Tenwow International Holdings Limited reported audited consolidated earnings results for the year ended December 31, 2016. For the year, the company reported revenue of RMB 5,218,649,000 compared to RMB 4,908,022,000 for the same period a year ago. Operating profit was RMB 375,331,000 compared to RMB 544,347,000 for the same period a year ago. Profit before income tax was RMB 298,036,000 compared to RMB 492,484,000 for the same period a year ago. Total profit attributable to equity holders of the company was RMB 204,834,000 or 9.81 cents per diluted share compared to RMB 350,809,000 or 16.85 cents per diluted share for the same period a year ago. EBITDA was decreased by 25.8% to RMB 488.3 million, which was mainly attributable to the increase in distribution costs as the Group took back the nationwide distribution right for own brand non-alcoholic beverages, and the unsatisfactory growth in sales of non-alcoholic beverages due to the overall weak demand and rainy weather, coupled with the donations, the decrease in share of profit of Nanpu due to the decrease in its operating results, the loss on the disposal of a subsidiary, the absence of one-off government subsidies for 2016. Adjusted recurring EBITDA decreased by 17.6% year-on-year to RMB 522.2 million. In 2016, the Group's net cash inflow from operating activities amounted to RMB 455.2 million compared to net cash outflow from operating activities of RMB 117.9 million a year ago. The Group recorded net free cash inflow of RMB 314.0 million compared to outflow of RMB 410.4 million a year ago. Improvement in cash flow was primarily attributable to the Group's efforts in strict control of working capital and the reduction in capital expenditures. In 2016, the Group had capital expenditures and investments of RMB 155.5 million compared to RMB 377.5 million a year ago. This primarily included the expenditures for equipment of warehouses and logistics of Putian production base, logistics centres and production equipment of Chengdu production base and production equipment of Wuhan production base. The Group's fixed-asset investments in the short term will mainly be the Tianjin production base, office buildings in Shanghai production base and phase 2 of Chengdu production base, which are either under construction or to be constructed. The Group's capital commitments relating to building, equipment and land was RMB 203.7 million.