The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Andrea Bonfa - Banca Akros S.p.A., Research Division - Analyst
: My questions are the following. First of all, if you can clarify the net debt performance at the end of the year. If you can confirm that on -- we need
to subtract the vendor loan from the EUR 80.7 million CapEx that you specify in Page 8 of the presentation and that this vendor loan is amounting
to approximately EUR 18 million. And then if you can remind us how much was the proceed from the disposal of the quarter, which I searched
yesterday and I wasn't able to find it quickly.
And secondly, I got a generic question on your Stock Option Plan. The cumulative EBITDA target of EUR 550 million, is that possible for you to
elaborate on how do you expect to reach ideally this target? Is this more with openings? I mean, developmental network or if you are expecting a
recovery in like-for-like, for instance? And secondly, how much is going to impact the dollar in your, let's say, EBITDA growth assumption for this
year? These are, for the time being, my questions.
Question: Andrea Bonfa - Banca Akros S.p.A., Research Division - Analyst
: Well, I think it's clear, Stefano, If I may, if you hadn't reached such an agreement with your, let's say, landlords, your net debt would have been EUR
18 million higher. So now you are paying this EUR 18 million differed in 2 years. Is that what I'm understanding?
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APRIL 18, 2019 / 1:00PM, OVS.MI - Full Year 2018 OVS SpA Earnings Call
Question: Andrea Bonfa - Banca Akros S.p.A., Research Division - Analyst
: All right, perfect. No, no, that's absolutely clear. No problem about that.
Question: Fabio Fazzari - Equita SIM S.p.A., Research Division - Analyst
: I have a question about the gross margin. And in particular, since you've explained that you are now more focused on the in-season refurbishment,
if this lower volume that you ordered modified a little bit your power in negotiation? And which kind of impact you could have on your gross
margin only for this changing condition?
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