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First quarter 2020 financial results

Resilient Adjusted EBITDA in Q1 2020 in spite of
slightly lower revenues.

Strong focus on costs reduction and cash preservation in the wake of the
Covid-19 crisis.


First Quarter 2020 Results

  • Net revenues down -2.2% with a like-for-like change of -2.9% versus Q1 2019
  • Q1 2020 activity impacted by lockdown measures at the end of the quarter, particularly in Europe; demand impacted in all key regions since early April
  • Adjusted EBITDA of €42.4 million or a 6.9% margin, stable versus last year
  • Maintained profitability year-on-year thanks to solid achievements in cost reduction and some easing of raw material costs
  • Substantial additional set of cost cutting measures to adapt to reduced demand in Q2 2020 and strict cash management to protect cash-flows
  • Solid level of liquidity with €650 million in cash and confirmed credit lines at the end of March; ongoing discussion with banks to set up additional credit lines and waive financial covenant
  • Adjusted EBITDA to be affected in Q2 and FY 2020 by the current situation, leverage ratio target (Net debt to adjusted EBITDA between 1.6x and 2.6x at the end of the year) suspended for 2020 as announced in the press release of April 8th

View complete press release: EN - FR