Dec 1 (Reuters) - SOCIETE ANONYME DES BAINS DE MER ET DU
CERCLE DES ETRANGERS A MONACO SA BAIN.PA :
* ANNOUNCED ON TUESDAY H1 RESULTS
* H1 OPERATING RESULT EUR 50.1 MLN VS LOSS EUR 43.0 MLN YR
AGO
* H1 NET CONSOLIDATED GROUP SHARE RESULT EUR 45.6 MLN VS
LOSS EUR
41.0 MLN YR AGO
* H1 REVENUE EUR 311.4 MLN VS EUR 168.8 MLN YR AGO
* AS OF NOVEMBER 26, 2021, LEVEL OF AVAILABLE CASH OF MORE
THAN
180 MILLION EUROS
* AS OF SEPTEMBER 30, 2021, NET FINANCIAL DEBT OF 45.9
MILLION
EUROS AGAINST 129.9 MILLION EUROS AT END-FY 2020/2021
* EXPECTS PERFORMANCE FOR 2021/2022 FINANCIAL YEAR TO
IMPROVE VS
PREVIOUS YEAR, BUT EXTENT NOT POSSIBLE TO DETERMINE
* COVID-19 CRISIS AND ECONOMIC SHOCK OBLIGED CO TO
ACCELERATE
IMPLEMENTATION OF GLOBAL RESTRUCTURING PLAN
* THE DEPARTURES OF THE EMPLOYEES CONCERNED, WHICH HAD
STARTED IN
JANUARY 2021, ARE CONTINUING DURING THE CURRENT FINANCIAL YEAR
* SAVINGS RESULTING FROM REALIZATION OF THESE DEPARTURE
PLANS ARE
EXPECTED TO REACH 18 MILLION EUROS PER YEAR
* SAVINGS AND OTHER ACTIONS SHOULD ALLOW CO TO REDUCE ANNUAL
OPERATING EXPENSES BY AROUND 25 MILLION EUROS, THUS RETURNING TO
A LEVEL OF PROFITABILITY ALLOWING NECESSARY INVESTMENTS
Source text: https://bit.ly/3rmRYFO
Further company coverage: BAIN.PA
(Gdansk Newsroom)
((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))
