Kendrion posts revenue and EBITDA growth in solid Q1 2020; takes measures to protect cash liquidity as the COVID-19 pandemic intensifies

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Algemeen advies 05/05/2020 08:08
Strict operating procedures implemented to continue safe and responsible production in all factories
To date, Kendrion has had five known COVID-19 infections, all fully recovered; number of known active cases at zero
Revenue increase of 1% to EUR 109.6 million compared with Q1 2019 (EUR 108.3 million), organic revenue (excl. INTORQ) down 12%
EBITDA (normalised) of EUR 13.7 million, 8% higher than in Q1 2019 (EUR 12.7 million)
Net profit (normalised) of EUR 4.7 million in Q1 2020 (Q1 2019: EUR 4.7 million)
Full range of measures implemented to reduce costs and protect financial position including short-time work and temporary voluntary salary reduction of 15% for senior management
Liquidity remains strong with around EUR 17.5 million cash and EUR 50 million undrawn committed facilities
Key figures
see more on
https://files.pressmailings.com/99/3e72a6d5724e2f81fe07414dd3c694/200505-Kendrion-press-release---Kendrion-posts-revenue-and-EBITDA-growth-in-solid-Q1-2020-takes-measures-to-protect-cash-liquidity-as-the-COVID-19-pandemic-intensifies.pdf

Joep van Beurden, Kendrion CEO:
"As the COVID-19 pandemic first affected our operations in China and subsequently in Europe and the USA, our main priority is the health and safety of our employees, their families and all other stakeholders. Five of our employees have been infected with COVID-19, all have fully recovered, and we currently have zero known active cases. We have had no instance where one Kendrion employee has infected another.

We have implemented strict operating procedures to continue production in all our factories in a safe and responsible way and we continue to deliver to our customers around the world. To further increase financial resilience, we have taken a range of measures to reduce costs and protect our financial position and liquidity. Short-time work has been put into effect in several of our European facilities and Kendrion's senior management, including the Supervisory Board, has agreed to a temporary salary reduction of 15%. We have suspended all uncommitted and non-urgent capital expenditure. Kendrion will make use of any relevant facilities or arrangements provided by the various national authorities to assist companies through the COVID-19 pandemic, including deferred payment of taxes.

During most of Q1, Europe and the USA were not yet affected by the outbreak of COVID-19, while the impact of the pandemic in China was at its peak in February and March 2020. In the final two weeks of March 2020, most of Europe and the USA entered lockdown and with the decision by most car manufacturers to temporarily discontinue production, we have seen a strong negative impact on revenue and order intake for our Automotive business. Despite this, we have had a solid Q1 in which our revenue increased by 1% compared with last year, to EUR 109.6 million, and our normalised EBITDA increased by 8%, to EUR 13.7 million, with a good contribution from newly acquired INTORQ. We have successfully completed the integration of INTORQ, which is now an integral part of our Industrial Brakes business unit.

As we move into Q2, our Automotive business will be impacted heavily, especially our revenue related to the production of passenger cars. So far, the markets for trucks, buses and agricultural products have been less affected, and our automotive production in China is approaching pre-COVID-19 levels. In our Industrial businesses, revenue is more stable, and in some areas such as actuators for food production and medical applications, much stronger than before.

How the pandemic will affect the global economy is highly uncertain, and most market research and consulting firms expect a significant decline in global GDP this year. Until it is clearer how the pandemic will affect the economy and our markets, we will continue to focus on the preservation of our liquidity.

Kendrion's product pipeline is healthy and the work on all future products is continuing. We have a robust liquidity position and are confident we can withstand the pressure currently being applied to our business. Despite the unprecedented economic situation, Kendrion remains positive about its business fundamentals, with its main objective being to deliver sustainable, profitable growth."

tijd 09.35
De Smallcap 746,60 +18,66 +2,56% Kendrion EUR 11,60 +94ct vol. 6.807



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