Consolidated Financial Analysis
CAPEX
CAPEX totalled 27million euros in 2015, corresponding to investment in:
- expansion: 19 new restaurants opened (20.0 million euros);
- remodelling: 21 units in Portugal and Spain (4.5 million euros);
- various current expenses totalling 2.5 million euros.
- Divestment occurred due to the closing of 13 units (12 in Portugal
and 1 in Spain).
Cash flow generated during the financial year was 26,1 million euros,
an amount nearly enough to ensure financial coverage of CAPEX.
Net consolidated debt
At year’s end net remunerated debt stood at 22 million euros, nearly
3million euros less than the debt at end 2014 (25million euros). Short
term bank debt consists of Commercial Paper Programme issues re-
deemable in 2016 andmediumand long termdebt thatmatures in 2016.
The gearing ratio (net debt/(net debt + equity)), which at end 2014
was 16.7%, fell to 14.1%.
The indicator for net debt over EBITDA at end 2015 was 0.7 times
(1.0 in 2014) and the EBITDA interest coverage ratio was 21.8 times
(compared to 14.7 in 2014).
The Group’s financial structure continues to be very robust.
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