El Corte Inglés highlights its “strong debt reduction” in the first meeting with Mutua Madrileña

The President of El Corte Inglés, Martha Alvarezunderlined this Friday that the 2021 financial year was the year “of return to profits and strong deleveraging” during the first general meeting of shareholders held by the company in which the president of Madrid Mutual, Ignatius Garralda.

The first participation of the director responds to the effective agreement of last May which meant the incorporation of the insurer in the shareholding of El Corte Inglés with 8% of capital and the acquisition of 51% of Seguros El Corte Ingles by Mutua. Álvarez pointed out that the company’s behavior in 2021 has allowed it to achieve, in these first four months of the 2022 financial year, “sales and results higher than those obtained over the equivalent period of 2019”.

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

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

“Retail” remains the group’s “main engine” with a prominent place fashion growing by 49%. The home (+15%) and electronics divisions are also growing, as well as culture and leisure (+11.5%). For its part, Journey The Court of England reached 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.

Activity retake

During her speech, the President described the 2021 financial year as “the resumption of activity” and underlined that “everyone’s work and efforts have allowed us to evolve in a positive way, to emerge stronger financially, to become a more solid company and to have good prospects for the future despite the economic turbulence that we let’s cross”.

“The instruments we used to achieve this can be defined in a few words: clarity of objectives, rigor in management, professionalization in all trades, digital transformation, innovation and customer service,” he added. Martha Alvarez.

Likewise, he highlighted the company’s effort to “be profitable without losing quality” and “complete the digital transformation without the store losing its physical appeal”. The meeting 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 administrator Javier Rodríguez-Arias, whose appointment had previously been made by cooptation.

Leave a Comment