DUISBURG (dpa-AFX) - Klöckner & Co SE (KCO) announced Wednesday that the previous expectation for fiscal year 2020 published in the Group forecast on March 10, 2020 cannot longer be maintained against the background of the impact of the global coronavirus (COVID-19) pandemic on the economy.
With respect to the first quarter of 2020, based on current estimates the operating income (EBITDA) of Klöckner before material special effects is expected to be at the lower end of the previously published guidance range of EUR20 million to EUR30 million.
Given the upcoming challenges posed by the spread of COVID-19, the global crisis measures taken in relation thereto and the unforeseeable developments in the coming weeks and months, the economic impact of the pandemic on Klöckner can neither be adequately determined nor reliably quantified at this stage.
The company has taken comprehensive measures to protect the health of its employees as well as to prepare its business for this crisis. This comprises the activation of emergency plans and the temporary reduction of operations.
Overall, the measures will generate a positive cash flow from operating activities in the second quarter of 2020.
Copyright RTT News/dpa-AFX
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