Texaf, S.A. reported consolidated earnings results for the year ended December 31, 2015. For the period, revenue from ordinary activities was EUR 19.648 million against EUR 19.927 million a year ago. Recurring operating result was EUR 6.486 million against EUR 6.938 million a year ago. Operating result was EUR 5.889 million or EUR 1.66 per share against EUR 6.667 million or EUR 1.88 per share a year ago. Result before tax (of continued operations) was EUR 5.423 million against EUR 6.080 million a year ago. Consolidated net result (Group's share) was EUR 5.456 million or EUR 1.54 per share against EUR 4.685 million or EUR 1.32 per share a year ago. Net financial debt had reached EUR 4.5 million at December 31, 2015, which represents 6% of equity at book value, compared to EUR 0.2 million at the end of 2014. Cash flow from operating activities was EUR 6.819 million against EUR 6.243 million a year ago.

For 2016, the Group has decided to maintain both its investment and dividend policies because it has confidence in the medium-term outlook for the country. In total, provided there are no unforeseen events, the Group expects a rise in the recurring operating result.