April 20, 2020 / 5:44 AM / 4 months ago

BRIEF-Faurecia Q1 Sales Down At EUR 3.74 Billion

April 20 (Reuters) - FAURECIA SE:

* Q1 SALES EUR 3.74 BILLION VERSUS EUR 4.33 BILLION YEAR AGO

* IS NOT CURRENTLY IN POSITION TO PRESENT NEW FINANCIAL OBJECTIVES FOR 2020 AND WILL DO SO WHEN SITUATION IS STABILIZED AND OFFERS MORE VISIBILITY TO GROUP

* ON COVID-19: WHILE CHINA HAS EFFECTIVELY AND SAFELY RESTARTED, WE EXPECT Q2 TO BE TOUGHER IN EUROPE AND NORTH AMERICA

* AS OF MARCH 31, FAURECIA’S CASH POSITION AMOUNTED TO C. €2.2 BILLION

* ON COVID-19: SECOND HALF OF THE YEAR SHOULD SHOW SEQUENTIAL IMPROVEMENT

* POSTPONES ANNUAL SHAREHOLDERS’ MEETING, INITIALLY PLANNED FOR WEDNESDAY, MAY 29, TO FRIDAY, JUNE 26

* MICHEL DE ROSEN, CHAIRMAN OF BOARD OF DIRECTORS, AND PATRICK KOLLER, CEO, HAVE DECIDED TO REDUCE THEIR SALARY BY 20% FOR AT LEAST Q2 OF 2020

* Q1 SALES IMPACTED BY COVID-19 DISRUPTION BUT OUTPERFORMING MARKET BY 390BPS

* TARGETS TO REDUCE CAPEX BY 30% (VERSUS. €685 MILLION SPENT IN 2019) Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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