Brief: Balta Group Q1 Adjusted EBITDA Down At 17.1 Million Euros

Belysse NV

05/05/2020 06:35

May 5 (Reuters) - BALTA GROUP NV  BALTA.BR :
    * Q1 CONSOLIDATED REVENUE €159.7M (-13.0% YOY), ADJUSTED
EBITDA
€17.1M (-2.2% YOY), ADJUSTED EBITDA MARGIN 10.7% (UP FROM 9.5%
IN Q1 2019)
    * NET DEBT INCREASED BY €12.8M VERSUS Q4 2019 DUE TO WORKING
CAPITAL INCREASE DUE TO SEASONAL PATTERNS AS WELL AS COVID-19
    * AS OF 31 MARCH 2020, WE HELD CASH AND CASH EQUIVALENTS OF
€80.4M
    * REVENUES DECREASED BY MORE THAN 29% DURING MARCH 2020
COMPARED
TO THE SAME PERIOD IN 2019 - CEO
    * ON CORONAVIRUS: ARE CONFIDENT THAT BALTA WILL BE ABLE TO
RESUME
NEXT IMPROVEMENTS ONCE THE SITUATION NORMALISES, ALBEIT WITH
DELAYS
    * ON CORONAVIRUS: FROM MID-MARCH, OUR REVENUES AND ADJUSTED
EBITDA
WERE IMPACTED BY A SIGNIFICANT SLOWDOWN DUE TO COVID-19 LOCKDOWN
MEASURES, PARTICULARLY IN EUROPE
    * MEASURES RESULTED IN DETERIORATION OF MACROECONOMIC
CONDITIONS,
WITH EACH OF MARKETS IN WHICH WE OPERATE EXPECTED TO SEE
NEGATIVE ECONOMIC GROWTH FOR 2020
    * OUTLOOK:  CURRENTLY FORECASTING OUR EXISTING CASH ON HAND
AND
CASH FLOW TO BE SUFFICIENT FOR OUR BUSINESS THROUGH EXPECTED
PRODUCTION RAMP-UP
    * CURRENTLY FORECASTING A RAMP-UP IN PRODUCTION BEGINNING IN
EARLY
JUNE 2020
    * ON COVID-19: ANTICIPATES ADDITIONAL WORKING CAPITAL
REQUIREMENTS
AS WE BEGIN OUR PRODUCTION RAMP-UP

Source text for Eikon:  ID:nNDLp2ZDv 
Further company coverage:  BALTA.BR 

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