November 29, 2016 / 10:50 PM / 15 days ago

BRIEF-Vapiano Sees Further Drastic Decline In Sales And Earnings Due To Covid-19 Crisis

March 20 (Reuters) - VAPIANO SE:

* OCCURRENCE OF CASH FLOW INSOLVENCY (‘ZAHLUNGSUNFÄHIGKEIT’), FURTHER DRASTIC DECLINE IN SALES AND EARNINGS DUE TO COVID-19 CRISIS

* ALMOST ALL OF MORE THAN 230 RESTAURANTS WORLDWIDE HAD TO BE CLOSED

* SITUATION OF COMPANY HAS DETERIORATED AS VAPIANO CURRENTLY GENERATES ALMOST NO TURNOVER, WHILE SALARIES, RENTS AND OPERATING COSTS CONTINUE TO ACCRUE

* DECREASE IN ADJUSTED EBITDA AND GROUP NET INCOME IN FIRST AND SECOND QUARTERS OF 2020 COMPARED WITH RESPECTIVE SAME PERIODS LAST YEAR

* THIS MEANS A DECLINE IN SALES OF OVER 20 PERCENT (Q1 2020 COMPARED WITH RESPECTIVE SAME PERIOD LAST YEAR)

* FURTHER SIGNIFICANT INCREASE IN LIQUIDITY NEEDS

* DUE TO DRASTIC DECLINE IN NET SALES AND REVENUES, AN INSOLVENCY REASON IN FORM OF CASH FLOW INSOLVENCY FOR CO HAS OCCURRED

* WILL APPLY AT SHORT NOTICE FOR SUPPORT UNDER FINANCIAL ASSISTANCE PROGRAMS ANNOUNCED BY VARIOUS GOVERNMENTS IN EUROPE REGARDING COVID-19 CRISIS Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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