2020-11-25
http://w3.windfair.net/wind-energy/pr/34439-nexans-quarter-q1-sales-orders-cables-corona-crisis-revenue-backlog-subsea

News Release from Nexans Deutschland GmbH

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Wind Industry Profile of


2020 first quarter financial information

Stable Group sales in unprecedented crisis / Transformation program reinforced and implemented group-wide / Paving the way for a stronger Nexans

Image: NexansImage: Nexans
  • Standard sales of 1,569 million euros in the first-quarter 2020, representing organic growth of -0.1% year-on-year (YoY)
  • Strong backlog in Subsea (1.6 billion euros) with no delays in project execution
  • China back to full operations, Europe and North America impacted by partial lockdowns
  • Strong actions to cope with the sanitary crisis and to preserve liquidity:
    • Increased cost reduction targets and strict cash management
    • Proposed cancelation of dividend payment to shareholders

    • Reduced fixed compensation by 30% reduction for Chairman of the Board and CEO, and by 15% for Executive Committee
    • 280 million euros loan guaranteed by the French State, negotiations underway
  • 2020 guidance suspended on March 24, 2020, will be updated when situation firms up

“ Over the first quarter, the World witnessed an unprecedented outbreak. After a very strong start, Nexans adapted its operational model to anticipate and protect all our employees while maintaining business continuity and focusing on our top customers. Thanks to the anticipated health and safety measures and our employee engagement, 90% of our plants are running. As the sanitary crisis unveiled, we accelerated our efforts to reduce our costs further, reinforced our transformation program (SHIFT) and safeguarded our liquidity, while developing more Services and Solutions. Nexans closed the year 2019 with a solid and resilient backlog of 1.8 billion euros², reinforcing our long cycle exposure. Thanks to our solid fundamentals, self-help plan and sound liquidity, we are paving the way for a stronger Nexans both operationally and financially,” says Christopher Guérin, CEO.

Source:
Nexans
Author:
Press Office
Link:
www.nexans.com/...
Keywords:
Nexans, quarter, Q1, sales, orders, cables, Corona, crisis, revenue, backlog, subsea



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