March 11, 2020 / 6:10 PM / 20 days ago

BRIEF-Jacquet Metal FY EBITDA Down At 73 Million Euros

March 11 (Reuters) - JACQUET METAL SERVICE SA:

* FY SALES: EUR 1,615 MILLION (-7.5% VERSUS. 2018)

* Q4 NET PROFIT GROUP SHARE EUR 5 MLN VS EUR 9 MLN YR AGO

* AS OF 31 DEC 2019, NET DEBT STOOD AT EUR 175 MILLION COMPARED TO SHAREHOLDERS’ EQUITY OF EUR 379 MILLION, RESULTING IN A NET DEBT TO EQUITY RATIO OR GEARING OF 46.1% COMPARED TO 56.9% AS OF DECEMBER 31, 2018

* IN 2020, MARKET CONDITIONS HAVE BEEN CHALLENGING AT START OF H1 AND GROUP DOES NOT EXPECT TO SEE ECONOMIC SITUATION IMPROVE DURING H1

* REGARDING THE STEEL SUPPLY CHAIN, THE POTENTIAL IMPACT OF PRODUCTION SHUTDOWNS SHOULD BE LIMITED, AS LESS THAN 20% OF GROUP PURCHASES COME FROM CHINA.

* THIS ALSO APPLIES TO THE OTHER MARKETS IN WHICH THE GROUP OPERATES

* IN THIS CONTEXT, THE GROUP WILL FOCUS ON IMPROVING OPERATING EFFICIENCY AND PURSUING THE CAPITAL EXPENDITURE AND GROWTH POLICY ADAPTING IT TO THE ECONOMIC SITUATION

* AT DEC 31, 2019 LEASE LIABILITY AMOUNTING TO €85.8 MILLION, €15.8 MILLION OF WHICH WAS RECORDED UNDER BORROWINGS AS OF DEC 31, 2018

* FY GROSS MARGIN AMOUNTED TO €374 MILLION AND REPRESENTED 23.2% OF SALES (Q4: 24.3%) COMPARED TO €422 MILLION IN 2018 (24.2% OF SALES; Q4: 23.6%)

* FY ADJUSTED OPERATING INCOME EUR 43 MILLION VERSUS EUR 88 MILLION YEAR AGO

* ON CORONAVIRUS : THE GROUP'S BUSINESS IN CHINA, WHICH REPRESENTS 1% OF CONSOLIDATED SALES, WAS AFFECTED BY THE MEASURES TAKEN IN CONNECTION WITH THE MANAGEMENT OF THE CORONAVIRUS Source text: bit.ly/33aBrqd Further company coverage: (Gdansk Newsroom)

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