Net result with a positive figure at Gruppo Coin
The Board of Directors of Gruppo Coin S.P.A. approves the full year results 2010
• Total Building net sales1 amount to 1,736.2 million Euro (+38.1% compared to the previous year); without Upim +3.8%.
• EBITDA stands at 202.5 million Euro (12.5% on net sales), increased of +35.4% compared to 2009; without Upim +21.7%.
• Net result is positive for 48.2 million Euro increased of +8.8% compared to the same period of the previous year. Considerable improvement for Upim stand alone which had recorded 36.3 million Euro on net result compared to the previous year, even if the improvement of result have occurred in the second half of the year.
• In 2010, 67 Upim stores were converted to the OVS industry (54), Coin (9) and Upim Pop (4) formats; the sales results for the conversions are much higher than forecasted. 13 stores in marginal positions were closed and, back at the start of July 2010, all the Upim central structures in Milan were integrated into the Coin Group headquarters in Venice-Mestre.
Summary of the main preliminary results for the 2010 financial year (1 February 2010 - 31 January 2011) The financial year just closed revealed further growth for the Group and its brands, both in terms of business than in terms of economic results.
Total building net sales were 1,736.2 million Euro, an increase of 38.1% compared to the same period last year. The main components of this growth may be summarised as follows:
• +34.2% due to consolidation of the Upim perimeter (including the sales generated in the converted stores, and the lower sales due to the stores closed and the closing period in the stores which have been refurbished). In 2010, sales in the Upim perimeter (430.5 million Euro) grew by +1.4% compared to the same period last year, with a trend inversion with respect to the performances of the last two years.
• +3.8% due to the growth at Oviesse and Coin; both our historic brands showed positive sales trends, in terms of both network development and like-for-like sales.
EBITDA for 2010 amounted to 202.5 million Euro (12.5% of Net sales), 35.4% better than January 2010 (149.5 million Euro and 12.5% of Net sales). Excluding the results for the Upim perimeter, EBITDA was 182.0 million Euro (15.1% of Net sales), +21.7% compared to the last year. To note OVS Industry EBITDA equal to 18.5% on net sales, among the best in the market, and Coin EBITDA equal to 5.8%, strongly increased compared to 2009, when it was 2.8%.
Effects of the Upim integration plan are plain to see, especially the contribution provided by converting the ex-Upim stores into the OVS Industry and Coin formats, the improvement in sales and commercial margins at the non-converted stores and the initial effects of cost rationalisation at the central structures starting in July with the closure of the former Upim headquarters and the integration of its activities at the Venice-Mestre premises. In the financial year just ended, EBITDA relating to the Upim perimeter amounted to 20.5 million Euro, a significant improvement on the figure of -7.6 million Euro recorded in 2009 by the previous management.