Brief: Solvay Withdraws FY Guidance, Confirms Dividend Recommendation

Solvac SA

09/04/2020 06:50

April 9 (Reuters) - Solvac SA  SOAC.BR :
    * WITHDRAWS ITS FULL-YEAR GUIDANCE AND CALLS ON ALL
INVESTORS TO
CONTRIBUTE ONE THIRD OF FINAL DIVIDEND TO A NEW COVID-19 SOLVAY
SOLIDARITY FUND
    * WE ARE DELEVERAGING PENSION LIABILITIES AND ARE REDUCING
OUR
CAPITAL EXPENDITURE BY OVER EUR 250 MILLION IN 2020
    * CONFIRMS THAT IT WILL MAINTAIN ITS TOTAL DIVIDEND
RECOMMENDATION
OF EUR 3.75 GROSS PER SHARE
    * FINAL GROSS DIVIDEND OF EUR 2.25 PER SHARE PAYABLE ON MAY
20,
2020, WHICH FOLLOWS INTERIM DIVIDEND PAYMENT IN JANUARY 2020 OF
EUR 1.50 PER SHARE
    * LIQUIDITY RESERVES OF AROUND EUR 4 BILLION COMPRISED OF
CASH AND
UNDRAWN CREDIT FACILITIES
    * PLANS TO LAUNCH A SOLIDARITY FUND TO SUPPORT EMPLOYEES AND
THEIR
DEPENDENTS
    * HIGHLIGHTS STRENGTH OF ITS CASH FLOW GENERATION, BALANCE
SHEET,
AND LIQUIDITY
    * SOLVAY SOLIDARITY FUND TO SUPPORT SOLVAY EMPLOYEES AND
DEPENDENTS WHO MAY EXPERIENCE HARDSHIP RELATED TO COVID-19:
SENIOR MANAGEMENT TO CONTRIBUTE 15% OF THEIR SALARY FOR
REMAINDER OF YEAR

Source text for Eikon:  ID:nGNE15SRyq 
Further company coverage:  SOAC.BR 

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