros, nearly 1 million euros more than the debt
at end 2013 (24.4 million euros). Short termbank debt
consists of Commercial Paper Programme issues re-
deemable in 2014 and medium and long term debt
that matures in 2015.
The gearing ratio (net debt/(net debt + equity)), which
at end 2013 was 17.0%, fell to 16.7%.
The indicator for net debt over EBITDA at end 2013 was
1.0 times (1.3 in 2013) and the EBITDA interest coverage
ratio was 14.7 times (compared to 7.3 in 2013).
The Group’s financial structure continues to be very
robust.
