June 3, 2020 / 7:13 AM / a month ago

BRIEF-ePrice Q1 Net Loss Widens To EUR 6.1 Mln, Updates 2020-2024 Business Plan

June 3 - Eprice SpA:

* REPORTED ON TUESDAY Q1 TOTAL REVENUE OF EUR 24.8 MLN VS EUR 35.5 MLN YEAR AGO

* Q1 NET LOSS EUR 6.1 MLN VS LOSS EUR 2.9 MLN YEAR AGO

* PENDING COMPLETION OF CAPITAL INCREASE, CASH REQUIREMENTS IN THE SHORT TERM AS WELL AS THE INITIAL NEGATIVE EFFECTS OF COVID-19 HAVE AFFECTED LEVEL OF SALES

* FOLLOWING COVID-19 CRISIS COMPANY HAS UPDATED THE BUSINESS PLAN 2020-2024

* SALES VOLUMES IMPROVED FROM THE MONTH OF APRIL

* EBITDA BREAK-EVEN POINT CAN BE ACHIEVED IN 2021 FINANCIAL YEAR AS REQUIRED BY BUSINESS PLAN

* UPDATED CONSOLIDATED FINANCIAL STATEMENTS FOR 2019 RESULTING IN A CHANGE IN THE CONSOLIDATED NET RESULT OF THE PARENT COMPANY WHICH WAS NEGATIVE FOR EUR 41.9 MLN INSTEAD OF EUR 40.4 MLN

* BOARD RESOLVED THAT THE FINANCIAL RESOURCES NECESSARY TO GUARANTEE BUSINESS CONTINUITY AND MAINTENANCE OF PARENT COMPANY’S EQUITY IN THE MEDIUM TERM MUST BE AT LEAST OF EUR 15 MLN, ON THE ASSUMPTION OF ANOTHER EUR 3 MLN AS A GUARANTEE AND ON THE BASIS OF THE POSSIBILITY OF AN ADDITIONAL 2 MILLION EURO

* CAPITAL INCREASE HAS BEEN POSTPONED TO JULY 2020

* EXPECTS GROUP AND PARENT COMPANY WILL BE ABLE TO OPERATE FOR THE NEXT FEW MONTHS, UP TO THE EXPECTED CAPITAL INCREASE, AND, SUBSEQUENTLY, TO THE DEVELOPMENT OF THE APPROVED PLANS

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