EBITDA

EBITDA for the travel retail & duty-free segment came to €123.6m: +128.6% (+138.2% at constant exchange rates) on the previous year (€54.1m). Net of the acquisitions and the reorganisation costs associated with the integration process and other efficiency measures (€10.9m), organic growth was 11.1%. Museums and the equivalent generated EBITDA of €1.5m. EBITDA for the fourth quarter totalled €31.5m, a rise of 131.4% (+145.4% at constant exchange rates) on the final quarter of 2007 (€13.6m). The acquisitions contributed €14.7m, net of €9.3m in reorganisation costs.

EBITDA