Brief: Sligro Food Group H1 EBITDA Drops To EUR 27 Million

Sligro Food

23/07/2020 06:56

July 23 (Reuters) - Sligro Food Group NV  SLIGR.AS :
    * H1 EBITDA EUR 27 MILLION VERSUS EUR 56 MILLION YEAR AGO
    * GROUP’S NET SALES IN THE FIRST HALF OF 2020 AMOUNTED TO
€943
MILLION, DOWN 16.9%
    * RECOGNISED A NON-CASH IMPAIRMENT (IN PARTICULAR, GOODWILL)
OF
€60 MILLION
    * H1 NET LOSS EUR 72 MILLION VERSUS PROFIT OF EUR 13 MILLION
YEAR
AGO
    * IMPACT OF COVID-19 MEANS THAT IT WILL TAKE LONGER THAN
PREVIOUSLY EXPECTED TO RECOVER TO PROFITABILITY IN BELGIUM
    * WE EXPECT THAT THE GOVERNMENT MEASURES RELATING TO
COVID-19 WILL
PUT PRESSURE ON OUR SALES MARKETS
    * WE DO NOT EXPECT TO RETURN TO PRE-COVID-19 NET SALES
LEVELS
UNTIL THE SECOND HALF OF 2021
    * THERE IS AN INSUFFICIENT BASIS TO PAY A DIVIDEND FOR THE
2020
CALENDAR YEAR
    * OVER THE COMING MONTHS, WE ARE SEEING AND EXPECTING A
GRADUAL
RECOVERY IN OUR SALES MARKETS, BUT WE ARE UNSURE TO WHAT EXTENT
    * WE ARE NOT THEREFORE PROVIDING ANY CONCRETE PREDICTIONS ON
FY
RESULTS, BUT WE EXPECT TO SURRENDER NET SALES AND RESULTS IN H2
COMPARED WITH THE PREVIOUS YEAR
    * WE HAVE BEEN ABLE TO REDUCE OUR NET DEBT POSITION
(EXCLUDING
IFRS 16) BY €31 MILLION TO €205 MILLION IN THE FIRST HALF OF THE
YEAR
    * IN MID-2020 THE NET CASH POSITION WAS €22 MILLION

Source text for Eikon:  ID:nNDL20dZQg 
Further company coverage:  SLIGR.AS 

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