DJ GEVELOT SA PRESS RELEASE CLOSING OF 2020 ACCOUNTS
GEVELOT S.A.
GEVELOT SA PRESS RELEASE CLOSING OF 2020 ACCOUNTS
13-Apr-2021 / 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.
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The Board of Directors met by conference call on 13 April 2021 to approve the Company's financial statements in
accordance with French accounting rules and principles and the consolidated accounts for 2020 prepared in accordance
with International Accounting Standards, after obtaining confirmation by the Auditors that the audit procedures had
been carried out and that certification reports were being issued.
Consolidated Accounts
FY 2020 FY 2019
(in millions of euros)
Turnover 89.5 103.7
Current operating income 4.1 8.6
Operating income 3.3 8.4
Financial Profit or Loss -0.9 2.1
Current income before tax Consolidated Companies 2.4 10.5
Taxes -1.2 - 1.6
Net profit for the consolidated group 1.2 8.9
Share of minority interests 0.2 0.3
Profit attributable to the parent company 1.0 8.6
Consolidated turnover for 2020 mainly comes from the Pumps Sector. The other sector covers the real estate activity of the Holding company, amounting to EUR89.5 million against EUR103.7 million in 2019, down 13.7%.
The 2020 financial year was marked by the oil and health-related coronavirus Covid-19 crises which led to a severe global economic and financial downturn. The markets and the Group activity have all been affected to varying degrees depending on their particular geographical area.
If the spare parts business sectors of the Food and Industry maintained a certain pace of growth, the other activities in these markets declined significantly.
The Oil & Gas markets were strongly hit by the collapse in oil prices in Spring 2020, although the Canadian zone marked some resilience, bolstered by the acquisition of the assets of Europump.
The Group's consolidated operating income in 2020 amounted to a profit of EUR4.1 million against EUR8.6 million in 2019, i.e. a decrease of EUR4.5 million.
The Pumps Sector's contribution sharply declined but remained positive for EUR4.8 million (EUR9.1 million in 2019). The decline in activity related to the oil and health crises explains this deterioration. The various governmental support schemes received both in France and abroad, totalling EUR2.7 million, only partially made up for the loss.
The contribution of the real estate activity of the Holding was negative for EUR0.7 million at the same level as last year - EUR0.6 million.
Operating income was positive at EUR3.3 million against EUR8.4 million in 2019, down EUR5.1 million.
This result included EUR2.0 million of products related to the accounting processing of the acquisition, in August 2020, of the assets of Europump Systems Inc., offset by EUR2.6 million net charges consecutive to the revaluation of the value of certain assets of Canadian companies purchased in 2019.
The financial result was negative EUR0.9 million against a positive EUR2.1 million positive in 2019, i.e. down EUR3 million, mainly due to lower cash income (EUR0.9 million) and negative net currency effects in 2020 (EUR1.2 million) against positive effects in 2019 (EUR0. 9 million).
In 2020, net charges of consolidated tax totalled EUR1.2 million against EUR1.6 million in 2019.
Consolidated net income for 2020 activities amounted to EUR1.2 million against EUR8.9 million in 2019.
Ultimately, the net profit attributable to Gévelot, the parent company, for 2020 amounted to a EUR1.0 million in profit against a profit of EUR8.6 million in 2019.
The cash flow from operations, remains positive: EUR16.0 million against EUR13.9 million in 2019.
The consolidated net financial structure is positive and amounted to EUR146.0 million, a decrease of EUR2.3 million compared to 2019 due to the EUR30.2 million decline in net cash offset by the increase in current financial assets for EUR23.9 million (variation in bank deposits at over three months) and the EUR4.0 million reduction in financial debt.
Regarding Gévelot SA, the Group's Holding company, turnover for 2020 consisting of rents and services, amounted to EUR0.8 million, the same level as in 2019.
Gévelot SA operating income was negative: EUR0.9 million against a negative EUR0.7 million in 2019.
The financial result showed a 1.7 million profit against EUR3.1 million in 2019. It consists mainly of a dividend of EUR1.5 million received in 2020 from PCM SA (EUR2.3 million in 2019), net foreign exchange charges of EUR0.2 million (compared to a net income of EUR0.2 million in 2019) and financial income of EUR0.5 million (EUR0.6 million in 2019).
Extraordinary income was negative by EUR43K compared to a negative EUR46K in 2019 (not included in general allocated funds/reversal of provisions after tax related to previous tax audits).
In the absence of its own tax, and after EUR572K of tax savings related to the tax integration scheme, Gévelot S.A.'s net corporate income in 2020 stood at EUR1.4 million compared to EURa positive 3.1 million in 2019.
The Ordinary General Meeting of Shareholders, which will meet behind closed doors on Thursday, 17 June 2021, will be proposed the distribution of a dividend of 2.0 euros per share.
In a particular context of continued health and economic crises related to the impacts of the coronavirus Covid-19, the Group's medium and long-term prospects remain uncertain.
Given these uncertainties, the Group will continue its strategy of external growth, especially internationally.
The measures taken to optimise the organisation of the Pump Division and its costs will be extended, while maintaining its strong commitment to customers.
2021 result, excluding the effect of exceptional items not known to date, however, could show an improvement.
Information available on our website: www.gevelot-sa.fr
Website: www.gevelot-sa.fr
Listing on Euronext Growth: ALGEV - ISIN: FR0000033888
Contact Next press release:
contact@gevelot-sa.fr Ordinary General Meeting of 17 June 2021 ----------------------------------------------------------------------------------------------------------------------- Regulatory filing PDF file File: GEVELOT SA PRESS RELEASE CLOSING OF 2020 ACCOUNTS
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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
Euronext Ticker: ALGEV
AMF Category: Inside information / News release on accounts, results
EQS News ID: 1184269
End of Announcement EQS News Service
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1184269 13-Apr-2021 CET/CEST
(END) Dow Jones Newswires
April 13, 2021 12:01 ET (16:01 GMT)
