April 24, 2020 / 5:50 AM / a month ago

BRIEF-Signify Q1 net profit down 39.2% Y/Y

April 24 (Reuters) - Signify NV:

* REPORTS Q1 SALES OF EUR 1.43 BILLION, DOWN 3.5% YOY

* Q1 NET PROFIT DOWN 39.2% TO 27 MILLION EUROS, ADJUSTED EBITDA DOWN 2.3% TO 112 MLN EUROS

* REPORTS Q1 SALES OF EUR 1.4 BILLION, OPERATIONAL PROFITABILITY OF 7.9% AND A FREE CASH FLOW OF EUR 112 MILLION

* LIQUIDITY REMAINS STRONG, WITH A CASH POSITION OF EUR 924 MILLION AT END OF Q1

* ACQUISITION OF COOPER LIGHTING COMPLETED; INTEGRATION IS WELL UNDERWAY AND ACHIEVEMENT OF SYNERGIES ON TRACK COVID-19 UPDATE Q1

* Q1 ADJUSTED EBITA MARGIN IMPROVED BY 10 BPS TO 7.9%, WITH A NEUTRAL EFFECT FROM CURRENCIES

* SIGNIFY’S INSTALLED BASE OF CONNECTED LIGHT POINTS INCREASED FROM 56 MILLION IN Q4 19 TO 60 MILLION IN Q1 20

* OUTLOOK: DOES NOT PROVIDE FINANCIAL GUIDANCE AT THIS POINT IN TIME

* SUPERVISORY BOARD AND LEADERSHIP TEAM TOOK A 20% SALARY REDUCTION FOR Q2

* ON COVID-19: BROAD RANGE OF MITIGATING ACTIONS TO PRESERVE PROFITABILITY AND FREE CASH FLOW IN PLACE FROM START OF Q1

* SIGNIFICANT PART OF EMPLOYEES VOLUNTARILY SUPPORTED A 20% WORKTIME REDUCTION AND PRO-RATA PAY ADJUSTMENT FOR A PERIOD OF 3 MONTHS

* SIGNIFY NV - ON COVID-19: LIQUIDITY REMAINS STRONG, WITH A CASH POSITION OF EUR 924 MILLION AT THE END OF Q1 20

* WITHDRAWAL OF THE DIVIDEND PROPOSAL

* ON COVID-19: OUR GLOBAL MANUFACTURING CAPACITY WAS RESTORED TO MORE THAN 80%

* NET DEBT ON MARCH 31 EUR 1.81 BILLION VERSUS EUR 789 MILLION YEAR AGO Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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