ADVEO announced earnings results for the fourth quarter and year of 2016. For the fourth quarter, the company's EBITDA grew by 33%, what shows an improvement trend in profitability.

For the year, the company reduced losses in EUR 35 million, down by 49% from last year. Net result was a loss of EUR 35.7 million compared to EUR 70.6 million losses in 2015. Net result was affected by certain extraordinary effects, especially due to an impairment provision amounting to EUR 16.6 million due to its outstanding financial position with Unipapel also because of the recent tax reform, which involved additional losses of EUR 10.1 million. 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 EUR 21.8 million. Total net debt decreased in EUR 117 million, from EUR 305 million to EUR 187.8 million, down by 38.4% from last year.

For the year, the company expects debt reduction is the priority. A major effort has been made in 2016 and will continue to yield results in 2017. Following Westcoast operation ADVEO will have a new dimension, with stronger margins and focused on more sustainable and with more potential channels and customers.