Adveo International : The audit on ADVEO’s 2017 financial statements was issued with no emphasis of matter

Madrid, 25th April 2018. ADVEO has presented today to the CNMV its audited annual accounts for financial year 2017. The audit report does not include any emphasis of matter.

In 2017 ADVEO reduced losses by 34.5%, amounting to €23.4m, despite investing €12.3m in logistics restructuring and organizational changes in Spain and France.

Revenues in the year amounted to €490m, 9% lower, excluding the effect of the EOS repositioning. Sales fall was mainly caused by the low stock availability because of credit restrictions due to the long refinancing process, initiated in March and concluded in October.

This situation, that started to moderate at the end of 2017 and that will stop having effect in the middle of 2018, has affected all markets, but especially Spain and Germany.

Therefore, the company has advanced in simplifying and making management more efficient, what has allowed reduce structural costs in €15.5m. Nevertheless, EBITDA in comparable terms (excluding the EOS category) reached €12.6m, 37% lower.

Total net debt remained stable in €191.7, a quite similar amount with respect to the previous year. The refinancing agreement, reached in October 2017, defines a new debt structure that expands the limits of the available credits up to €159,7m. The new calendar determines a first repayment in July 2018 and maturity in July 2022.