Sustainability report 2016 electricity 4th grade worksheet


In the year ended 28 February 2017 the Spanish economy continued to show signs of improvement, which began in 2015, with respect to the economic decline experienced in prior years, which had a particular impact on consumption. The easing of tensions in the European markets, together with the supranational institutions’ recognition of the efforts made internally, have led to an improvement in the confidence of the players in the Spanish economy. 8 gas laws Even though the signs of change in the main economic indicators have been positive, the political uncertainty throughout most of 2016 had a slowing effect on the economy.

In 2016 there was a 1.8% increase in consumption in Spain as a result of the decrease in the unemployment rate, which fell to 18.7% from 21.07% in 2015, and the improvement in the consumer confidence index. However, the political uncertainty throughout most of 2016 led to slower growth compared with 2015. To a greater or lesser extent this trend was observed in all sectors of the retail trade (food, personal goods, household appliances, etc.). In this connection the year-on-year growth of the personal goods trade was 2.8%.

Against this backdrop the Group obtained a 3% increase in income. The Group’s like-for-like sales increase was 0.2%. In Spain, the Group’s main market, sales fell by 0.25%, whereas in the international market they increased by 1.73%. The Women Secret chain’s increase in sales offset the decrease in sales recorded by the Springfield and Cortefiel chains, which in 2016/17 underwent a price and offer repositioning process. The market trend in recent years was consolidated with an across-the-board shift of sales in the industry to the sales seasons and an increase in special offers.

Based on the information available on the market share in Spain, the Group’s main market, Women Secret continued to lead its sector, with a slight 0.2% decrease in its market share, whereas Springfield Man, which recorded a decrease of 0.1%, continued to be the leader for the 20-39 year-old segment, and was the second brand for the 20-29 year-old segment. Cortefiel recorded a slight decrease in the men’s segment and a slight increase in the women’s segment.

The Group’s international performance, through both own stores and franchises, was positive. The international business represented 32% of the Group’s sales and 51.7% of its EBITDA. gas number density The Group continued to expand in Russia, Mexico and the Balkans area, with significant improvements in both revenue and contribution to consolidated EBITDA, while the growth of the business in Portugal was consolidated in the year.

The Group’s margin fell (to 57.26% in 2016/17 from 58.61% in 2015/16) amidst a scenario of high competitiveness in prices and adverse weather conditions at some point during the year. The margin was affected by the Cortefiel brand strategy during the first few months of 2016/17. The decisions made by the new managers in the second half of 2016/17 had a positive impact on the margin in these second six months of the year, with significant improvements in the Cortefiel chain.

At 28 February 2017 the Cortefiel Group had 1,982 sales outlets, a 3.7% increase compared with 2015/16. This figure includes own stores, corners, and franchise stores. electricity manipulation In the year ended 28 February 2017, 67 Group-managed stores were opened, 26 of which are located outside Spain. As a result of the closure of certain stores, in 2016/17 the increase in owned retail space was not significant.

In addition, as explained in the accompanying notes to the consolidated financial statements, in 2016/17 negotiations took place with the banks involved in the Group’s syndicated financing with the aim of renegotiating certain terms and conditions thereof. Finally, in March 2016 an agreement was reached with the financing banks to modify the maturity date of the debt, which was set at March 2018.

• The strategic repositioning of the Cortefiel chain, which involved a renewal of product design and the implementation of a new price strategy in order to adapt the chain to the needs of its customers. This repositioning, the implementation of which has already resulted in a significant improvement in the sales figures for the first few months of 2017/18, made it necessary for the surplus merchandise from previous seasons that was not in line with the new commercial strategy to be placed in clearance sales at the outlets, at very reduced prices, or even to be destroyed. This had a negative effect on the Group’s gross profit, and led to the need to recognise an additional write-down under "Inventories".

• The closure of unprofitable stores or those which did not fit in with the new commercial strategy, both in Spain and abroad. These store closures, which have been carried out gradually since their approval in January 2017 and will continue into the next few months, have at times led to the need to adjust the commercial staff of the stores concerned and, where appropriate, to the payment of certain compensation to the lessors of the store premises for the early termination of the leases.

Recurring EBITDA for 2016/17 amounted to EUR 114.7 million, after deducting EUR 39 million of non-recurring expenses (employee termination benefits and lessor compensation, write-down of stock as a result of the renewal process and the Cortefiel chain’s change in strategy, and other costs),compared with EUR 108.3 million in 2015/16. Therefore, recurring EBITDA/total income for the year ended 28 February 2017 was 10.17%, compared with 9.89% for the year ended 29 February 2016.

According to analysts, the change in trend of the overall situation of the Spanish economy will continue, with improvements in consumption levels, an increase in the level of credit granted and a slight improvement in the unemployment and hiring rates. It is also expected that the Portuguese economy will continue to perform well, whereas the rest of Europe will foreseeably experience a certain degree of stagnation.

The main objectives for 2017/18 are to improve like-for-like sales in order to make better use of the existing retail space, expand through own stores in the Springfield and Women Secret chains, complete the plan to close unprofitable stores which commenced in the last quarter of 2016/17, improve gross profit, strengthen the Group’s internalisation process through its franchise business (new agreements and support for our franchisees in their organic growth), increase and strengthen the online business, protect and increase the various chains’ market share (especially the women’s segment), increase advertising expenditure to support the forecast growth in like-for-like sales and optimise and control investment and expenses.

The financial efficiency and commercial and operational effectiveness criteria pursued by the shareholders and the management team, with special importance currently being attached to the cost containment and margin protection policies, will make it possible to successfully harness the current economic revival in the main markets in which the Group operates. In this connection, the only significant cost increases forecast are those related to the international expansion process, the strengthening of the online business and advertising.

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