March 20, 2020 / 7:29 AM / 10 days ago

BRIEF-Netgem FY Net Profit Group Share Turns to Loss Of 7 Million Euros

March 20 (Reuters) - NETGEM SA:

* FY NET LOSS GROUP SHARE EUR 7.0 MILLION VERSUS PROFIT EUR 0.2 MILLION YEAR AGO

* 2019 ANNUAL RESULTS - 2020 OUTLOOK

* FY NET EBITDA EUR 0.7 MILLION VERSUS EUR 2.7 MILLION YEAR AGO

* THE NECESSARY MEASURES ARE BEING TAKEN TO LIMIT THE IMPACT OF THE COVID-19 HEALTH CRISIS

* FY NET REVENUE EUR 13.5 MILLION VERSUS EUR 19.6 MILLION YEAR AGO

* BOARD, ON THE RECOMMENDATION OF CEO, WILL PROPOSE TO ANNUAL SHAREHOLDERS’ MEETING NOT TO PAY A DIVIDEND IN 2020 FOR THE 2019 FINANCIAL YEAR

* NETGEM’S CASH POSITION AT THE END OF 2019 AMOUNTED TO € 8.5 MILLION, A DECREASE OF €-2.5 MILLION COMPARED TO 2018

* IN 2020, NETGEM CONTINUES TO GROW IN FRANCE AND IN GREAT BRITAIN, SUPPORTS OPERATIONAL DEVELOPMENT OF ELISA IN FINLAND, AND EXPERIMENTS IN GERMANY

* OUTLOOK 2020: VITIS SUBSIDIARY WILL NOW BE FULLY CONSOLIDATED, AND THEREFORE FULLY INTEGRATED INTO GROUP 2020 FINANCIAL COMMUNICATION FIGURES

* NO IDENTIFIED EFFECT ON THE ACTIVITY OF THE MAIN CUSTOMERS AND PARTNERS. DISTRIBUTORS, WHICH DO NOT APPEAR TO BE EXPERIENCING ANY SLOWDOWN THAT COULD INDIRECTLY IMPACT THE COMPANY

* ON CORONAVIRUS: REGARDING SUPPLIES, PEGATRON’S FACTORIES IN CHINA ARE GRADUALLY RETURNING TO NORMAL AND BOX INVENTORIES AT CUSTOMERS OR AT NETGEM COVER NEEDS OF COMING MONTHS

* ON CORONAVIRUS: NETGEM HAS ALSO ASKED ITS OPERATIONAL PARTNERS IN FRANCE OR ABROAD (CUSTOMER SERVICE, TELESALES) TO PUT IN PLACE PLANS TO MEET THEIR SPECIFIC CONSTRAINTS

* ON CORONAVIRUS: NET REVENUES GROWTH COULD THUS BE IMPACTED IN Q2 Source text: bit.ly/2J7nEHH Further company coverage: (Gdansk Newsroom)

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