Information Related to the Impact Of COVID-19 On Jacquet Metal Service Group Operations
March 30 2020 - 01:03PM
Business Wire
Regulatory News:
Jacquet Metal Service (Paris:JCQ):
The Group’s foremost preoccupations in dealing with this
unprecedented situation are the health and safety of its employees.
Measures have been adopted to reduce the risk of contamination in
all Group’s distribution centers (103 located in 25 countries) and
sales offices.
Group operations have been disrupted to different degrees
depending on the country. Activity level currently stands as
follows:
- In China (1% of Group sales), operations have resumed after
several weeks of interruption and are gradually getting “back to
normal”.
- Since mid-March 2020, the distribution centers in France,
Italy and Portugal (18% of consolidated sales) have been gradually
shut down following instructions issued by local authorities or due
to logistical difficulties.
- All other Group distribution centers continue to operate at
between 60-90% of full capacity. Given the spread of the pandemic,
the Group expects to have to close other centers over the coming
days or weeks, notably in Spain (7% of sales) and North America (6%
of sales).
Operations are being coordinated country by country and center
by center depending on the specific circumstances. Accordingly, the
Group is taking all the required steps to minimize the impact of
the pandemic on its operating income and cash position,
including:
- short-time working arrangements in Europe and North America,
currently affecting around 25% of the total workforce,
- reduction in non-essential expenditure,
- reduction or deferral of supply commitments.
As of February 29, 2020, with a debt to equity ratio (gearing)
of 45%, around €250 million of cash and substantial lines of credit
(€700 million, 59% of which has been drawn), the Group is in a
solid financial position to weather the present situation.
The Group will report regularly on developments in the
situation.
Q1 2020 sales: May 13, 2020 after close of
trading
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version on businesswire.com: https://www.businesswire.com/news/home/20200330005602/en/
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