German supermarket Rewe is well prepared for potential future acquisitions after it saw its profits grow faster than expected in 2014, according to CEO Alain Caparros.
"If market opportunities arise through acquisitions, we are in a position to take advantage of such opportunities because of our capital resources, our low net debt and continued high, unused lines of credit," Caparros told Reuters on Tuesday.
Rewe, including its Penny discount chain and Toom DIY stores, reported an overall 3-per-cent rise in sales to €42.5 billion and a 29-per-cent increase of EBITA (earnings before interest, taxation and amortisation) up to €468 million.
There has been speculation that Rewe might be looking into buying, or at least being involved in an asset swap, for some of British retailer Tesco's businesses in Eastern Europe.
The Rewe cooperative runs over 15,000 stores across 12 European countries.
Caparros told Reuters early last month that he hoped Rewe's strong investment in e-commerce would help it in finally overtaking Edeka, Germany's biggest supermarket group.
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