November 18, 2019 / 10:42 AM / 23 days ago

BRIEF-Greenyard H1 Adjusted EBITDA Up At 47.6 Million Euros

Nov 18 (Reuters) - GREENYARD NV:

* H1 SALES EUR 1.97 BLN VERSUS EUR 1.98 BLN YEAR AGO

* H1 ADJUSTED EBITDA EUR 47.6 MLN VERSUS EUR 41.2 MLN YEAR AGO

* H1 NET LOSS EUR 44.9 MLN VERSUS LOSS OF EUR 68.1 MLN YEAR AGO

* END-SEPT CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS, OPENING BALANCE EUR 67.2 MLN VERSUS EUR 57.4 MLN YEAR AGO

* IN H1 TOTAL CAPEX REACHED EUR 12.9 MLN DOWN FROM EUR 40.2 MLN (EXCLUDING OVERFLOW FROM PREVIOUS YEAR: EUR 24.2 MLN) YEAR AGO

* EXPECTS THE ADJUSTED EBITDA (PRE IFRS 16) FOR FULL ASSESSMENT YEAR (AY) 2019/20 TO LAND BETWEEN EUR 88-93 MLN

* OBTAINED CONSENT LETTER ON NOV 15, 2019 EXTENDING WAIVER PERIOD TO DEC 22, 2021 (INSTEAD OF JUNE 15, 2020) WHICH IS DATE ON WHICH SYNDICATED FACILITY AGREEMENT EXPIRES AND CONVERTIBLE BOND MATURES

* RE-CONFIRMS COMMITMENT TO REDUCE LEVERAGE FROM CO’S OWN CASH GENERATION FROM CURRENT (PRE IFRS 16) LEVERAGE RATIO (NET DEBT/ MODIFIED ADJUSTED EBITDA) OF 7,2X TO LEVERAGE RATIO AROUND 4,0X BY END OF RENEWED WAIVER PERIOD AND BETWEEN 3,0X AND 4,0X IN YEAR THEREAFTER WITH VALUE CREATION FOR ALL

* AS MAIN CREDIT FACILITIES END BY DEC 22, 2021, EXECUTIVE MANAGEMENT AND BOARD OF DIRECTORS BELIEVES THERE IS SUFFICIENT TIME TO SECURE HEALTHY NEW FINANCING BEFORE EXPIRATION DATE

* PLANNED DIVESTMENTS REMAIN TO BE EXECUTED IN THE COMING PERIOD

Source text: bit.ly/2NTSoPI

Further company coverage: (Gdansk Newsroom)

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