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ANNUAL REPORT 2011
Balance
Consolidated Assets were 228 million euros at
31 December 2010, about 4,5 million euros
less than at end 2010.
This decrease basically resulted from fixed
asset items and corresponds to the following
contributions:
(i) reduction of technical fixed assets referring
to financial year amortizations and
impairments (about -13 million euros);
(ii) investment in expansion and renovation
plans in Portugal and Spain (about 13
million euros); includes acquisition of the
building PH Fontes Pereira Melo, the
opening of 6 units and the remodelling of
8 units;
(iii) investment in Angola, about +4,6 million
euros, of which 2,3 million euros for
integrating Angolan companies in the group;
(iv) closing of units (about -1,4 million euros);
(v) reduction of third party debts (about -4
million euros);
(vi) adjustment of stocks to reduced sales
(-0,5 million euros).
Consolidated Liabilities were 113 million euros
at 31 December 2011, 10 million euros less
than at end 2010.
At 31 December 2011 Equity Capital stood
at 115 million euros, 5,5 million euros more
than the end 2010 figure. About 1,0 million
euros were distributed as dividends during the
financial year.
CAPEX
In 2011 CAPEX came to 12,9 million euros,
corresponding to investment in:
- expansion in Portugal and Spain:
opening of 6 units and acquisition of
property of one Pizza Hut (totalling 4,3
million euros);
- expansion in Angola: construction of a
unit to open in 2012 (2,6 million euros);
- modernization and renovation of 16
sales points (3,7 million euros);
- other current and ongoing expenditures
(totalling 2,3 million euros).
Disinvestment also occurred due to the closure
of 13 units (10 in Portugal and 3 in Spain).
Financial situation