Maxeda 2009 Annual Review - Permira

Financial Results
by 1.2% to EUR 3,088 million, while the
decline in same store sales was limited
to 2.8%, leading to an increase in market
share for most of our formats and product
groups. This relatively strong sales
performance was driven by our proactive
and successful ‘Fit for the Future’
programme, which also had a positive
impact on our margins and costs. As a
result, our Operating EBITDA was EUR 213
million, down just 1.4% on last year, with
our Fashion group even achieving a 9%
higher EBITDA than last year.
Ronald van der Mark
CFO Maxeda
Robust performance in a very
challenging economic environment
Overall, we are pleased with our financial
performance in 2009/10. In markets in
which sales declined strongly (e.g. a 7.1%
decrease for non-food retail in the Netherlands/CBS,
March 2010) we were able to
virtually maintain our Sales and EBITDA,
thereby significantly outperforming the
market.
In the year under review, our Net Sales
(including concessionaire sales) fell slightly
We are also pleased that our performance
improved in the second half of 2009/10.
In the first half of the year under review,
we managed to increase our sales slightly
by 0.1%, but our Operating EBITDA declined
by 2.9%. In the second half, our sales
remained under pressure and saw a
decline of 2.8%, yet our Operating EBITDA
increased by 0.5%. This was mainly driven
by the success of our ‘Fit for the Future’
programme. The continued impact of this
programme will also have a positive impact
going forward.
Cash management was another focus of
the ‘Fit for the Future’ programme and we
were able to maintain our strong working
capital position. Furthermore, we optimized
our capital spend with higher return criteria
leading to lower investments compared
to previous years. However, our total
investments in 2009/10 amounted to
63 / Maxeda Annual Review 2009