Bekaert: First quarter trading update 2020
13 Maggio 2020 - 07:30AM
Bekaert: First quarter trading update 2020
Strong Q1 performance positions Bekaert well to confront the
crisis Safe working conditions – customer centricity – strong cash
liquidity
Highlights
- Comprehensive measures to safeguard employees, with a limited
number of Covid-19 infections
- Sales down -11% due to government-mandated lockdowns and global
tire & automotive demand decline
- Effective cost reduction measures in place
- Liquidity more than € 190 million up on
year-end 2019 to over € 750 million cash on hand
- Debt leverage stable from year-end 2019 at 2.1x underlying
EBITDA
- Gross dividend proposal of € 0.35 with payment postponed
to 20 November 2020
Outlook
We project Q2 sales to markedly decline in different sectors
that are relevant to us. While the magnitude of the impact of the
Covid-19 pandemic on the global economy has become visible, its
duration remains highly uncertain. We therefore have no visibility
on a full-year impact in our markets and on our business.
Bekaert continues to apply strict control on costs, working
capital and capital expenditure.
The actions implemented in 2019 and in the first quarter of 2020
have made us stronger and more resilient to cope with severe
challenges. We are convinced that our strong liquidity position,
combined with other measures we have implemented and continue to
implement, puts us in the right position to weather the crisis.
Webcast: Bekaert will present the first quarter update to the
investment community at 02:00 p.m. CET. This conference can be
accessed live upon registration via the Bekaert website
(bekaert.com/en/investors) in listen-only mode.
- p200513E - Trading update Q1 2020
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