2016 third-quarter revenue
Change in trend compared to the second quarter 2016 which showed growing sales...
- Worsening of the economic environment in oil-producing countries
- Economic slowdown in the other sub-Saharan markets
CFAO's third quarter 2016 revenue reached €768.2 million, declining by -10.6% on a reported basis and -8.9% like-for-like compared with the same period 2015. This performance is showing a disconnect with the second quarter where reported sales were up +2,5%.
Perimeter changes compared to the third quarter 2015 were mainly related to the start-up of the Retail activity in Côte d’Ivoire (+€7.5 million). Overall changes in Group structure had a positive impact of +€7.8 million on 2016 third quarter revenue.
Currency impacts on the translation of foreign revenue into Euros were negative in Q3 at -€23.1 million. This impact was primarily linked to the depreciation of the Nigerian naira, and, to a lesser extent, to the depreciation of the Algerian dinar and the Zambian kwacha against the Euro.
The Group activity was affected by a worsening of the economic environment in oil-producing countries and by the economic slowdown in other sub-Saharan markets.
Please find attached the entire press release hereafter.
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