Brief: Balta Group H1 Consolidated Adjusted EBITDA Down At 18.3 Million Euros

Belysse NV

28/08/2020 06:21

Aug 28 (Reuters) - BALTA GROUP NV  BALTA.BR :
    * H1 2020 CONSOLIDATED REVENUE WAS €266.4M (-24.2% YOY),
ADJUSTED
EBITDA WAS €18.3M (-51.0% YOY)
    * H1 NET DEBT DECREASED BY €6.3M VERSUS Q1 2020, DRIVEN BY
MITIGATING ACTIONS REDUCING BOTH COSTS AND NET WORKING CAPITAL
    * DESPITE NEGATIVE IMPACTS FROM COVID-19 ON REVENUE IN Q2
2020,
NET CASH FLOW DURING THE QUARTER WAS €7.1M POSITIVE
    * H1 ADJUSTED EBITDA MARGIN WAS 6.9% (DOWN FROM 10.6% IN H1
2019)
DRIVEN BY THE COVID-19 IMPEDIMENTS STARTING IN MARCH 2020
    * NET LEVERAGE INCREASED TO 5.9X FROM 4.3X AT END-Q1 2020
EXCLUDING IMPACT OF IFRS16
    * WE EXPECT THE BENEFITS FROM NEXT TO RETURN AS OPERATIONS
RETURN
TO MORE NORMAL LEVELS, ALBEIT WITH DELAY - CEO
    * AS OF 30 JUNE 2020, WE HELD CASH AND CASH EQUIVALENTS OF
€87.5M,
UP FROM €80.4M AT THE END OF Q1, INCLUDING FULLY DRAWN REVOLVING
CREDIT FACILITIES OF €72.1M
    * IMPLEMENTATION OF NEXT INITIATIVES, WHICH WERE TEMPORARILY
HALTED DURING Q2, AS MANAGEMENT FOCUSED ON COVID-19 RESPONSE,
RESUMED IN EARLY JULY
    * STILL EXPECTS TO PRODUCE AT APPROXIMATELY 85% OF CAPACITY
IN Q4
OF 2020, FOR WHICH WE ANTICIPATE ADDITIONAL WORKING CAPITAL
REQUIREMENTS
    * ALL PLANTS AND OFFICES REOPENED MID-MAY, SINCE THEN WE
HAVE SEEN
ENCOURAGING SIGNS OF RECOVERING DEMAND FOR OUR PRODUCTS
    * REACHED PRECAUTIONARY AGREEMENT WITH MAJORITY LENDING
BANKS
UNDER €61M SUPER SENIOR REVOLVING CREDIT FACILITY TO ADJUST
COVENANT CALCULATION FOR IMPACT OF COVID-19 THROUGH TO Q2 2021

Source text for Eikon:  ID:nNDL729TBk 
Further company coverage:  BALTA.BR 

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