Cash flow, capital expenditure, ROCE and EBITDA (excluding furniture activities)

Capital expenditure on intangible assets and property, plant and equipment amounted to € 23.7 million in 2007 (2006: € 22.6 million). Of this amount, € 18.9 million was invested in the opening of new stores and on updating existing stores and € 3.4 million on investments in logistics and information systems.


The cash flow (net profit plus depreciation and amortisation) was € 67.9 million in 2007, compared with € 62.7 million in 2006.


Net average capital employed rose from € 290.7 million to € 303.3 million. The return on net capital employed (ROCE) was 22.1% compared to 22.3% in 2006. Given the current interest rates, ROCE is well above the minimum requirements set by providers of capital, thus adding value for shareholders.


EBITDA (operating result plus depreciation and amortisation) rose from € 85.2 million to € 87.3 million.