News: RES Nexans Posts Q1 Sales Slightly Down at EUR 1.57 bln

May 7 (Reuters) - Nexans SA NEXS.PA :

• Q1 STANDARD SALES OF 1,569 MILLION EUROS, REPRESENTING ORGANIC GROWTH OF -0.1% YEAR-ON-YEAR
• CHINA BACK TO FULL OPERATIONS, EUROPE AND NORTH AMERICA IMPACTED BY PARTIAL LOCKDOWNS
• ON CORONAVIRUS: STRONG ACTIONS TO COPE WITH THE SANITARY CRISIS AND TO PRESERVE LIQUIDITY
• THE BOARD OF DIRECTORS HAS DECIDED NOT TO PROPOSE AT THE NEXT ANNUAL SHAREHOLDERS’ MEETING THE PAYMENT OF A DIVIDEND FOR 2019
• NEXANS HAS SUFFICIENT LIQUIDITY FOR ITS OPERATIONS AND FORESEEN FINANCIAL COMMITMENTS, WITH NO DEBT REPAYMENTS DATE BEFORE 2021
• GROUP HAS TAKEN STRONG MEASURES TO DRASTICALLY REDUCE WORKING CAPITAL AND PRESERVE CASH
• ON CORONAVIRUS: NEGOTIATIONS ARE UNDERWAY TO SECURE A 280 MILLION EUROS BANK LOAN GUARANTEED BY THE FRENCH STATE
• NON-STRATEGIC CAPITAL SPENDING WILL BE REDUCED TO A MINIMUM
• NEXANS LIQUIDITY POSITION STANDS AT A SOUND 1.0 BILLION EUROS AS OF MARCH 31ST, 2020 INCLUDING A 600 MILLION EUROS UNDRAWN REVOLVING CREDIT FACILITY
• REDUCED FIXED COMPENSATION BY 30% REDUCTION FOR THE BOARD OF DIRECTORS AND CEO, AND BY 15% FOR EXECUTIVE COMMITTEE