Vicat: Impact Of COVID-19 On the 2020 Financial Year

PARIS LA DÉFENSE--(BUSINESS WIRE)--Regulatory News:

The Vicat group (Paris:VCT):

• 2020 Combined General Meeting

The Vicat group (Euronext Paris: FR0000031775 – VCT) today announces that its 2020 outlook presented on 14 February 2020 within the framework of its 2019 results publication now needs to be revised in the light of the potential impact of COVID-19 on the Group’s business.

The Group is committed above all to protecting the health of its employees, customers and suppliers.

Given the lack of visibility relating to the current environment, the volatility resulting from the situation and the potential impact of the stimulus plans already announced in a number of countries, the Group is not able at this stage to provide a precise assessment of how its markets and financial performance will develop over the full year in 2020.

In this unprecedented context, adaptation measures have already been implemented, in particular a plan to cut operating costs and defer non-strategic capital expenditure.

As regards its balance sheet, the Group reiterates that:

• its short-term financing requirements are currently covered by secured undrawn credit facilities that are available and sufficient to cope with forthcoming repayments due;
• the terms and covenants of its financing agreements are respected. At this stage and in view of the above, the Group regards the risk of not respecting its covenants as low.

2020 General Meeting

The Group’s 2020 Combined General Meeting will be held on Friday 3 April 2020 at 10:00 a.m.
As stated in its press release of 19 March 2020, in order to respect the measures taken by the French government to limit the risk of COVID-19 contamination, shareholders are not allowed to attend the meeting in person.
Shareholders are asked to vote by post or send their proxy cards and any questions in writing by email to: [e-mail], or by post to the registered office address: VICAT SA Tour Manhattan 6 place de l’Iris 92095 PARIS LA DEFENSE CEDEX.

The presentation of the Combined General Meeting presentation will be available from 09.30 a.m. on 3 April 2020 on the website www.vicat.fr.

Details about how to follow the General Meeting will be provided on the Vicat Group’s website www.vicat.fr at 10.00 a.m. (CET) on Tuesday 31 March 2020.

Detailed minutes of the 2020 General Meeting will be published on www.vicat.fr.

Next publication:

First quarter 2020 sales and results: 5 May 2020 after market close.

About Vicat

The Vicat Group has over 9,000 employees working in three core divisions, Cement, Concrete & Aggregates and Other Products & Services, which generated consolidated sales of €2.740 billion in 2019. The Group operates in twelve countries: France, Switzerland, Italy, the United States, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan, India and Brazil. Some 64% of its sales are generated outside France.

The Vicat Group is the heir to an industrial tradition dating back to 1817, when Louis Vicat invented artificial cement. Founded in 1853, the Vicat Group now operates three core lines of business: Cement, Ready-Mixed Concrete and Aggregates, as well as related activities.