May 7, 2020 / 5:30 AM / a month ago

BRIEF-Nexans Posts Q1 Sales Slightly Down at EUR 1.57 bln

May 7 (Reuters) - Nexans SA:

* Q1 STANDARD SALES OF 1,569 MILLION EUROS, REPRESENTING ORGANIC GROWTH OF -0.1% YEAR-ON-YEAR

* CHINA BACK TO FULL OPERATIONS, EUROPE AND NORTH AMERICA IMPACTED BY PARTIAL LOCKDOWNS

* ON CORONAVIRUS: STRONG ACTIONS TO COPE WITH THE SANITARY CRISIS AND TO PRESERVE LIQUIDITY

* THE BOARD OF DIRECTORS HAS DECIDED NOT TO PROPOSE AT THE NEXT ANNUAL SHAREHOLDERS’ MEETING THE PAYMENT OF A DIVIDEND FOR 2019

* NEXANS HAS SUFFICIENT LIQUIDITY FOR ITS OPERATIONS AND FORESEEN FINANCIAL COMMITMENTS, WITH NO DEBT REPAYMENTS DATE BEFORE 2021

* GROUP HAS TAKEN STRONG MEASURES TO DRASTICALLY REDUCE WORKING CAPITAL AND PRESERVE CASH

* ON CORONAVIRUS: NEGOTIATIONS ARE UNDERWAY TO SECURE A 280 MILLION EUROS BANK LOAN GUARANTEED BY THE FRENCH STATE

* NON-STRATEGIC CAPITAL SPENDING WILL BE REDUCED TO A MINIMUM

* NEXANS LIQUIDITY POSITION STANDS AT A SOUND 1.0 BILLION EUROS AS OF MARCH 31ST, 2020 INCLUDING A 600 MILLION EUROS UNDRAWN REVOLVING CREDIT FACILITY

* REDUCED FIXED COMPENSATION BY 30% REDUCTION FOR THE BOARD OF DIRECTORS AND CEO, AND BY 15% FOR EXECUTIVE COMMITTEE Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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