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[Foreign language] Good morning everyone. [Foreign language]
[Foreign language] . Now, switching to English. In the printing sector, we are pleased with our significant strides in innovation with Raddar , our reinvented flyer.
Successfully launched in May, Raddar is a game changer in the retail space in Quebec, with 2 million copies now distributed each week, up to 3.7 million at the beginning of May. Raddar offers an excellent value to Canadian retailers while protecting an important revenue stream for us. Our clients like this new product, consumers as well, as flyers continue to help them find savings through the worst inflationary period since 1980. Raddar also represents an environmental gain. Recyclable, with a reduction of paper volume up to 60%, it contributes to the circular economy. Lastly, as local newspapers are important for communities, we are happy to report that more than twenty weekly newspapers have accepted our offer of a free page in Raddar.
In packaging, one of the highlights of the year is our announcement of a major investment in recyclability by producing biaxially oriented polypropylene or BOPP, a first in North America. Our new equipment will be operational at our Spartanburg plant in South Carolina this summer. This demonstrates our commitment to distinguish ourselves and gain market share with innovative, sustainable solutions. With major investments during fiscal year 2023, we were still able to reduce our net debt by more than $180 million. This was possible thanks to a strong cash flow from operating activities, which benefited from stable profits and tighter inventory management. To deliver on our four priorities mentioned by Isabelle, we must work together as one team. There are more similarities between our printing and packaging sectors than differences.
To reflect that, I quickly made leadership changes to simplify our management structure and make us more agile, more collaborative, and bring us closer to operations. When I took my new position on June 7th, we announced a commitment to improve our performance in line with these priorities. We have already made good progress, and we are determined to continue on this path with the ambitious two-year program outlined in December to improve our earnings per share and our financial position. This program is expected to generate between $20 million and $40 million in recurring savings. It includes four main categories. First one is reduction in fixed costs across the organization. The second are measures targeting underperforming businesses through turnaround or consolidation of some of our plants.
Three is a reduction of the cost of goods sold, and the last one, fourth, the sale of certain assets across the network. Several actions have already been taken as part of this program. By the end of Q2, we will have reduced our labor force by 6%. We closed the Montreal recycling plant last September and our Tomah, Wisconsin, packaging plant in early February, and have announced the closure of our printing plant in Saint-Hyacinthe in April. We have realized important savings in the cost of goods sold. Finally, we have sold the Quebec City property, and sale processes are ongoing for four other buildings. Optimize, perform, evolve, as Isabelle mentioned, is our way forward. The printing sector continues to show resilience and to reinvent itself to grow again in some segments.
The quality of our customer relationships is an asset we will continue to build on. In packaging, we are targeting profitable organic growth, a stronger return on our assets, and advancing on our sustainable packaging journey. In closing, I would like to express many thanks. First, to our coworkers and managers and our executives for their engagement, dedication, and adaptability. As drivers of TC Transcontinental's unique culture and entrepreneurial spirit, they make us proud every day. I also thank the board of directors and the Marcoux family for their trust. None of our accomplishments would be possible, of course, without the loyalty of our customers and their partnership on their business challenges and aspirations. We are grateful to them. Finally, I thank you, our shareholders, for your trust and continued support. I'm fully confident in our ability to grow profitably and responsibly and creating for you, our shareholders.
I now turn the meeting over to our Executive Vice President and Chief Financial Officer, Donald LeCavalier.
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Despite the challenge, revenues in 2023 only decreased by 0.5%, as the organic decline, largely caused by lower volume, was mostly offset by the favorable exchange rate effect and the impact of the acquisitions made during fiscal 2022. Consolidated adjusted EBITDA remained stable at $447 million for fiscal 2023. Despite the volume pressure, we were able to protect our profits by driving substantial growth, cost savings, and efficiency across the organization. Higher financial expenses during fiscal 2023 were mainly due to the increase in interest rate on floating rate debt and by the effects of exchange rate fluctuation. This led to adjusted net earnings of $2.03 per share for the year, compared to $2.19 in 2022. Moving to cash flows and our financial position.
One of the highlights of fiscal 2023 was the strong free cash flows generated that we used to reduce our net debt. Our cash flows from operating activities more than doubled from $220.8 million in fiscal 2022 to $472.3 million in fiscal 2023. This increase is mostly due to the reduction of our inventories and lower receivables from the implementation of trade receivables purchase agreement. Despite a significant investment in CapEx, our net debt ratio decreased from 2.47 at the end of fiscal 2022 to 2.06 times at the end of fiscal 2023. Moving to our results for the first quarter of fiscal 2024. For the first quarter of 2024, we reported a 3.8% decrease in revenues versus the same period last year.
This decline was driven by lower volume and is aligned with the 2024 outlook we disclosed in December. Regarding profitability, we delivered a strong quarter with adjusted EBITDA of $96.1 million, $12 million improvement versus the $84.1 million in the first quarter of fiscal 2023. This 14% increase was mainly due to improved profitability in the packaging sector, following cost reduction and efficiency improvement initiative, and also an improved product mix. Financial expense decreased by $2.8 million to $13.9 million, mainly due to a lower debt level following strong cash flow generation in the last twelve months, partially offset by higher interest rate.
Adjusted income tax increased by $3.7 million due to higher earnings and effective tax rate, resulting in adjusted net earnings of 43 cents per share for the quarter, compared to 24 cents for the same quarter last year. [Foreign language]
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