March 19, 2020 / 7:37 AM / 21 days ago

BRIEF-Nobia Updates On Developments Related To The Coronavirus

March 19 (Reuters) - Nobia AB:

* UPDATE ON DEVELOPMENTS RELATED TO THE CORONAVIRUS

* ON CORONAVIRUS: NOBIA IS BEING NEGATIVELY IMPACTED BY GLOBAL SPREAD OF CORONAVIRUS.

* ON CORONAVIRUS: FINANCIAL RISKS RELATED TO SITUATION INCLUDE, BUT ARE NOT LIMITED TO, DISRUPTIONS IN SUPPLY CHAIN AS WELL AS LOWER DEMAND OF KITCHENS AND UNFAVORABLE CURRENCY MOVEMENTS.

* FINANCIAL IMPACT OF VIRUS OUTBREAK, AND RESULTING BUSINESS INTERRUPTIONS, ARE CURRENTLY BEING ASSESSED

* AS OF NOW, SOFTER DEMAND IN RETAIL, AN UNFAVORABLE CURRENCY IMPACT AND LOWER PRODUCTIVITY ARE EXPECTED TO IMPACT Q1 PROFITABILITY NEGATIVELY COMPARED TO SAME PERIOD LAST YEAR.

* CURRENT DEVELOPMENTS INDICATE CONTINUED MARKET VOLATILITY DURING Q2.

* FURTHER COST REDUCTIONS AND REDUCTION OF CAPITAL EXPENDITURES ARE EXPECTED IN ORDER TO SUSTAIN A HEALTHY CASH FLOW AND BALANCE SHEET WITHIN DEBT/EQUITY TARGET OF 100% Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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