Brief: Jacquet Metal Service: Group Operations Disrupted Due To Covid-19

Jacquet Metals SA

30/03/2020 18:11

March 30 (Reuters) - JACQUET METAL SERVICE SA  JCQ.PA :
    * INFORMATION RELATED TO IMPACT OF COVID-19 ON JACQUET METAL
SERVICE GROUP OPERATIONS
    * ON CORONAVIRUS: GROUP OPERATIONS HAVE BEEN DISRUPTED TO
DIFFERENT DEGREES DEPENDING ON COUNTRY
    * IN CHINA (1% OF GROUP SALES), OPERATIONS HAVE RESUMED
AFTER
SEVERAL WEEKS OF INTERRUPTION AND ARE GRADUALLY GETTING "BACK TO
NORMAL"
    * SINCE MID-MARCH 2020, DISTRIBUTION CENTERS IN FRANCE,
ITALY AND
PORTUGAL (18% OF CONSOLIDATED SALES) HAVE BEEN GRADUALLY SHUT
DOWN FOLLOWING INSTRUCTIONS ISSUED BY LOCAL AUTHORITIES OR DUE
TO LOGISTICAL DIFFICULTIES
    * SHORT-TIME WORKING ARRANGEMENTS IN EUROPE AND NORTH
AMERICA,
CURRENTLY AFFECTING AROUND 25% OF TOTAL WORKFORCE
    * REDUCTION IN NON-ESSENTIAL EXPENDITURE
    * REDUCTION OR DEFERRAL OF SUPPLY COMMITMENTS
    * AS OF FEB 29, 2020, WITH A DEBT TO EQUITY RATIO (GEARING)
OF
45%, AROUND EUR 250 MILLION OF CASH AND SUBSTANTIAL LINES OF
GROUP IN A SOLID FINANCIAL POSITION TO WEATHER PRESENT SITUATION
    * GROUP EXPECTS TO HAVE TO CLOSE OTHER CENTERS OVER COMING
DAYS OR
WEEKS, NOTABLY IN SPAIN (7% OF SALES) AND NORTH AMERICA (6% OF
SALES)

Source text for Eikon:  ID:nBwbn3QCwa 
Further company coverage:  JCQ.PA 

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