ADVEO’s general meeting approves management and annual accounts for 2017

Madrid, June 29th 2018.- ADVEO’s shareholders present today in the company’s annual general meeting with an attendance quorum of 61,84% 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”

Gerardo Gorostiza Phone 916 789 822

Laura Villuendas Phone 916 789 804