International technology group Andritz has announced that due to the global Covid-19 crisis it expects a negative impact on the development of its sales and earnings in the 2020 business year. As a result, Andritz has suspended its sales and earnings forecast for the fiscal 2020 as disclosed at the presentation of the results for 2019.
The extent depends on the duration of the crisis and its future impact on the global economy and on the markets served by Andritz. Hence, it cannot be quantified at the moment with sufficient certainty, the company reported.
Andritz is anticipating a slight increase in sales and unchanged earnings before extraordinary effects (EBITA) compared to 2019 (before extraordinary effects).
In order to counteract a possible drop in sales as best as possible, Andritz has already initiated temporary cost-saving measures in many countries where the group is active.
A change of the resolution concerning use of profits (dividend proposal) is not planned at the moment, however – depending on the further development of the corona crisis – this cannot be excluded.
The Annual General Meeting originally scheduled for March 25, 2020, had to be cancelled due to the regulations introduced by the Austrian Federal Government.
Fibre2Fashion News Desk (JL)