EBITDA

Consolidated EBITDA for 2008 came to €601.5m, up from €562.4m the previous year (+7.0% at actual exchange rates). The acquisitions had an impact of €90.6m, while the reorganisation led to non-recurring costs of €20.2m.

Change in EBITDA - 2008

EBITDA

As a percentage of sales, EBITDA went from 11.6% in 2007 to 10.4% in 2008. The result reflects the acquisitions in the travel retail & duty-free segment, where margins are structurally lower than in food & beverage, and the one-off costs of the reorganisation. Net of these factors, the EBITDA margin in 2008 would have been 11.1%. Consolidated fourth quarter EBITDA came to €141.9m, an increase of 17.2% (+14.5% at constant exchange rates) on the previous year's €121.1m.

Change in EBITDA margin - Impact of new acquisitions

EBITDA

Further details on EBITDA are provided in the comments on results by business segment.