Brief: B&S Group H1 Net Profit Down At 12.8 Million Euros

B&S SA

24/08/2020 06:24

Aug 24 (Reuters) - B&S Group SA  BSGR.AS :
    * H1 ORGANIC TURNOVER DECREASE OF 10.5% (11.5% AT CONSTANT
CURRENCY)
    * H1 NET PROFIT AMOUNTED TO EUR 12.8 M (HY 2019: EUR 28.2 M)
    * H1 NET CASH FROM OPERATIONS AMOUNTED TO EUR 70.4 M (HY
2019: -
EUR 0.4 M)
    * H1 EBITDA OF EUR 35.3 M (HY 2019: EUR 52.7 M)
    * DRIVEN BY IMPACT OF COVID-19, OVERALL TURNOVER IN H1
DECREASED
BY 7.0% TO EUR 835.8 M (7.9% ON A CONSTANT CURRENCY BASIS)
    * ON BACK OF STRONG CASH FLOW, NET DEBT / EBITDA AT JUNE 30,
2020
STOOD AT 2.8 (PRE IFRS 16), WELL WITHIN COVENANTS
    * SOLVENCY AS AT JUNE 30, 2020 STOOD AT 37.2%
    * IN H2 CONTINUED GROWTH IS FORESEEN IN E-COMMERCE
ACTIVITIES TO
PLATFORMS AND END-CONSUMERS
    * IN H2 CO ANTICIPATES FURTHER MARKET RECOVERY FOR ITS
DISTRIBUTION TO PHYSICAL RETAILERS AND ITS ASIAN AND EUROPEAN
MARKETS, WITH EXCEPTION OF CRUISE AND TRAVEL RETAIL MARKETS
    * WE ANTICIPATE TO RETURN TO PRE-COVID-19 TURNOVER LEVELS IN
2021
    * DO NOT EXPECT RECOVERY OF RETAIL SEGMENT TO PRE-COVID-19
LEVELS
ON SHORT TO MEDIUM TERM : COMMITTEE IS PREPARING THE ROLL OUT OF
FURTHER INITIATIVES TO ALIGN THE ORGANISATIONAL STRUCTURE AND
COST LEVELS WITH ANTICIPATED SALES VOLUMES
    * WE FORESEE A PARTIAL RECOVERY OF OVERALL GROUP SALES
VOLUMES IN
Q3 WITH FURTHER POSITIVE TRENDS TOWARDS AND IN Q4 (TRADITIONALLY
OUR STRONGEST QUARTER)
    * WE ANTICIPATE OUR EBITDA MARGINS IN H2 TO INCREASE
COMPARED TO
H1
    * WE DO NOT EXPECT TO SEE RECOVERY TO FY 2019 EBITDA MARGIN
LEVELS
AT FY 2020

Source text for Eikon:  ID:nNDL4wtwp7 
Further company coverage:  BSGR.AS 

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