Ivs Group (vending), closes 2019 on the rise
But in 2020 Covid-19 weighs and the company does not distribute dividends
The Board of Directors of IVS Group S.A. (Milan: IVS.MI) examined and approved the Annual Report 2019 (statutory and consolidated), the Management Report and related documents and the Sustainability Report. Given the uncertainty on the possible impact and duration of Covid-19 epidemic, even with the good results reached in 2019, the Board resolved to propose to the AGM not to pay any dividend.
Consolidated revenues in 2019 reached Euro 462.9 million (of which 417.0 million related to the core vending business), with an increase of 6.6% from 434.4 million in 2018 (Euro 395.9 million in vending). Adjusted EBITDA: Euro 105.5 million (with IFRS16 new effects) and Euro 94.3 million before IFRS16. Adjusted Net Profit: Euro 26.3 million (with IFRS16) and Euro 27.3 million (without IFRS16), +4.1% (before minorities of Euro 1.2 million).
IVS Group completed in 2019 11 new acquisitions in the core vending business and 1 in the Coin division, with an Enterprise Value of around Euro 29.8 million.
In a Company's statement about the outlook: "2020 started in line with the previous trend, until the rapid diffusion of the Covid-19 virus emerged, first in Italy and then in the rest of Europe. Various government measures were adopted, aimed at addressing the emergency, with consequent effects on all economic activities, starting from the regions of Northern Italy and in some market segments, and therefore on a national basis. This has led to a significant decrease in consumption volumes, in Italy, due to the sharp drop in people in public locations and work places. Data on other European markets are not yet consolidated, but similar levels of decrease can be realistic. The government measures formally included the activity of automatic food distribution (vending) among those authorized to maintain the service continuity. The impact – expected to be signficant - on the company results of 2020 in terms of margin reduction, is obviously not quantifiable precisely, given the impossibility of predicting the duration and intensity of the effects of the epidemic".
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