Mensdorf, Luxembourg – April 2, 2020 (08:00 CEST)
B&S Group S.A. (“B&S Group” or the “Group”), a global distribution partner for consumer goods, today publishes an update on Covid-19 related developments since its FY 2019 results publication.
Highlights
• The global epidemic and the measures taken by authorities to limit the spread of the virus have affected parts of the B&S Group business that are related to the travel, retail and hospitality industry, whereas other parts of the business are showing resilience;
• To ensure resilience during the uncertain market circumstances following the Covid-19 outbreak and to further enhance its financial position B&S Group withdraws its proposal for dividend payment;
• B&S Group reaffirms that it has a solid balance sheet and sufficient credit facilities to cover its liquidity needs. The Group has implemented various measures related to working capital and cost control, concentrated on aligning net debt and EBITDA going forward, allowing the Group to keep operating within its covenants and providing head room once volumes pick up again and sourcing opportunities arise;
• B&S Group is and will continue to be fully aligned and in compliance with all provisions issued by the various authorities as well as WHO guidelines to safeguard the health of its employees and business partners and continues to closely monitor directions by the Dutch and Luxembourg government that might impact the form and/or timing of its AGM currently scheduled for May 19, 2020.
Since our FY 2019 results publication on February 24, 2020, the scale and magnitude of the Covid-19 outbreak increased significantly, and we appreciate that there are questions that our stakeholders may have, which we aim to address with this press release.
First and foremost B&S Group is and will continue to be fully aligned and in compliance with all provisions issued by the various authorities as well as WHO guidelines to safeguard the health of our employees and business partners.
At the same time, we are proactively managing the economic consequences for our diversified business portfolio. This global epidemic and the measures taken by authorities to limit the spread of the virus have affected parts of our business that are related to the travel, retail and hospitality industry.