March 25, 2020 / 10:20 PM / 11 days ago

BRIEF-Avio SpA Says 2019 Net Revenues Euro 368.7 MlN, down 5% from 2018

March 25 (Reuters) - Avio SpA:

* 2019 NET REVENUES EURO 368.7 MILLION (-5% ON 2018)

* 2019 REPORTED EBIT: EURO 26.5 MILLION

* FY BACKLOG EURO 669 MILLION (-24% ON DECEMBER 31, 2018)

* ACTIVITIES IN LAUNCH BASE AT C.S.G. (CENTRE SPATIAL GUYANAIS) IN KOUROU, FRENCH GUYANA, REMAIN SUSPENDED UNTIL FURTHER NOTICE

* AVIO - CONSIDERS IT IS NOT YET POSSIBLE TO ESTIMATE IMPACT THAT COVID-19 WILL HAVE DURING YEAR

* BOARD APPROVED A NEW PROPOSAL FOR ALLOCATION OF 2019 NET PROFIT

* TAKING ACTION TO REDUCE FINANCIAL AND OPERATIVE IMPACT OF EPIDEMIC IN BOTH SHORT AND MEDIUM TERMS

* PROPOSAL AT NEXT SHAREHOLDERS’ MEETING ON MAY 6 TO ALLOCATE NET PROFIT FOR YEAR ENTIRELY TO RETAINED EARNINGS

* HAS VOLUNTARILY DECIDED TO DEFER TO 2021 PAYMENT OF LONG- TERM INCENTIVE BONUS

* IT IS NOT POSSIBLE TO RULE OUT A SHORT-TERM NEGATIVE EFFECT, OR AT LEAST A PARTIAL SLOWDOWN IN ECONOMIC ACTIVITIES DUE TO COVID-19

* DECIDED TO PRECAUTIONARILY ALLOCATE TO RESERVES ALL OF 2019 PROFITS AND NOT TO PAY LONG-TERM PERFORMANCE INCENTIVES TO MANAGEMENT Source text for Eikon: Further company coverage:

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