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The English cut wins 202 million, a 25% increase

The company, which employs 92,078 employees, approached a turnover of 16 billion

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The English cut wins 202 million, a 25% increase

The English court announced today its results, against what Sule be his tradition of years, in which he waits for general meeting of last Sunday of August., company won in year 2017-2018 (saw in February, after sales) 202 million euro S, 24.9% more than a year before. Turnover grew 2.8%, until 15,935,000,000, with what it signed its fourth consecutive year upwards. At end of year, company, which invested about 350 million, had 92,078 employees in staff, 0.4% more. That is to say, it earns 2,193 euros per employee.

In 2016, net result was affected by provision of 178.4 million that company had to provide to cope with its preretirement plan. Without it, benefit would have been that year of 294 million. The gross Operating income (EBITDA) of 1.054 billion, 7.4% more, and net (EBIT) of 412 million, higher in 28.9% of previous year.

"The bases have been set for group to return to its best times and to live a new golden stage," said Fuenets of company, which is still far from results of 2007, before outbreak of menu, when it won 747.6 million , billed 17,989,000,000 and achieved an EBITDA of about 1.4 billion company plans to recover that figure "within a reasonable time".

The English court raises a new bond issue for second half of year, while its possible exit to bag remains frozen. Company sources have underlined that group strives to meet corporate governance standards to match listed companies.

These fuenets attribute figures of 2017 to evolution of business and to improvements in management, which have allowed to raise gross margin ( difference between what y buy and sell) and to contain operating expenses. Among improvements of management highlights decision to merge Hipercor with department stores El Corte Ingles.

In proforma figures, that is to say, as if already in 2016 had operated jointly, sales of department stores rebounded 3.2%, until 11,396,500,000, and EBITDA 6% (815.2 million).

Subsidiaries

Travel El Corte Ingles, for its part, billed 2,533,600,000 ( 5.7%) and increased its EBITDA 2.3% (54,130,000), while turnover of supermarkets Supercor and Supercor Express added 641.7 million, 4.6% more; and its gross operating result was In 33 million, 19.9% more.

Computer Science The English court raised its sales 2.8% (667.4 million) and its EBITDA 14% (32,270,000), while insurance English cut lowered its business 39.7% (165,150,000) because in 2017 had extraordinary revenues related to preretirements). The insurance area's EBITDA rose 12.8% (65 million).

Sfera, textile chain of group already in 15 countries, billed 270.9 million, 9.4% more, and placed its EBITDA in 40.8 million, with an annual upturn of 27.2%. For its part, DIY chain and equipment for home Bricor sold 22.9% less (85.24%) and threw a loss of exploitation of almost 9 million euros.

"We are integrating teams of Bricor with those of English court to improve little by little ir profitability," said sources of group, who have emphasized that, for moment, do not pose a merger like one carried out with Hipercor.

The English court, which will distribute 61 million in dividend and by whose centers passed 701 million people, closed 2017 with a debt of 3.834 billion euros, a figure similar to that of one year before (3,877,800,000) and a 22.8% lower than that of 2014.

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