March 16, 2020 / 5:41 PM / 13 days ago

BRIEF-Groupe Flo Says Drop In Turnover Due To Covid-19 Health Crisis

March 16 (Reuters) - GROUPE FLO SA:

* GROUP HAS NOTED SINCE THE BEGINNING OF MARCH A DROP IN TURNOVER IN CONSEQUENCE OF THE COVID-19 HEALTH CRISIS

* SINCE MARCH 15, ALL OF OUR RESTAURANTS HAVE BEEN CLOSED IN ACCORDANCE WITH THE MEASURES DECIDED BY OUR GOVERNMENT AS PART OF THE FIGHT AGAINST THE SPREAD OF THE VIRUS, WHICH IS A PRIORITY

* ABSENCE OF TURNOVER FROM MARCH 15 TO APRIL 15 2020

* THIS DROP, OF 5% CUMULATIVE FROM MARCH 1 TO 8, HAS STRONGLY INCREASED TO REACH AN AVERAGE OF 25% SINCE MARCH 9, PEAKING AT 40% ON MARCH 14

* IN ADDITION, THE GROUP IS PART OF THE SUPPORT MEASURES ANNOUNCED BY THE FRENCH GOVERNMENT AND, AS OF 13 MARCH, HAS ASKED TO BENEFIT FROM THE MEASURES RELATING TO DELAYS IN THE PAYMENT OF SOCIAL SECURITY CONTRIBUTIONS AND TAXES

* IN THIS UNPRECEDENTED CONTEXT AND IN ABSENCE OF DEFINED HORIZON FOR THE SCALE AND END OF THIS PANDEMIC, GROUP UNABLE TO COMMUNICATE PRECISELY CONSEQUENCES OF THESE EVENTS ON ITS RESULTS AND CASH

* STUDIES POSSIBLE PARTIAL LAYOFF OF EMPLOYEES DEPRIVED OF ACTIVITY

* TO COPE WITH THE LACK OF TURNOVER FROM MARCH 15 TO APRIL 15 2020, THE GROUP IS ALREADY WORKING ON NEW MEASURES TO COST AND INVESTMENT REDUCTION, INCLUDING PARTIAL UNEMPLOYMENT OF EMPLOYEES DEPRIVED OF ACTIVITY

* TO COMMUNICATE ON RESULTS AND CASH AS SOON AS THE SITUATION IS NORMALISED AND THE VISIBILITY BETTER Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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