May 5, 2020 / 5:35 AM / a month ago

BRIEF-Grandvision Plans No 2019 Dividend Distribution Proposal

May 5 (Reuters) - GRANDVISION NV:

* HAS DECIDED TO REVISE ITS PREVIOUSLY ANNOUNCED DIVIDEND PROPOSAL AND WILL NOT SCHEDULE ANY DIVIDEND DISTRIBUTION PROPOSAL FOR THE FISCAL YEAR 2019 AT THE ANNUAL GENERAL MEETING ON 30 JUNE 2020

* FIRST QUARTER REVENUE DECLINED BY 4.4% AT CONSTANT EXCHANGE RATES, STRONGLY IMPACTED BY THE CORONAVIRUS PANDEMIC

* Q1 ADJUSTED. EBITA (I.E. EBITA BEFORE NON-RECURRING ITEMS) DECREASED TO €41 MILLION FROM €107 MILLION DUE TO THE SHARP DECLINE OF REVENUE IN THE SECOND HALF OF MARCH

* GRANDVISION’S NET DEBT SLIGHTLY INCREASED TO €755 MILLION BY THE END OF MARCH, FROM €753 MILLION AT YEAR-END 2019

* IN THE MONTH OF APRIL 2020, COVID-19 CAUSED REVENUE REDUCTION OF MORE THAN 80% ACROSS GRANDVISION’S BUSINESS

* EXPECTS SIGNIFICANT REDUCTION OF REVENUE AND TO REPORT A LOSS FOR THE SECOND QUARTER 2020

* DUE TO THE DYNAMICS AND UNCERTAINTIES OF THE COVID-19 DEVELOPMENTS, WE CURRENTLY REFRAIN FROM ISSUING A NEW OUTLOOK FOR THE YEAR 2020

* WE REMAIN CONFIDENT IN OUR ABILITY TO RETAIN LIQUIDITY AND SECURE ADDITIONAL FUNDING, ALSO IN THE EVENT OF A PROLONGED COVID-19 CRISIS

* BELIEVES THAT THE TRANSACTION WITH TRANSACTION WITH ESSILORLUXOTTICA WILL BE CLOSED WITHIN THE PREVIOUSLY ANNOUNCED TIMETABLE

* Q1 REVENUE EUR 926 MILLION VERSUS EUR 974 MILLION YEAR AGO Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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