Capital expenditure

The Group invested €85.1m in 2008, 5.7% less than the previous year (€90.2m), amounting to 6.4% of sales (7.1% in 2007). In the motorway channel, where most of the money was spent, the decrease in capital expenditure reflects the lower number of openings with respect to the previous year. The more important projects include the reorganisation of food & beverage outlets at Brembo, Viverone Nord and Viverone Sud (with the installation of the first geothermal power plants), and the new locations at Casilina Est (Italy's first "highway mall") and Piceno Est. There were also some new openings at shopping centres: Palmanova, Euroma 2, and Auchan Monza. Capex for the fourth quarter came to €35.7m (€36.9m in 2007).