Parmalat SpA Reports Consolidated and Parent Earnings Results for the Year Ended December 31, 2016; Provides Earnings Guidance for the Year 2017
For the period, the parent revenue was 883.7 million against 897.7 million a year ago. EBITDA was 71.0 million against 71.1 million a year ago. EBIT was 54.7 million against 71.6 million a year ago. PBT was 72.6 million against 93.0 million a year ago. Profit for the year was 56.9 million against 65.3 million a year ago. Cash outflow from operating activities for the year was 40.3 million against 100.5 million a year ago.
For 2017, at constant exchange rates and excluding the Venezuelan subsidiary, given the critical situation that developed in that country due to the high rate of inflation and massive devaluation of the local currency, the company expects both net revenue and EBITDA to increase by about 4%.