Despite the expected impact of the Covid-19 pandemic on activity in the second quarter, in late July Verallia posted a small decrease in its revenue, along with a slight decline in its adjusted EBITDA margin over the first half of the year, while continuing to reduce its net debt.
The Group posted a revenue decline of 4.1% to €1,275 million (‐0.9% at constant exchange rates and scope) compared to the first half of 2019.
While results for Q2 2020 showed revenue was down by ‐9.6% to €630 million (‐5.4% at constant exchange rates and scope) compared to Q2 2019.
Michel Giannuzzi, Chairman and CEO of Verallia, said: “Despite the expected impact of the COVID‐19 pandemic on activity in the second quarter, Verallia confirmed its resilience by posting a limited decrease in its revenue and a slight decline in its adjusted EBITDA margin over the first half of the year, while continuing to reduce its net debt.
“This performance reflects our agility and discipline in terms of both cost management and industrial efficiency.
“Lastly, we are permanently adapting the measures necessary to guarantee our teams’ safety and health.”
In April 2020, the Group arranged an additional €250 million revolving credit facility with a one-year maturity, extendable by six months at the Group’s discretion.
Verallia also announced a transformation plan in France to adjust its production capacity in France.
The plan aims to improve its industrial performance to respond to the changes in the French market, which has seen the domestic still wine market decline.
This project includes the non-reconstruction of one of the three furnaces at the Cognac site that is coming to the end of its service life at the end of 2020.
Other notable Q2 results included:
31.08.2020, Verallia
Les informations publiées sur notre portail sont soumises au droit d´auteur et appartiennent à la société en question resp. à la source des nouvelles. Tous les droits sont réservés expressément. N´importe quel utilisateur qui accède à un tel matériel peut faire ainsi seulement pour sa propre utilisation personnelle, et l´usage d´un tel matériel est au risque unique de l´utilisateur. La redistribution ou toute autre exploitation commerciale d´un tel matériel de nouvelles est expressément interdite. Là où un tel matériel de nouvelles est fourni par un tiers, chaque utilisateur accepte d´observer et être lié par les limites spécifiques de l´utilisation s´appliquant à un tel matériel de nouvelles. Glass Global ne représente ou n´approuve pas l´exactitude ou la fiabilité d´aucune des informations citées dans les nouvelles ou pages externes auxquelles on se réfère ici.
Should the content or the design of these sites violate third parties rights or legal prescriptions, we kindly ask you to send us a respective message without invoice or cost. We guarantee that passages where the claim is considered as justified will be removed immediately, without any necessity to involve any lawyer into this issue. We will reject any claim caused by submission of a honorary note in this regard without any prior contact and confirmation of the issueby us and we reserve the right ssue counter claim ourselves because of violation of aforesaid conditions.