Capital expenditure

Capital expenditure not related to acquisitions amounted to €162 million (5.0% of revenue) in 2015, compared with €158 million(5.6% of revenue) in 2014. The majority consisted of maintenance capital expenditure used to optimize the existing store network. The following table shows the capital expenditure not related to acquisitions.

Capital expenditure

in millions of EUR

2015

2014

Capital expenditure (not related to acquisitions)

162

158

Store capital expenditure

122

117

Non-store capital expenditure

40

41

Store capital expenditure increased from €117 million in 2014 to €122 million in 2015 and primarily reflects the optimization of existing stores through renovations in an expanding store network, along with the implementation of the standardized commercial proposition and new store openings. During 2015, GrandVision continued to focus on the standardization of its store format as well as on the reduction of its average store size.

Non-store capital expenditure of €40 million in 2015 compared to €41 million in 2014 primarily results from investments into IT systems, including a global ERP system and IT-based omni-channel solutions. In June and July, the new ERP system went live in the United Kingdom and Ireland as well as in Belgium and the Netherlands. Further global rollout will follow over the next years.