Condensed income statement

(€m) 2008 % 2007 % Change
Revenue 1,296.2 100.0% 1,257.1 100.0% 39.1
Other operating income 70.6 5.4% 64.8 5.2% 5.8
Total revenue and income 1,366.8 105.4% 1,321.9 105.2% 44.9
Cost of raw materials. consumables and supplies (628.3) (48.5%) (616.8) (49.1%) (11 .5)
Personnel expense (300.1) (23.2%) (280.0) (22.3%) (20.1)
Leases. rents. concessions and royalties (140.3) (10.8%) (127.7) (10.2%) (12.6)
Other operating costs (155.4) (12.0%) (142.0) (11 .3%) (13.4)
EBITDA 142.7 11.0% 155.4 12.4% (12.7)
Depreciation. amortisation and impairment losses (47.7) (3.7%) (48.3) (3.8%) 0.6
EBIT 95.0 7.3% 107.1 8.5% (12.1)
Net financial income (costs) (35.2) (2.7%) 88.6 7.0% (123.8)
Impairment losses on financial assets (11 .2) (0.9%) (3.3) (0.3%) (7.9)
Profit before non-recurring items and tax 48.6 3.8% 192.4 15.3% (143.8)
Profit before tax 48.6 3.8% 192.4 15.3% (143.8)
Tax (30.3) (2.3%) (46.2) (3.7%) 15.9
Profit for the year 18.3 1.4% 146.2 11.6% (127.9)

In addition to managing and controlling the Group by way of its business units, Autogrill S.p.A. directly conducts the businesses that earn over 98% of revenue in the Italian market. The remaining 2% is generated by its Italian subsidiaries, mainly Trentuno S.p.A., Nuova Sidap S.r.l., Aviogrill S.r.l., and Alpha Retail Italia S.r.l.
The year closed with revenue of €1,296.2m, up from €1,257.1m in 2007 (+3.1%).
See section 1.6.1.2 for comments on the performance of domestic operations.
EBITDA came to €142.7m, with respect to €155.4m in the previous year. Aside from the slight drop in EBITDA from commercial operations discussed in section 1.5.1.2, the decrease reflects a rise in corporate expenses from €25.3m to €30.4m (including €1.3m in reorganisation costs), and 2007 income of €6.4m in connection with the curtailment of post-employment benefits (“TFR”).
EBIT amounted to €95m (€107.1m in 2007), after amortisation, depreciation and impairment losses of €47.7m (€48.3m the previous year), as a result of expansion and modernisation of the network.

Net financial expense of €4.6m in 2008 compare with net income of €85.3m in the previous year. The change is due primarily to the reduction in dividends from subsidiaries, from €84.5m in 2007 to €1.9m in 2008, but also to net exchange losses of €11.2m on loans granted and received and the net effect of interest rate spreads on derivatives (€19.8m). Autogrill S.p.A.’s net profit, reflecting the above trend in financial income/charges, amounted to €18.3m in 2008 (€146.2m the previous year) after taxes of €30.3m.