The Office Times

ADVEO's general meeting approves annual accounts

ADVEO’s shareholders present in the company’s annual general meeting have approved the group’s management and accounts of 2017, as well as other agreements that concern the future development of the company.

Apart from these agreements, ADVEO’s shareholders have confirmed the dismissal of Álvaro Videgain Muro as independent director, after the period of his appointment has expired, and the appointment of Javier Martín García as independent director for four years.

Accounts approved Shareholders have approved accounts of 2017, when ADVEO reduced losses by 34.5% amounting to €23.4m, despite investing €12.3m in logistics restructuring and organizational changes in Spain and France.

Revenues in the year amounted to €490m, 9% lower, excluding the effect of the EOS repositioning. Sales fall was mainly caused by the low stock availability because of credit restrictions due to the long refinancing process. This situation affected all markets, but especially Spain and Germany. According to the group’s CEO, Jaime Carbó, signing the new financing agreement, announced this week, and having a new funding partner, “will allow the company to recover usual operating activity and to keep fostering growth in a renewed ADVEO”

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