Brief: Deceuninck FY EBITDA Down At 60.6 Million Euros

Deceuninck NV

20/02/2020 07:07

Feb 20 (Reuters) - DECEUNINCK NV  DECB.BR :
    * FOLLOWING A STRONG 2018, 2019 PROVED TO BE MUCH MORE
CHALLENGING, WITH NET RESULT AMOUNTING TO A LOSS OF EUR 14.7M
(FY 2018: PROFIT OF EUR 15.6M)
    * SALES DECREASED 6.0% MAINLY BECAUSE OF LOWER VOLUMES IN
TURKEY
    * THESE LOWER SALES VOLUMES ARE MAIN REASON FOR DECREASE IN
ADJUSTED EBITDA TO EUR 60.6M OR 9.6% ON SALES (FY 2018: EUR
81.9M(*) OR 12.1% ON SALES), AS GROSS PROFIT MARGIN REMAINED
RELATIVELY STABLE AT 28.7% (FY 2018: 30.0%)
    * FINANCIAL EXPENSES REMAINED HIGH AT EUR 22.5M AS TRY
INTEREST
RATES REMAINED AT PEAK LEVELS THROUGHOUT MOST OF 2019 WITH ONLY
SINCE JANUARY 2020 A SIGNIFICANT DECREASE
    * STRATEGIC REPOSITIONING OF EUROPE IS WELL ON TRACK, BUT
SOME
LARGER PROJECTS CURRENTLY GENERATE TRANSITION COSTS WHILE
BENEFITS WILL GRADUALLY MATERIALIZE IN NEXT 18 MONTHS
    * NET FINANCIAL DEBT INCREASED BY EUR 14.4M(*) TO EUR 140.2M
PRIMARILY DUE TO TIMING DIFFERENCES AND DECISION TO PAY CERTAIN
SUPPLIERS FASTER
    * BOARD PROPOSES TO AGM TO MAINTAIN DIVIDEND AT EUR 0.03 PER
SHARE
    * THE FREE CASH FLOW DECREASED FROM € 32.2M IN FY 2018 TO €
21.7M
IN FY 2019
    * SALES € 633.8M (-6.0%)

Source text : https://bit.ly/328BGBE 
Further company coverage:  DECB.BR 

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