May 13, 2020 / 6:09 AM / 22 days ago

BRIEF-Bekaert Q1 Consolidated Sales Down At 0.98 Billion Euros

May 13 (Reuters) - NV BEKAERT SA:

* STRONG Q1 PERFORMANCE POSITIONS BEKAERT WELL TO CONFRONT THE CRISIS

* SALES DOWN -11% DUE TO GOVERNMENT-MANDATED LOCKDOWNS AND GLOBAL TIRE & AUTOMOTIVE DEMAND DECLINE

* OUTLOOK: WE PROJECT Q2 SALES TO MARKEDLY DECLINE IN DIFFERENT SECTORS THAT ARE RELEVANT TO US

* OUTLOOK: WE HAVE NO VISIBILITY ON A FULL-YEAR IMPACT IN OUR MARKETS AND ON OUR BUSINESS

* GROSS DIVIDEND PROPOSAL OF EUR 0.35 WITH PAYMENT POSTPONED TO 20 NOVEMBER 2020

* COVID-19: CONTINUES TO APPLY STRICT CONTROL ON COSTS, WORKING CAPITAL AND CAPITAL EXPENDITURE

* Q1 CONSOLIDATED SALES EUR 0.98 BILLION VERSUS EUR 1.10 BILLION YEAR AGO

* CONVINCED THAT STRONG LIQUIDITY POSITION, COMBINED WITH OTHER MEASURES PUTS BEKAERT IN RIGHT POSITION TO WEATHER CRISIS

* END-MARCH NET DEBT WAS € 986 MILLION, SLIGHTLY UP FROM € 977 MILLION AT THE CLOSE OF 2019 AND SIGNIFICANTLY DOWN FROM € 1 346 MILLION ON 31 MARCH 2019

* LIQUIDITY MORE THAN € 190 MILLION UP ON YEAR-END 2019 TO OVER € 750 MILLION CASH ON HAND

* REDUCTION OF BOARD FEES 2020 BY 10%

* TEMPORARY SALARY REDUCTION OF EXECUTIVE AND SENIOR LEADERSHIP TEAM BY 10%

* TEMPORARY REDUCTION OF WORKING HOURS OF TEAMS AROUND WORLD Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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