Brief: Beijer Electronics Revises Dividend Proposal, Reduces Staff

Ependion AB

25/03/2020 12:08

March 25 (Reuters) - Beijer Electronics Group AB  BELE.ST :
    * BEIJER ELECTRONICS GROUP TAKES PREVENTIVE MEASURES,
REVISES
DIVIDEND PROPOSAL AND DEFERS AGM
    * SUPPLY CHAIN DISRUPTIONS THAT OCCURRED DUE TO CHINA'S
ACTIONS
AGAINST SPREAD OF CORONAVIRUS IN EARLY MONTHS OF YEAR HAVE
GRADUALLY IMPROVED.
    * GROUP HAS DECIDED TO EXECUTE A PROGRAM OF MEASURES THAT
INVOLVES
DOWNSIZING STAFF BY ABOUT 40 PEOPLE IN KORENIX AND BEIJER
ELECTRONICS BUSINESS ENTITIES
    * TO EXECUTE A PROGRAM OF MEASURES THAT INVOLVES DOWNSIZING
STAFF
BY ABOUT 40 PEOPLE IN KORENIX AND BEIJER ELECTRONICS
    * MOST OF THESE LAY-OFFS ARE IN TAIWAN, WITH SOME IN SWEDEN.
    * EXPENSES FOR PROGRAM ARE 15 MSEK,
    * ESTIMATED SAVINGS ARE 25-30 MSEK IN 2020, AND THEN 40-45
MSEK
ANNUALIZED.
    * EXPENSES FOR PROGRAM ARE 15 MSEK, WHICH WILL BE CHARGED TO
EARNINGS FOR Q1 2020. ESTIMATED SAVINGS ARE 25-30 MSEK IN 2020,
AND THEN 40-45 MSEK ANNUALIZED
    * WILL ALSO BE TAKING A NUMBER OF ACTIONS ENABLED BY
DIFFERENT
AUTHORITIES' PROGRAMS FOR BUSINESS COMMUNITY IN VARIOUS
COUNTRIES
    * WILL ADAPT ITS COST LEVELS TO PREVAILING MARKET CONDITIONS
    * BEIJER GROUP'S BOARD OF DIRECTORS HAS ALSO DECIDED TO
PROPOSE A
DIVIDEND OF 0 SEK PER SHARE TO AGM 2020 FOR FINANCIAL YEAR 2019
    * REVISED DIVIDEND PROPOSAL WILL HELP IMPROVE CASH FLOW IN
FIRST
HALF-YEAR 2020.
    * DECIDED TO PROPOSE A DIVIDEND OF 0 SEK PER SHARE TO AGM
2020 FOR
FINANCIAL YEAR 2019
    * REVISED DIVIDEND PROPOSAL WILL HELP IMPROVE CASH FLOW IN
FIRST
HALF-YEAR 2020.
    * NOT MAKING ANY ESTIMATES REGARDING UNDERLYING FINANCIAL
PERFORMANCE FOR FULL YEAR 2020

Source text for Eikon:  ID:nWkrSPN07 
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