Adveo International : Annual General Meeting approves management and annual accounts

Madrid, June 20th 2017.- ADVEO's shareholders, present today in the company's Annual General Meeting with an attendance quorum of 64.83%, have approved Group's management and accounts of 2016, as well as other agreements that concern the future development of the company.

Apart from these agreements, ADVEO's shareholders have confirmed the appointments of Belén Moscoso del Prado as independent director; Eladio Bezares as proprietary director, representing Torrealba and Bezares SL; and the Chairman, Luis Carlos Croissier, as independent director.

Accounts approved

Shareholders have approved the accounts of 2016, when ADVEO reduced losses in €35m (-49%); net result was a loss of €35.7m compared to €70.6m losses in 2015. Net result was affected by certain extraordinary effects, especially due to an impairment provision amounting to €16.6m due to its outstanding financial position with Unipapel; and also because of the recent tax reform, which involved additional losses of €10.1m.

Turnover was conditioned by the repositioning in the EOS activity in August, when certain channels were transferred to Westcoast, what has led to a decrease in sales by 19% compared to 2015, especially in Ink and Toner. Without this effect turnover would have remained stable.

Despite lower revenues due to the Westcoast operation, the group's EBITDA in 2016 grew by 1.5%, amounting to €21.8m. On the other hand total net debt decreased in €117m, from €305m to €187.8m at the end of 2016, that means -38.4%.

Concerning ADVEO's future development and the evolution of the current business model, ADVEO's Chairman, Luis Carlos Croissier, stated that 'we have laid the bases and are investing in new technological platforms, which will be operative this year and will help to broaden our business opportunities'.

Group CEO, Jaime Carbó, declared that '2016 was a foundation year. We have forged a team that has developed and become integrated, enabling us to launch new organisational models and processes. We have shared our experience, so are now working on a new strategy shared by the entire team, which is vital for our future; and on the Plan that will be truly transformational'.