Capital Expenditure

Capex in this segment grew from €17m in 2007 to € 51.1m, of which € 28.6m results from the change in the scope of consolidation.

In Europe, most of the funds went toward upgrading shops at Terminals 1, 2 and 3 of Madrid Airport, revising the product catalogue at Palma de Mallorca, launching the new "Biza" concept at Manchester (T1), Newcastle and East Midlands, and finishing construction at Heathrow's Terminal 5. At Heathrow's T5, all of the investments required to build and open shops were made in 2007, in view of the inauguration in the early months of the following year. Capital expenditure in 2008 went only toward completing the facilities built.

Outside Europe, investment was concentrated in North America, to complete the opening in Vancouver and inaugurate the new shop at Atlanta Airport.

Other expenditure went toward the integration of this segment, starting in the United Kingdom where World Duty Free's operations were spun off from the B.A.A. network and then integrated, logistically and otherwise, with the corresponding activities of Alpha.