EBITDA

EBITDA in the food & beverage segment came to €465.5m, down from €494.2m in the previous year (-5.8%). Most of the decrease was caused by the substantial depreciation of the US dollar against the euro (for exchange losses of €17.2m), and the costs of the reorganisation plan launched in July, whose impact on the segment amounted to €8.0m. Net of these factors and of the changes in the scope of consolidation, EBITDA decreased by a modest 0.9% with respect to 2007.

The following graph breaks down the change in the EBITDA margin, from 12.7% to 11.9%.

 EBITDA