March 24, 2020 / 7:08 AM / 9 days ago

BRIEF-Pernod Ricard Expects 20% Decrease in Operating Profit Due To Coronavirus

March 24 (Reuters) - PERNOD RICARD SA:

* COVID-19 PANDEMIC HAS MAJOR REPERCUSSIONS ON BUSINESS ACTIVITY

* TRAVEL RETAIL: 80% DECLINE IN BUSINESS BETWEEN FEBRUARY AND THE END OF JUNE

* CHINA: VERY LIMITED ACTIVITY IN FEBRUARY AND MARCH; SLOW RECOVERY FROM APRIL ONWARDS

* ON CORONAVIRUS: WE ANTICIPATE AN INTERNAL DECREASE IN CURRENT OPERATING INCOME OF APPROXIMATELY -20% FOR THE FINANCIAL YEAR 2019/20

* INTERNAL DECREASE OF CURRENT OPERATIONAL RESULT OF ABOUT -20%

* GROUP HAS ABOUT EUR 3.4 BILLION IN CREDIT LINES WITH BANKS, OF WHICH ONLY EUR 0.3 BILLION IS CURRENTLY DRAWN

* ON MARCH 23, 2020, THE GROUP REDEEMED A €850 MILLION BOND PLUS INTEREST, FOR A TOTAL OF €863 MILLION, WITHOUT PENALTY, THREE MONTHS BEFORE THE MATURITY DATE, THROUGH THE EXERCISE OF ITS EARLY REDEMPTION RIGHT Source text : bit.ly/2UblE7Q Further company coverage: (Gdansk Newsroom)

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