June 12, 2020 / 6:19 AM / 23 days ago

BRIEF-Accell Group Says Bike Sales Recover In May; Agrees Additional Credit Facility

June 12 (Reuters) - Accell Group NV:

* ACCELL GROUP SEES STRONG RECOVERY OF BIKE SALES IN MAY AND SECURES ROBUST ACCESS TO LIQUIDITY

* DUE TO VARIOUS LOCKDOWNS AND SHOP CLOSURES IN SEVERAL COUNTRIES, GROUP REVENUE IN MARCH AND APRIL APPROXIMATELY 27% LOWER VERSUS LAST YEAR

* GROUP REVENUE GROWTH IN MAY WAS +23% COMPARED TO LAST YEAR, BRINGING YTD MAY NET SALES TO -5%

* YTD EBIT CAME IN AT € 28 MILLION, APPROXIMATELY 40% BEHIND LAST YEAR

* ANTICIPATE ONGOING GLOBAL SUPPLY CHAIN DISRUPTIONS CAUSED BY COVID-19 OUTBREAK TO HAMPER PRODUCT AVAILABILITY IN H2 2020

* ANTICIPATE CAUSE DELAYS IN PLANNED INTRODUCTIONS OF NEW BICYCLE MODELS IN H2 2020

* IN ORDER TO MEET SURGING DEMAND FOR E-BIKES, E-MTBS AND E-CARGO BIKES, INCREASED PRODUCTION AGAIN FROM 30% IN MARCH TO 70-80% OF CAPACITY

* IN PARALLEL, HAS ARRANGED AN ADDITIONAL CREDIT FACILITY AS A PRECAUTIONARY ACTION TO SECURE ROBUST ACCESS TO LIQUIDITY

* WE HAVE AGREED AN ADDITIONAL TWO-YEAR AMORTIZING BANK FACILITY OF € 115 MILLION WITH OUR BANK CONSORTIUM UNDER THE DUTCH GO-C SCHEME

* THE FACILITY WILL BE PARTLY DRAWN IN 2020 (€ 60 MILLION) AND THE REMAINDER IS AVAILABLE TILL 1ST OF APRIL 2021

* NO DIVIDEND WILL BE DISTRIBUTED OVER THE 2020 FINANCIAL YEAR Source text: bit.ly/2Uz7ywE Further company coverage: (Gdansk Newsroom)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below