EBITDA margin

The two main cost items (payroll and the cost of sales) show opposite trends. While the sector continued to suffer from the rise in food commodity prices, which occurred worldwide throughout 2007 and for much of 2008, the increase in productivity made up for some of the negative impact on the cost of sales. The margin also went down as a result of higher rent on operating contracts. This occurred in all three geographical segments, but for different reasons: in North America the increase in low-contribution activities at malls; in Italy the expansion of shipboard catering and new openings; and in the rest of Europe the impact of guaranteed minimums at certain airports where sales were low. The costs of the reorganisation reduced the EBITDA margin by around 20 basis points.

Fourth quarter EBITDA came to €107.4m, an increase of 2.9% on the previous year (€104.4m). That result, which is significant in light of market conditions, was aided by the recovery of the dollar against the euro. At constant exchange rates, EBITDA for the quarter would have fallen by 1.7% (-2.5% without the new acquisitions).

EBITDA margin

Fourth quarter EBITDA came to €107.4m, an increase of 2.9% on the previous year (€104.4m). That result, which is significant in light of market conditions, was aided by the recovery of the dollar against the euro. At constant exchange rates, EBITDA for the quarter would have fallen by 1.7% (-2.5% without the new acquisitions).