EBITDA

EBITDA in 2008 totalled €61.3m, a decrease of 3.0% (-3.2% at constant exchange rates) with respect to the 2007 figure of €63.2m, and came to 8.5% of sales (9.4% the previous year). On a like-for-like basis and at constant exchange rates, the decrease would be limited to 2.1%. Reorganisation costs affected this result by €1.4m.

In the final quarter, EBITDA made significant progress, rising from €4.2m in 2007 to €6.1m (+43.9% or +37.8% at constant exchange rates), although the 2007 figure includes provisions for onerous contracts (of which €3.4m in Belgium) in the fourth quarter of that year.