Regulatory News:
JACQUET METALS (Paris:JCQ):
In the context of the annual accounts closing as of December 31, 2020, the Group performs a valuation of its steels inventories.
The valuation of inventories, which was significantly impacted in June 2020 by the drastic activity slowdown linked to the COVID-19 crisis, benefits at year-end from the increase in raw material prices: as a result, inventory impairment at 2020 year-end should return to the 2019 year-end level, around 15% of the Gross Value of inventories (estimated GV €434m as of December 31, 2020), compared to around 18% at the end of June 2020 (GV €470m as of June 30, 2020).
This decrease in inventory impairment improves the result and enables the Group to anticipate 2020 Net income (Group share) close to break-even(1)
Group annual results will be released on March 9, 2021.
(1) As a reminder, net loss (Group share) for the 9 months ended September 30, 2020 was €19 million (see November 18, 2020 press release: Results as of September 30, 2020 »)
2020 Results: March 9, 2021 (6.00pm CET)
JACQUET METALS is a European leader in the distribution of specialty steels. The Group operates and develops a portfolio which currently consists of three brands:
JACQUET stainless steel quarto plates STAPPERT stainless steel long products IMS group engineering steels.
With a headcount of 3,006 employees, JACQUET METALS has a network of 103 distribution centers in 25 countries in Europe, China and North America.
Compartment B
ISIN: FR0000033904
Reuters: JCQ.PA
Bloomberg: JCQ FP
View source version on businesswire.com: https://www.businesswire.com/news/home/20210219005410/en/
Contacts:
JACQUET METALS
Thierry Philippe Chief Financial Officer
comfi@jacquetmetals.com
NewCap Investor Relations
Emmanuel Huynh
Tel: +33 1 44 71 94 94
jacquetmetals@newcap.eu