May 6, 2020 / 5:43 AM / a month ago

BRIEF-Ontex Group Q1 Ajusted EBITDA Up At 66 Million Euros

May 6 (Reuters) - ONTEX GROUP NV:

* Q1 2020 RESULTS: LFL REVENUE AND ADJUSTED EBITDA STRONGLY AHEAD

* Q1 NET DEBT TIGHTLY CONTROLLED AT €871 MILLION, THANKS TO CONSTANT STRICT DISCIPLINE ON WORKING CAPITAL AND CAPITAL EXPENDITURES

* Q1 SOLID GROWTH IN REVENUE: EUR 574 MILLION REPORTED (+6.8% LFL)

* Q1 SOLID GROWTH IN REVENUE: €574 MILLION REPORTED (+6.8% LFL) – DRIVEN BY VOLUME GROWTH ACROSS OUR THREE PRODUCT CATEGORIES WITH SURGE IN PURCHASES IN MARCH

* Q1 ADJUSTED EBITDA EUR 66.0 MILLION VERSUS EUR 53.0 MILLION YEAR AGO

* EUR 30 MILLION OF FULLY COMMITTED EUR 300 MILLION SYNDICATED REVOLVING CREDIT FACILITY MATURING IN NOVEMBER 2022 WAS DRAWN AT MARCH 31, 2020

* NO PRINCIPAL REPAYMENTS ARE DUE ON OUR TWO TERMS LOANS, TOTALLING EUR 850 MILLION, OF WHICH EUR 750 MILLION IS CURRENTLY DRAWN, UNTIL THEY FALL DUE IN NOV 2022 AND NOV 2024

* WE ARE WELL POSITIONED TO WITHSTAND THE TOUGHER ECONOMIC ENVIRONMENT AHEAD THAT WILL AFFECT CONSUMERS’ PURCHASING POWER

* ALL PRODUCTION FACILITIES REMAIN OPEN WITH NO MATERIAL DISRUPTIONS TO DATE

* DUE TO CURRENT LEVEL OF ECONOMIC UNCERTAINTY, DRAWING DOWN REMAINING EUR 270 MILLION OF REVOLVING CREDIT FACILITY TO PROVIDE FINANCIAL FLEXIBILITY IF NECESSARY

* STRONG UNFAVORABLE CURRENCY FLUCTUATIONS STARTED IN FEBRUARY AND INTENSIFIED IN MARCH; THE FULL EFFECT WILL BE FELT IN Q2 Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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