Cerved Information Solutions S.p.A. reported consolidated and company earnings results for the year ended Dec. 31, 2016. For the year, on consolidated basis, the company reported revenues of EUR 377 million against EUR 353.5 million a year ago. Adjusted EBITDA was EUR 180 million against EUR 170.8 million a year ago. Operating profit was EUR 94.8 million against EUR 92.8 million a year ago. Net income was EUR 48.7 million against EUR 3.6 million a year ago. Net cash outflow was EUR 57.6 million against EUR 38.0 million for the same period a year ago. IFRS net debt as at Dec. 31, 2016 was EUR 523.4 million against EUR 536.8 million a year ago. Net Capex was EUR 33.5 million against EUR 31.6 million a year ago. Operating cash flow was EUR 144 million against EUR 136.1 million a year ago. Net cash outflow of the period was EUR 29.1 million against EUR 12.3 million a year ago.

For the year, on company basis, the company reported revenues of EUR 3.1 million against EUR 2.8 million a year ago. Operating loss was EUR 3.4 million against EUR 2.4 million a year ago. Profit before taxes was EUR 41.6 million against EUR 37.9 million a year ago. Net income was EUR 42.5 million against EUR 38.3 million a year ago. Cash flow from operating activities was EUR 2.6 million against EUR 2.4 million for the same period a year ago. Additions to property, plant and equipment were EUR 0.1 million against EUR 0.1 million a year ago.

With respect to the business outlook for 2017, and similarly to 2016, the group foresees a scenario of increasing revenues and EBITDA, with a contribution from all business divisions (Credit Information, Credit Management and Marketing Solutions), in addition to a further integration of processes and efficiency gains, with the aim of improving margins and the generation of operating cash flows.

On January 13, 2017, the Board of Directors of the company resolved to transfer its registered offices to Via dell'Unione Europea n. 6A/6B, in San Donato Milanese. The
transfer of the registered offices ­ resolved in light of the continuous increase of the group's workforce, as an effect of the combination of organic growth and recent acquisitions ­ is effective from February 6, 2017 and will allow Cerved to improve its organizational efficiency.