Brief: Bekaert Q1 Consolidated Sales Down At 0.98 Billion Euros

NV Bekaert SA

13/05/2020 07:06

May 13 (Reuters) - NV BEKAERT SA  BEKB.BR :
    * STRONG Q1 PERFORMANCE POSITIONS BEKAERT WELL TO CONFRONT
THE
CRISIS
    * SALES DOWN -11% DUE TO GOVERNMENT-MANDATED LOCKDOWNS AND
GLOBAL
TIRE & AUTOMOTIVE DEMAND DECLINE
    * OUTLOOK: WE PROJECT Q2 SALES TO MARKEDLY DECLINE IN
DIFFERENT
SECTORS THAT ARE RELEVANT TO US
    * OUTLOOK: WE HAVE NO VISIBILITY ON A FULL-YEAR IMPACT IN
OUR
MARKETS AND ON OUR BUSINESS
    * GROSS DIVIDEND PROPOSAL OF EUR 0.35 WITH PAYMENT POSTPONED
TO 20
NOVEMBER 2020
    * COVID-19: CONTINUES TO APPLY STRICT CONTROL ON COSTS,
WORKING
CAPITAL AND CAPITAL EXPENDITURE
    * Q1 CONSOLIDATED SALES EUR 0.98 BILLION VERSUS EUR 1.10
BILLION
YEAR AGO
    * CONVINCED THAT STRONG LIQUIDITY POSITION, COMBINED WITH
OTHER
MEASURES PUTS BEKAERT IN RIGHT POSITION TO WEATHER CRISIS
    * END-MARCH NET DEBT WAS € 986 MILLION, SLIGHTLY UP FROM €
977
MILLION AT THE CLOSE OF 2019 AND SIGNIFICANTLY DOWN FROM € 1 346
MILLION ON 31 MARCH 2019
    * LIQUIDITY MORE THAN € 190 MILLION UP ON YEAR-END 2019 TO
OVER €
750 MILLION CASH ON HAND
    * REDUCTION OF BOARD FEES 2020 BY 10%
    * TEMPORARY SALARY REDUCTION OF EXECUTIVE AND SENIOR
LEADERSHIP
TEAM BY 10%
    * TEMPORARY REDUCTION OF WORKING HOURS OF TEAMS AROUND WORLD

Source text for Eikon:  ID:nGNE5QS8dF 
Further company coverage:  BEKB.BR 

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