April 29, 2020 / 4:21 PM / in a month

BRIEF-Michelin Q1 Total Group Sales Down At 5.33 Billion Euros

April 29 (Reuters) - MICHELIN:

* ON COVID-19 - REAFFIRMS THAT IT HAS SOURCES OF FINANCING IN PLACE TO DEAL WITH UNCERTAINTY SURROUNDING CRISIS

* ON COVID-19 - HAS SUFFICIENT CASH AND CASH EQUIVALENTS, WITHOUT DRAWING DOWN ITS CONFIRMED BACK-UP LINES OF CREDIT

* ON COVID-19 - EXPECTS TO SEE MORE POSITIVE NET PRICE-MIX/RAW MATERIALS EFFECT, WHICH SHOULD SLIGHTLY ATTENUATE THE MUCH MORE PRONOUNCED IMPACT OF LOWER VOLUMES

* GROUP HAD EUR 2.3 BILLION IN CASH AND CASH EQUIVALENTS AND EUR 1.5 BILLION IN UNDRAWN CONFIRMED LINES OF CREDIT AS OF APRIL 28

* HAS NO BONDS FALLING DUE BEFORE FIRST HALF OF 2022

* Q1 TOTAL GROUP SALES EUR 5.33 BILLION VERSUS EUR 5.81 BILLION YEAR AGO

* 11.7% CONTRACTION IN VOLUMES IN Q1, WHICH ACCELERATED IN MARCH (DOWN 21%)

* DIRECTION OF PANDEMIC AND ITS ECONOMIC IMPACTS REMAIN TOO UNCERTAIN TO ISSUE ANY RELIABLE MARKET FORECASTS, RELATED PROFIT SCENARIO Source text for Eikon: Further company coverage: (Gdansk Newsroom)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below