May 5, 2020 / 5:50 AM / 25 days ago

BRIEF-Kendrion Q1 Net Profit Down At 3 Million Euros

May 5 (Reuters) - Kendrion NV:

* Q1 REVENUE EUR 109.6 MILLION VERSUS EUR 108.3 MILLION YEAR AGO

* Q1 EBITDA EUR 12.6 MILLION VERSUS EUR 12.7 MILLION YEAR AGO

* Q1 NET PROFIT EUR 3.0 MILLION VERSUS EUR 4.3 MILLION YEAR AGO

* Q1 LIQUIDITY REMAINS STRONG WITH AROUND EUR 17.5 MILLION CASH AND EUR 50 MILLION UNDRAWN COMMITTED FACILITIES

* WE REMAIN POSITIVE ABOUT OUR BUSINESS FUNDAMENTALS, WITH OUR MAIN OBJECTIVE BEING TO DELIVER SUSTAINABLE PROFITABLE GROWTH

* UNTIL CLEARER HOW PANDEMIC WILL AFFECT ECONOMY AND OUR MARKETS, WILL CONTINUE TO FOCUS ON PRESERVATION OF LIQUIDITY

* WE EXPECT 2020 INVESTMENTS TO BE BELOW DEPRECIATION AS WE FOCUS ON CASH FLOW AND PRIORITISE INVESTMENTS THAT PROTECT EXISTING AND FUTURE REVENUE

* AS WE MOVE INTO Q2, OUR AUTOMOTIVE BUSINESS TO BE IMPACTED HEAVILY, ESPECIALLY OUR REVENUE RELATED TO PRODUCTION OF PASSENGER CARS

* WE HAVE SUSPENDED ALL UNCOMMITTED AND NON-URGENT CAPITAL EXPENDITURE

* TO DATE, KENDRION HAS HAD FIVE KNOWN COVID-19 INFECTIONS, ALL FULLY RECOVERED; NUMBER OF KNOWN ACTIVE CASES AT ZERO

* SOLVENCY RATIO REMAINS STRONG AT 44.1% AT THE END OF MARCH 2020, COMPARED WITH 48.5% AT THE SAME TIME LAST YEAR Source text : bit.ly/2Sz8dNW Further company coverage: (Gdansk Newsroom)

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