Citing a “disappointing” 2015, Karlie Group GmbH will end the fiscal year in the red. The company says revenues for 2015 will be approximately EUR85 million (US$93.6 million), compared with EUR99.4 million (US$109.5 million).

The company says it expects a negative EBITDA of between -EUR1.5 million and -EUR2 million (-US$1.65 million and –US$2.2 million).

Poor performance is hindering the implementation of the company’s restructuring concept, according to reports.

Karlie Group says it will be able to end the revenue decline in 2016, but return to profitability will not be possible until 2017.

The company has reached a credit agreement with banks, which will extend and boost credits that expired at the end of 2015 with a restructuring loan of EUR500,000 (US$550,580). Reports say Belgian banks have increased the credit by EUR1 million (US$1.1 million). The investment company Perusa will also make a cash capital injection available to the Karlie Group in the form of EUR2.8 million (US$3.1 million in liquid assets.