March 18, 2020 / 6:40 AM / 19 days ago

BRIEF-DEUTZ FY Net Income Down At EUR 52.3 Million

March 18 (Reuters) - DEUTZ AG:

* ACHIEVES ITS TARGETS FOR REVENUE AND THE EBIT MARGIN IN 2019 AND CONFIRMS ITS MEDIUM-TERM TARGETS FOR 2022

* FORECAST FOR 2020 HEAVILY AFFECTED BY WEAK ECONOMIC CONDITIONS

* PROPOSED DIVIDEND OF EUR 0.15 PER SHARE, UNCHANGED ON 2018

* FY REVENUE RISES BY 3.5 PERCENT TO EUR 1,840.8 MILLION

* NEW ORDERS TOTALED EUR 1,654.3 MILLION IN 2019, WHICH WAS DOWN BY 15.3 PERCENT ON STRONG FIGURE FOR PREVIOUS YEAR

* FY NET INCOME FELL BY 25.2 PERCENT TO EUR 52.3 MILLION

* IN 2019, OPERATING PROFIT (EBIT BEFORE EXCEPTIONAL ITEMS) FELL BY 3.9 PERCENT YEAR ON YEAR TO EUR 78.8 MILLION

* SEES YEAR-ON-YEAR DECREASE IN REVENUE IN LOW DOUBLE-DIGIT PERCENTAGE RANGE.

* FALL IN 2020 EBIT MARGIN BEFORE EXCEPTIONAL ITEMS IS EXPECTED TO BE IN MID DOUBLE-DIGIT PERCENTAGE RANGE RELATIVE TO PRIOR-YEAR FIGURE

* ESTABLISHMENT OF SECOND-SOURCE SUPPLIERS WILL ALSO BE A DRAG ON EARNINGS, PARTICULARLY IN FIRST HALF OF 2020

* CANNOT EXCLUDE POSSIBILITY OF ITS BUSINESS AND ITS SUPPLY CHAIN BEING AFFECTED BY OUTBREAK OF CORONAVIRUS

* HAS LAUNCHED AN EFFICIENCY PROGRAM, ‘TRANSFORM FOR GROWTH’, IN ORDER TO COUNTERACT FACTORS THAT ARE EXPECTED TO DEPRESS EARNINGS Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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