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Healthcare

BRIEF-Compagnie Plastic Omnium Q1 Consolidated Revenue Down At 2.03 Billion Euros

April 21 (Reuters) - COMPAGNIE PLASTIC OMNIUM SA:

* Q1 CONSOLIDATED REVENUE EUR 2.03 BILLION VERSUS EUR 2.07 BILLION YEAR AGO

* ON CORONAVIRUS: COMPENSATION FOR EXECUTIVES HAS BEEN REDUCED BY 15% DURING THE ACTIVITY STOPPAGE AND ANNUAL DIRECTORS’ COMPENSATION WAS REDUCED BY 15%

* ON CORONAVIRUS: HAS IMPLEMENTED COST REDUCTION PLANS

* FROM THE END OF MARCH, PRODUCTION AT THE 27 NORTH AND SOUTH AMERICAN PLANTS HAS BEEN PROGRESSIVELY STOPPED. THEY ARE STILL AT A STANDSTILL TODAY

* SINCE MID-MARCH, THE GROUP’S 55 EUROPEAN PLANTS HAVE BEEN GRADUALLY SHUT DOWN. TO DATE, 14 PLANTS HAVE RESTARTED PRODUCTION

* BY MID-MARCH, ALL OF THE GROUP’S 29 CHINESE PLANTS HAD RESTARTED PRODUCTION. THEIR UTILIZATION RATE IS AROUND 50% TODAY

* IN ASIA EXCLUDING CHINA, BUSINESS DECREASED BY 26% LIKE-FOR-LIKE

* ON A WORLDWIDE BASIS, 81 OUT OF THE GROUP’S 131 PLANTS ARE CURRENTLY CLOSED.

* IMPACT ON GROUP’S ACTIVITY DURING 2ND QUARTER WILL DEPEND ON PACE OF RESTARTS AT OEMS’ PLANTS, STABILIZATION OF GLOBAL LOGISTICS CHAIN AND DEMAND FROM FINAL CONSUMERS

* EXPECTS A GRADUAL RESTART OF ITS INDUSTRIAL FOOTPRINT BETWEEN THE START OF MAY AND END OF JUNE WITH UTILIZATION RATES THAT WILL REMAIN MODERATE FOR THE FIRST FEW MONTHS Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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