El Corte Inglés highlights its “strong debt reduction” in the first meeting with Ignacio Garralda (Mutua)


The president of El Corte Inglés, Marta Álvarez, highlighted this Friday that the 2021 financial year was the year “of a return to profits and a strong reduction in debt” during the first general meeting of shareholders held by the company in which the president of Mutua Madrileña, Ignacio Garralda, participates as a director.

The director’s first participation responds to the effective agreement of last May which involved the incorporation of the insurer into the shareholding of El Corte Inglés with 8% of the capital and the acquisition of 51% of Seguros El Corte Ingles by Mutua.

Álvarez pointed out that the behavior of the company in 2021 has made it possible to achieve, in these first four months of the 2022 financial year, “sales and results superior to those obtained in the equivalent period of 2019”.

The shareholders approved the annual accounts for the 2021 financial year, ending on February 28, with a turnover of 12,508 million euros, which represents an increase of 22% compared to the previous year; gross operating income of 804 million euros and consolidated net income of 120 million euros.

The president of El Corte Inglés recalled that “due to greater cash and agreements with new partners, the debt has been reduced to 2,500 million euros. This is the lowest amount in the last 15 years; least since 2007.

“Retail” remains the “main driver” of the group with a preponderant place in fashion, which grew by 49%. The home (+15%) and electronics divisions are also growing, as well as culture and leisure (+11.5%).

For its part, Viajes El Corte Inglés achieved a turnover of 984 million, compared to 309 million in 2020; the company Seguros El Corte Inglés reached 217 million euros, with a gross operating profit (Ebitda) of 98 million, and the recently created Sicor group reached a turnover of 163 million euros.

During her speech, the President described the 2021 financial year as a “recovery of activity” and underlined that “the work and efforts of everyone have enabled us to evolve positively, to emerge financially stronger, to become a more solid and to have good prospects for the future despite the economic turmoil we are going through”.

“The instruments we have used to achieve this are defined in a few words: clarity of objectives, rigor in management, professionalization in all areas of activity, digital transformation, innovation and customer service”, added Marta Álvarez.

Likewise, he highlighted the company’s efforts to “be profitable without losing quality” and “complete the digital transformation without the store losing its physical appeal.”

The assembly also approved the management report, the non-financial report and the proposal for the application of the results, as well as the ratification of the director Javier Rodríguez-Arias, whose appointment had previously been made by cooptation.

(SERVIMEDIA) 22-JUL-2022 15:34 (GMT +2) JMS/mmr/mjg

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