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Guala Closures pay the consequences of Covid impact in the half year

Revenues of 282 million (-3.2%) and a net loss of 7.3 million

Guala Closures, world leader in the production and sale of closures for the alcohol, beverages and food industry, closed the first half of the year with revenues of 281.8 million euros, -3.2% at constant exchange rates, and approximately 272 million, -6.4% at current exchange rates. Adjusted Ebitda, explains a note, amounts to € 45.5 million, -9.8% at constant exchange rates and € 44.2 million (-12.2% at current exchange rates). On the other hand, at constant scope and exchange rates, the group's revenues would be -7.2% and the Adj. EBITDA at -7.6%, thanks to strong cost containment actions; margins in line with the first half of 2019 (17.3%). Net financial debt amounted to € 483 million, down compared to the first quarter of 2020 (€ 490.1 million) and the first quarter of 2019 (€ 486.2 million).

The net result for the first six months of 2020 is equal to a loss of € 7.3 million compared to a loss of the same period of the previous year of € 3.0 million with a negative difference of € 4.3 million. This result is mainly attributable to the lower sales volumes in the second quarter of 2020 which were impacted by the pandemic from Covid-19 and the consequent lower gross operating result achieved and the financial component which includes significant exchange losses due to the appreciation of the euro compared to other functional currencies in which the Group operates. Finally, the net result attributable to the parent company is equal to a loss of € 11 million compared to a loss of the same period of the previous year of € 5.9 million.

"In the second half of the year we will continue to concentrate as much as possible on internal cost control, production performance, cash flows and liquidity management. The concentration will allow us to continue investing in our sustainable development; I use the word development instead of growth, as our objective is aimed at recovering production volumes which, unfortunately, have been eroded by the pandemic", underlines Marco Giovannini, president and CEO of Guala Closures.

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EFA News - European Food Agency
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