DJ GEVELOT S.A.: HALF YEAR REPORT 2020
GEVELOT S.A.
GEVELOT S.A.: HALF YEAR REPORT 2020
14-Oct-2020 / 18:00 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
The Board of Directors meeting on 14 October 2020 approved the Company's
financial statements and the Consolidated financial statements for the
Mid-year 2020, according to the IFRS International Accounting Standards.
Half-Year Report
The turnover and consolidated results of the Gévelot Group for the first
half of 2020 compared to the first half of 2019 are as follows:
Consolidated Accounts 1st half 2020 1st half 2019 Year 2019
In millions of Euros
Turnover 42.7 49.8 103.7
Current operating income - 0.6 6.3 8.6
Operating income - 0.6 6.0 8.4
Financial income - 0.9 1.0 2.1
Current pre-tax income, - 1.5 7.0 10.5
integrated companies
Tax - 0.4 -0.8 - 1.6
Net income of consolidated - 1.9 6.2 8.9
companies
Equity attributable to 0.2 0.1 0.3
interests not conferring
control
Income attributable to the - 2.1 6.1 8.6
parent company
Key highlights during the first half of 2020
The first half of the year was strongly impacted by the global Covid-19
pandemic that had a major impact on our business and all sectors of the
Economy.
In view of this unprecedented situation, the Group immediately implemented a
solid action plan in response to the crisis, focusing on two priorities:
· The first priority was the health and safety of all employees, as well
as the implementation of the appropriate conditions for a safe
continuation of production,
· The second one was to take rapid actions to limit the impact of the
sharp drop in sales on operating profit. The precautionary and adaptation
measures put in place within our production sites such as the reduction of
activity for several weeks, while ensuring the supply, production and
delivery of priority orders (in particular the food industry ) made it
possible to avoid the total shutdown of our activity. In addition, the
implementation of teleworking within commercial, R&D and international
entities, as well as the use of the partial activity and other equivalent
devices in all of the Group's entities made it possible to partially
absorb the decrease in activity mentioned above. On the other hand,
profitability over the half-year was down sharply due to unfavorable joint
effects, volumes and margin rates, linked to the product mix compared to a
particularly favorable first half of 2019.
The Group's Consolidated turnover for the first half of 2020 amounted to
&euro 42.7 M, in fall of 14.3 % over the same period in 2019. At constant
scope and exchange rates, the decline is 17.9 %.
It mainly consists of the Pumps Sector's turnover, declining particularly in
Europe and the Middle East.
The Group's current operating income was negative at &euro 0.6 M against a
positive result of &euro 6.3 M at the end of June 2019.
The operating income was negative: &euro 0.6 M against &euro 6.0 M positive
at the end of June 2019.
The financial result was negative at &euro 0.9 M against a positive &euro
1.0 M in the first half of 2019 due to negative currency effects and less
favorable remuneration conditions for our financial investments over this
period.
Given the aforementioned facts and after tax, the Net income for the first
2020 half-year (Group share) shows a deficit of &euro 2.1 M against a profit
of &euro 6.1 M in the first 2019 half-year.
GROUP OUTLOOK FOR 2020
Pumps Sector
At constant scope, the activity of this sector could decline sharply, mainly
in the Industry and Oil & Gas international sectors.
Overall Group
The Turnover of Gévelot SA consisting of rental products and services will
be stable.
The consolidated turnover at constant scope should be under the Covid-19
effect, down significantly compared to that of fiscal year 2019.
The 2020 consolidated net income should be close to balance excluding
exceptional items not known to date.
The Group's growth strategy has nevertheless continued in Canada in the Oil
& Gas sector with the finalization in early August 2020 of the acquisition
of certain assets of Halliburton Energy Services Inc. known as Europump
Systems Inc.
This asset acquisition is consistent with PCM's strategy of investing in the
Artificial Lift and growing the Canadian market.
Finally, in order to strengthen the rental offer of Gévelot SA, discussions
concerning possible tertiary investments are continuing in a context of a
very uncertain real estate market.
Regulatory filing PDF file
File: GEVELOT - HALF YEAR REPORT 2020 [1]
Language: English
Company: GEVELOT S.A.
6 Boulevard Bineau
92300 LEVALLOIS-PERRET
France
Phone: +33 1 77 68 31 03
Fax: +33 1 77 68 31 05
E-mail: contact@gevelot-sa.fr
Internet: www.gevelot.fr
ISIN: FR0000033888
AMF Category: Inside information / News release on accounts, results
EQS News ID: 1140967
End of Announcement EQS News Service
1140967 14-Oct-2020 CET/CEST
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(END) Dow Jones Newswires
October 14, 2020 12:00 ET (16:00 GMT)
