Cie du Bois Sauvage: Impact Covid 19 02-04-2020
Compagnie du Bois Sauvage is closely monitoring the situation related to the spread of Covid-19 as mentioned in its annual report 2019 published on 20 March 2020 on its website (www.bois-sauvage.be) Its first concern is for the health of all its employees as well as of the teams of the holdings that it controls or in which it has influence.
Impact of Covid-19 on the Group's operations
The spread of the virus is disrupting the business of the Group's main interests on varying degrees. The sales of the chocolate pole UBCM are very sharply reduced in the run-up to Easter. End-of-year sales, traditionally decisive for the Group's results, will be even more so this year. The listed shareholdings, Umicore and Recticel, have published specific press releases. Finally, real estate investments under development will be delayed a few weeks or months compared to the initial schedule.
Compagnie du Bois Sauvage has a solid financial structure. It recorded a net consolidated debt excluding IFRS 16 of EUR 46.6 million while shareholders' equity is EUR 499 million
as at 31 December 2019. The first repayment of a long-term loan is scheduled in 2023.
The company and the UBCM chocolate group have sufficient credit lines and debt capacity.
The spread of Covid 19 has plunged the economic world into uncertainty. It will have an impact on the Group's results for the financial year 2020. Until now it has not yet been possible to quantify this impact. Compagnie du Bois Sauvage continues to have full confidence in the quality of its existing assets and the group's development prospects.
This press release has been translated into English.
In the event of divergence, the French version shall be final.