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Fiven ASA first quarter report 2020

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Financial highlights

  • Fiven delivered first quarter 2020 results with limited impact from Covid-19
  • Total revenues reported at EUR 32.2m, up by 0.2% versus first quarter 2019.
  •  The adjusted EBITDA was EUR 3.8 m, up by 2.5% versus first quarter 2019.
  • Fiven’s liquidity has been strengthened through the quarter, cash balance at EUR 23.9m, up by EUR 9.1m since year end 2019.

Business highlights

  • Fiven ASA is since 31 March listed at the NASDAQ Stockholm for bond trading.
  •  The IT Carve Out Project from Saint Gobain (former owner of Fiven) was completed by 31 March 2020.
  • Fiven is taking appropriate measures to adapt its production and organization to the current customer demand.
 

Outlook

The visibility into the future is very short and future sales are very difficult to predict. Fiven standard product markets are more impacted by the pandemic than the demand for specialty products. Even though the first quarter results showed a limited impact on Fiven financials, the decrease of order intake and subsequently the order book indicates that the crises will increasingly hit the Fiven group at least for Q2 2020. How profound and how long the situation will prevail, is very uncertain. 

Under those uncertain conditions, FIVEN Group has taken all appropriate measures to produce safely and to adapt its production and organization level to the effective level of customers’ demand. This includes calibrated cost reduction measures of which adapted decrease in production and administrative workforce.

The full first quarter report 2020 can be downloaded from https://www.fiven.com/company-information/investor-relations/reports/
 

This information is information that Fiven ASA is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 12:00 CET on 28.05.2020.
 

For further information, please contact:

Stein Erik Ommundsen, Group CFO and General Manager
+47 975 10 481, Stein.E.Ommundsen@Fiven.com

Stefan Mokros, IR Manager
+49 221 6507 6097, stefan.mokros@fiven.com

 

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Fiven Q1 2020

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