The Office Times

ADVEO results in 2017 hit by credit restrictions

ADVEO has reported its audited annual accounts for financial year 2017, reducing losses in 2017 by 34.5%. The loss amounted to €23.4m, which included investing €12.3m in logistics restructuring and organizational changes in Spain and France.
Revenues for the year amounted to €490m, 9% lower than the previous year, excluding the effect of the EOS repositioning. The fall in sales was mainly caused by low stock availability because of credit restrictions due to the long refinancing process, initiated in March and concluded in October. 
ADVEO says that this situation, which started to moderate at the end of 2017 and that will stop having effect in the middle of 2018, affected all markets, especially Spain and Germany.   Therefore, the company has made progress in simplifying and making management more efficient to reduce structural costs by €15.5m. Nevertheless, EBITDA in comparable terms (excluding the EOS category) reached €12.6m, 37% lower. 
Total net debt remained stable in €191.7, similar to the previous year. The refinancing agreement, reached in October 2017, defines a new debt structure that expands the limits of available credit up to €159,7m.