2020-12-01
http://w3.windfair.net/wind-energy/pr/35120-nexans-first-half-2020-results-strategy-performance-crisis-mode-cables-ebitda-covid-19-impact-corona

News Release from Nexans Deutschland GmbH

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2020 First Half Results: Robust performance in challenging environment, engaged global team, “walking the talk” on Nexans strategy

Swiftly deployed Crisis Mode to protect employee’s health & safety, while delivering Production Continuity Record Free Cash Flow enhanced by tight working capital management / Robust performance reflecting superior execution, team engagement and customer satisfaction Transformation accelerated and reinforced / Paving the way for a stronger New Nexans – non-core asset disposal agreement

Image: NexansImage: Nexans

In the First Half 2020,

  • Sound standard Sales[1] of 2,895 million euros, down by -9.8% organic growth[2] in challenging times
  • Robust EBITDA of 162 million euros[3] reflecting accelerated efforts on transformation
  • EBITDA rate of 5.6% in June 2020 against 6.0% in June 2019
  • EBITDA excluding estimated Covid-19 impact[4] lands at 226 million euros against  195 million euros same period 2019
  • Net Group loss of 55 million euros, including a negative 75 million euros of estimated Covid-19 impact[5]
  • Record Free cash flow generation over last six months of 231 million euros, reflecting strict working capital management
  • Strong improvement in consolidated net debt of 276 million euros at June 30, 2020, illustrating focus on preserving liquidity and positive cash conversion cycle
  • 2020 outlook reinstated
  • Paving the way to a stronger New Nexans: sales agreements signed for the disposal of Nexans Metallurgie Deutschland and Berk-Tek

Today, Nexans published its financial statements for the six months ended June 30, 2020, as approved by the Board of Directors at its July 28, 2020 meeting chaired by Jean Mouton.

“We are pressing ahead with – and even accelerating – the New Nexans plan, despite the unprecedented global health and economic crisis. Consistent anticipation allowed to keep more than 90% of our plants in operation worldwide, while ensuring the best possible protection for our employees’ health and safety. This robustness is reflected in our financial results, with EBITDA - excluding Covid-19 impact estimation - on target with pre-crisis guidance and a record Free Cash Flow of over 230 million euros. With these record cash reserves, we master our future. Our management approach, focused on the “3Ps” (People, Planet, Profit) and our objective to prioritize short-circuit supply chains have been adopted by our teams and praised by our clients. So, it’s full steam ahead that we finalize the roll out of our New Nexans plan around innovation and services,” says Christopher Guérin, Nexans’ Chief Executive Officer.

Footnotes

[1] To neutralize the effect of fluctuations in non-ferrous metal prices and therefore measure the underlying sales trend, Nexans also calculates its sales using constant prices for copper (new standard price at 5,000 €/t) and aluminum.

[2] The first half 2020 sales figure used for like-for-like comparisons corresponds to sales at constant non-ferrous metal prices, adjusted for the effects of exchange rates and changes in the scope of consolidation. Exchange rates and changes in the scope of consolidation impacted sales at constant non-ferrous metal prices by -61 million euros and 0 million euros respectively.

[3] Consolidated EBITDA is defined as operating margin before depreciation and amortization.

[4] Covid-19 estimated impact in EBITDA of -64 M€ is computed by netting 1) the impact on the margin of lower sales volumes in 2020 versus 2019 HY, in countries and regions impacted with lock-downs, plants closure, and/or reduced level of commercial activity, and 2) Government subsidies and premium to workers.

[5] The estimated Covid-19 impact included in the net loss corresponds to (i) the amount after tax of the EBITDA estimated loss, (ii) the depreciation of deferred taxes losses in Europe reflecting the update of business plans in Automotive, and (iii) the sanitary expenses spent to protect employees and maintain the activity.

Source:
Nexans
Author:
Press Office
Link:
www.nexans.com/...
Keywords:
Nexans, first half, , 2020, results, strategy, performance, Crisis Mode, cables, EBITDA, Covid-19, impact, corona



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