April 29, 2020 / 5:25 PM / a month ago

BRIEF-Velcan Holdings FY EBITDA Loss Narrows To 1.4 Million Euros

April 29 (Reuters) - VELCAN HOLDINGS SA:

* ANNUAL RESULTS 2019

* 2019 NET RESULT GROUP SHARE OF EUR 3.6M COMPARED TO EUR 0.5M IN 2018

* 2019 EBITDA LOSS OF EUR 1.4 MILLION VERSUS LOSS OF EUR 1.6 MILLION YEAR AGO

* END-2019 CASH AND FINANCIAL ASSETS EUR 103 MILLION VERSUS EUR 98 MILLION YEAR AGO

* ADDITIONAL PROVISION OR EUR 2.2 MILLION (15%) HAS BEEN DECIDED FOR FY 2019 ON INTANGIBLE VALUE OF INDIAN PROJECTS

* 2019 REVENUES EUR 2.8 MILLION VERSUS EUR 2.6 MILLION YEAR AGO

* PURSUE OF 2020 OBJECTIVES IS SUBJECT TO EVOLUTION OF CURRENT COVID-19 CRISIS, WHICH MAY AFFECT BOTH DEVELOPMENT OF INDIAN PROJECTS AND FINANCIAL PORTFOLIO

* ROAD INFRASTRUCTURES UPGRADE WORKS COMPLETION DATES ARE STILL SCHEDULED THEORETICALLY IN 2022

* AS OF 31/12/2019, GROUP ALSO OWNS PRIVATE INVESTMENTS WORTH EUR 2.8M INCLUDING PRIVATE EQUITY AND DIRECT LENDING

* AS OF 31/12/2019, GROUP HAD INVESTMENTS WORTH EUR 6.7 M

* SIGNIFICANT PART OF TREASURY OF GROUP WAS KEPT IN CASH OR CASH EQUIVALENTS (EUR 27.2M EQUIVALENT) OF END-2019

* ABILITY OF GROUP TO PURSUE THESE OBJECTIVES IS SUBJECT TO EVOLUTION OF CURRENT COVID-19 CRISIS Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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