FY 2016 was marked by a significant change in the Group, which occurred in the last quarter of the year.

 

In fact, on November 4th Reditus entered into an agreement with GFI Informatique and its affiliate GFI Portugal, for the sale of its subsidiary ROFF - Consultores Independentes, S.A., specialized in the segment of SAP applications.

 

This divestiture is part of the strategic repositioning of the Reditus Group, allowing it to focus on the core business and accelerate the internal restructuring process (operational and financial), as well as to create the conditions for the implementation of its Business Plan based on the broadening and growth of its BPO and ITO activities, both in the domestic and in the international markets.

 

The results for 2016, presented below, are compared with the restated values for the FY 2015.

 

Operating income amounted to 44,9 million euros, down 23.2% over last year, due to business contraction in the main African market and to the persistence of an adverse economic environment in the domestic market.

 

There have been postponements in investment decisions to be made by clients in the period under review, while being expected that these will resume in 2017 with a special focus on several projects in the international market.

 

EBITDA was 2,8 million euros, equivalent to an EBITDA margin of 6.1%, 5.7pp below the margin of 11.8% achieved last year.

 

It should be noted that the consolidated EBITDA of 2,8 million euros was negatively affected by approximately 0,9 million euros, relating to extraordinary, "one-off" capital loss situations in the year. Adjusted for these costs, it would have reached a value of 3,7 million euros, or an EBITDA margin of 8.1%.