May 5, 2020 / 5:40 AM / 25 days ago

BRIEF-Balta Group Q1 Adjusted EBITDA Down At 17.1 Million Euros

May 5 (Reuters) - BALTA GROUP NV:

* Q1 CONSOLIDATED REVENUE €159.7M (-13.0% YOY), ADJUSTED EBITDA €17.1M (-2.2% YOY), ADJUSTED EBITDA MARGIN 10.7% (UP FROM 9.5% IN Q1 2019)

* NET DEBT INCREASED BY €12.8M VERSUS Q4 2019 DUE TO WORKING CAPITAL INCREASE DUE TO SEASONAL PATTERNS AS WELL AS COVID-19

* AS OF 31 MARCH 2020, WE HELD CASH AND CASH EQUIVALENTS OF €80.4M

* REVENUES DECREASED BY MORE THAN 29% DURING MARCH 2020 COMPARED TO THE SAME PERIOD IN 2019 - CEO

* ON CORONAVIRUS: ARE CONFIDENT THAT BALTA WILL BE ABLE TO RESUME NEXT IMPROVEMENTS ONCE THE SITUATION NORMALISES, ALBEIT WITH DELAYS

* ON CORONAVIRUS: FROM MID-MARCH, OUR REVENUES AND ADJUSTED EBITDA WERE IMPACTED BY A SIGNIFICANT SLOWDOWN DUE TO COVID-19 LOCKDOWN MEASURES, PARTICULARLY IN EUROPE

* MEASURES RESULTED IN DETERIORATION OF MACROECONOMIC CONDITIONS, WITH EACH OF MARKETS IN WHICH WE OPERATE EXPECTED TO SEE NEGATIVE ECONOMIC GROWTH FOR 2020

* OUTLOOK: CURRENTLY FORECASTING OUR EXISTING CASH ON HAND AND CASH FLOW TO BE SUFFICIENT FOR OUR BUSINESS THROUGH EXPECTED PRODUCTION RAMP-UP

* CURRENTLY FORECASTING A RAMP-UP IN PRODUCTION BEGINNING IN EARLY JUNE 2020

* ON COVID-19: ANTICIPATES ADDITIONAL WORKING CAPITAL REQUIREMENTS AS WE BEGIN OUR PRODUCTION RAMP-UP Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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