Coin: keep margins through cost control
Despite the cold reception of the market in the first quarter the group Coin has sent positive signals in terms of keeping the margins. The period between February and April 2009 is usually a period for which adversely affects a seasonal business. This year also the weather conditions seem to have hindered the inflow of customers in the retail outlets. The margins of Coin, which has also increased by 60 outlets to its network and managed the conversion of neoacquisita Melablu, however, have shown a substantial estate.
The net sales of the group shown below (which therefore also include the partners in granting Coin Shop) increased by 1, 5% compared to last April 2008 at 271 million euros.
He has done better Oviesse which increased revenues by 2.2% to 189.2 million and achieved a positive operating result for 15.6 million euros (-1.5% annually). The intake of Coin was, as expected, less: This business unit has a turnover of 81.2 million (-0.3%) and an operating still in red, but improving. From the operating loss of EUR 6 million in April 2008 to pass it all’ebit negative 5.5 million euros last April 30 2009.
Particularly close monitoring of the operational costs of the warehouse and made it possible to maintain an adequate gross operating profit of the group Coin. The EBITDA was, in fact, to 22.7 million euros showing an increase of 1, up 1% on the previous year and beating estimates of some analysts.
In the first quarter of 2009, highlights the company in a footnote, the operating costs stood at 135 million euros, despite the increase of the network, as mentioned, has added 60 new stores. The change in net working capital has increased from a negative balance of 108.2 million euro to a 78 million euro since last April and this has enabled the group to better absorb the expected impact of the crisis. Last April, the company’s indebtedness amounted to 362.1 million euros, three months ago, the net financial debt of the group was 369.5 million euros: the ratio debt / short equity seems under control. Given all of the quarter could have been much worse. DONOTCHANGE
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