Sequana reported audited consolidated earnings results for the year ended December 31, 2016. For the year, the company reported EBITDA of EUR 107 million against EUR 126 million a year ago. Sales were EUR 2,975 million against EUR 3,300 million a year ago. Recurring operating income was EUR 63 million against EUR 73 million a year ago. Operating loss was EUR 9 million against EUR 3 million a year ago. Net loss attributable to the company shareholders was EUR 52 million against EUR 67 million a year ago. Basic and diluted loss per share from continuing operations was EUR 0.80 compared to EUR 1.16 a year ago. Net cash used in operating activities was EUR 47 million compared to net cash from operating activities of EUR 13 million a year ago. Expenditure on acquisitions of property, plant and equipment and intangible assets was EUR 38 million compared to EUR 50 million a year ago. Pro forma EBITDA came in at EUR 105 million versus EUR 106 million in 2015, a drop of 1.1% at a constant reporting structure for Arjowiggins. The decline in volumes of banknote and printing paper and the negative forex impact were partially offset by lower overheads in the Graphic and Creative Papers divisions of Arjowiggins and by an improved product mix. Pro forma recurring operating income grew by 7.5% from EUR 57 million in 2015 at a constant reporting structure for Arjowiggins to EUR 61 million 2016. Consolidated net debt stood at EUR 315 million at end-December 2016, compared to EUR 235 million at end- December 2015, notably reflecting EUR 93 million in disbursements for non-recurring items, partially offset by EUR 25 million worth of proceeds from disposals. Pro forma sales were EUR 2,933 million compared to EUR 3,153 million a year ago. This decrease mainly reflects the marked decline in the banknote business of the Security division and lower volumes of printing papers on both the distribution and production sides of the business in a tougher-than-expected market.