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EANS-Adhoc: FACC AG / FACC adopts key strategic measures to prepare for the expected consequences of the COVID 19 crisis

| Quelle: Dow Jones Newsw... | Lesedauer etwa 3 min. | Text vorlesen Stop Pause Fortsetzen


Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
The issuer is responsible for the content of this announcement.

Dividend Announcements/Distribution/Earnings Forecast/Annual Result/Strategic
Management Decisions
25.03.2020

Ried i. Innkreis - In its meeting from March 24, 2020 the Supervisory Board,
which focused, among other things, on the current and expected effects of the
COVID 19 crisis, decided on extensive measures to protect the workforce as well
as various strategic decisions and scenarios regarding possible effects on the
economic development of FACC AG.

Against the background of the current development in the international aviation
industry in connection with the COVID-19 crisis, which will affect the market
side and in our own plants, we must assume today that there will be noticeable
demand restrictions in the next quarters. From today's perspective, the impact
on the Group's earnings for 2020 and at least also in 2021 is currently
difficult to assess. From today's perspective, management assumes that a serious
market assessment will not be possible until mid-2020.

The Supervisory Board and Management Board decided the following package of
measures at their meeting.

1) In the current environment, FACC has two main goals. The protection of the
entire workforce and their families is top priority. COVID-19 preventive
measures were implemented across the group and continuously expanded. Associated
with this is the economic stability in the focus of the management with the aim
to keep production interruptions as low as possible. As a technology partner,
FACC is an integral part of a global manufacturing network for the aerospace
industry. FACC is the only approved supplier for the systems manufactured. In
this way, as a system-critical supplier, we will ensure the best possible supply
for our customers as demanded and as long as the material supply chain or
measures by the government permit.
2) The activities to reduce fixed costs that were started before the COVID-19
crisis will be continued. Additional measures, adapted to a new market
situation, are being worked out.
3) The investment budget for 2020 is being reviewed to meet the needs of the
market.
4) The measures for vertical integration of strategic components and materials
defined in the fourth quarter of 2019 will be continued without restriction.
5) Due to the current situation in connection with the COVID-19 crisis, it was
decided to re-evaluate the investments in the Croatian location and to start the
implementation after reassessing the prevailing market situation. The need for
the location to reduce production costs in the medium and long term is expressly
stated.
6) Against the background of strengthening the company's liquidity, the
Supervisory Board and Management Board will propose to the Annual General
Meeting not to distribute a dividend for the short financial year 2019.

The future development of the COVID 19 crisis requires an ongoing assessment of
the situation. Since the global economic impact cannot yet be assessed, it is
currently not possible to forecast the result for the 2020 financial year -
contrary to the statements in the annual financial report for the 2019 financial
year.




Further inquiry note:
Investor Relations:
Manuel Taverne
Director Investor Relations
Mobil: 0664/801192819
E-Mail: m.taverne@facc.com

end of announcement euro adhoc





(END) Dow Jones Newswires

March 25, 2020 03:00 ET ( 07:00 GMT)
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