Orey, Results 2016

Page created: Monday, 19 June 2017 11:01GMT | Updated: Monday, 19 June 2017 11:53GMT

Press Release:  16 June 2017 - 17 Page(s)
Tags:
Euro   fiscal year  non-recurring costs

Having implemented a significant restructuring, 2016 was transformational for Orey Group. The net loss registered in 2016 fiscal year reached Euro 12.8 million. This negative result is primarily due to (1) an accounting loss related to the sale of its shareholding in Banco Inversis amounting to Euro 5.9 million; (2) non-recurring costs amounting to Euro 3.2 million, primarily related to the restructuring programme including curtailment costs and penalties for early termination of certain supplier contracts and (3) Euro 4 million losses related to the global activity.