Significant impact of the Covid-19 health crisis on the third quarter Gradual improvement in activity from mid-May
In € million
After a solid first half in a difficult climate for the automobile segment, the third quarter (April to June) was severely impacted by the Covid-19 health crisis. Almost all production sites in Europe and America were idled between April and mid-May, with the Group gradually resuming operations as and when local restrictions were lifted and in line with production restarts at customer plants.
The Group reported revenue of €93.9 million for third- quarter 2019-2020, down €92.4 million but slightly ahead of initial forecasts in June (revenue decrease in the region of €100 million) due to a stronger end-of-quarter performance, with utilization back to approximately 80% of normal rates. More than half of the quarterly decline was recorded in April alone.
Revenue for the nine months to end-June 2020 totaled €460.6 million, with the decline contained at 15.8% (or 17.1% on an organic basis). The Motor Vehicle division
(parts and tooling) accounted for €378.6 million (down 14.0%) of revenue, and the Industries division (parts and tooling) €82.0 million (down 21.1%).
Due to the improvement in utilization rates which continued into July, the business impact of the health and economic crisis is expected to be less severe in the fourth quarter than in the third. As it is traditionally the quietest time of the year, August is not very representative.
However, given the uncertainty over both how the pandemic will evolve and the strength of the recovery in September, the Group has decided to suspend its full-year targets.
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About Plastivaloire Group:
Plastivaloire Group ranks amongst the very top European manufacturers of complex plastic parts used in retail consumer products. It designs and manufactures these plastic parts and handles their mass production. Present within the multimedia, motor vehicle and electric and electrical appliance sectors, the Group has 32 production sites in France, Germany, Poland, Spain, Romania, Turkey, Tunisia, England, Portugal, Slovakia and Mexico.
Number of shares: 22,125,600 - Euronext Paris, Segment B - ISIN: FR0013252186 - PVL - Reuters: PLVP.PA - Bloomberg: PVL.FP
Plastivaloire - Plastiques du Val de Loire SA published this content on 31 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 September 2020 16:04:01 UTC