The Toupargel SA announced audited consolidated earnings results for the year ended December 31, 2016. For the year company reported EBITDA was EUR 11.5 million against EUR 15.1 million a year ago. Income from ordinary activities was EUR 2.8 million against EUR 4.8 million a year ago. Operating loss was EUR 17.2 million against operating profit of EUR 4.8 million a year ago. Net loss was EUR 18.0 million against net profit of EUR 3.2 million a year ago. Net loss per share was EUR 1.7 against net earnings per share of EUR 0.32 a year ago. Cash flow from operations was EUR 9.3 million against EUR 12.3 million a year ago. Cash flow per share was EUR 0.9 against EUR 1.2 a year ago. Net debt as on December 31, 2016 was EUR 21.3 million against EUR 18.8 million as on December 31, 2015. Capital expenditure was EUR 5.2 million against EUR 5.1 million a year ago. Sales were EUR 293.2 million against EUR 308.7 million a year ago.

As part of its transformation plan, the group will devote significant resources in 2017 to digitalization, to achieving nationwide coverage for its fresh foods and groceries product line and to creating a new marketing drive to attract and keep new customers. These investments will affect profitability in 2017 and should ensure the Group returns to growth in 2018.