Brief: Beijer Electronics Q1 EBIT Before Structural Expenses Down At SEK 23.4 Mln

Ependion AB

21/04/2020 12:14

April 21 (Reuters) - Beijer Electronics Group AB  BELE.ST :
    * INTERIM REPORT JANUARY-MARCH 2020: STABLE UNDERLYING
PROGRESS
BUT COVID-19 HAVING AN IMPACT AND CAUSING UNCERTAINTY
    * Q1 NET SALES SEK 395 MILLION VERSUS SEK 371 MILLION YEAR
AGO
    * EQ1 BIT BEFORE STRUCTURAL EXPENSES OF 23.4 MSEK (30.1)
    * IS PROPOSING A DIVIDEND OF 0 SEK PER SHARE, AND HAS
DECIDED TO
DEFER AGM UNTIL 26 JUNE 2020
    * WE ESTIMATE SAVINGS AT 25-30 MSEK IN 2020, FOLLOWED BY
40-45
MSEK ANNUALIZED
    * KORENIX BUSINESS ENTITY WAS HIT HARD BY COVID-19, DUE TO
FACTORS
INCLUDING CLOSURES IN CHINA
    * SO FAR, GROUP HAS NOT SEEN ANY CANCELLATIONS OF PREVIOUSLY
PLACED ORDERS
    * CASH FLOW REMAINED POSITIVE IN QUARTER
    * WE SEE NO INCREASED RISKS IN TERMS OF INVENTORY OR
ACCOUNTS
RECEIVABLE, ALTHOUGH SHIPPING COSTS ARE INCREASING SHARPLY
    * IS NOT PUBLISHING ANY ESTIMATES OF UNDERLYING FINANCIAL
PERFORMANCE FOR FULL YEAR 2020
    * BEIJER ELECTRONICS BUSINESS ENTITY WAS ALSO IMPACTED BY
COVID-19
WITH EFFECTS INCLUDING DELAYED SHIPMENTS
    * PHASE-OUT OF OLD PRODUCTS, AND SELLING NEW PRODUCTS
PREVIOUSLY
ANNOUNCED, ALSO AFFECTED OPERATIONS
    * ASSOCIATED LOSS OF SALES AMOUNTS TO 7-9% OF TOTAL
    * SALES LEVEL DID NOT FULLY MATCH EXPECTATIONS, ALTHOUGH
INCREASED
ORDER INTAKE IN Q1 WAS POSITIVE

Source text for Eikon:  ID:nWkr1nSLYl 
Further company coverage:  BELE.ST 

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