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ANNUAL REPORT 2011
EBITDA during the period came to 23,3 million
euros, compared to 32,3 million euros the
previous year. An unfavourable situation on
the Iberian Peninsula and costs associated to
closings were decisive factors in the reduction
of consolidated EBITDA by 27.8%.
Lower turnover and definitive closing costs led
the EBITDA margin to fall from 15.2% in 2010
to 12.0% in 2011.
EBITDA
Financial
results
The cost of net financing during the year
was negative by 1,2 million euros and also
evolved favourably, presenting a reduction of
about 250,000 euros compared to 2010. This
improvement is basically due to the diminishing
financial amounts used during the financial year
and to the positive evolution of remuneration for
applications, which together offset the gradually
increasing spreads.
Payable interest was 2,2 million euros,
corresponding to an average debt cost of 3.8%.