Adveo Group International, S.A. reported earnings results for the first quarter of 2018. For the quarter the company reported EBITDA of EUR 2.8 million towards the EUR 5.6 million of last year.
The company obtained a negative net result of EUR 2.9 million due essentially to the lack of stock availability. The company is making progress in obtaining additional funding which will allow recover the target stock levels. EBITDA reached, 51.3% less than last year, due to lower sales, but with a better management of margins. Revenue in the first quarter fell by 17.8% due to the lack of stock availability which penalized primarily the German and Spanish subsidiaries. Net financial debt, EUR 18 million higher than in first quarter 2017, mainly due to the additional funding obtained after the bank refinancing in fourth quarter of 2017, remains stable with respect to the former quarter, at EUR 149.2 million.

For the year 2018 the company estimates a positive EBITDA of EUR 2.5 million in this year and the recurring one in the following exercises.