News: CCL Coca-Cola Amatil Says Temporarily Withdrawing Company's Dividend Payout Ratio Guidance

April 17 (Reuters) - Coca-Cola Amatil Ltd (CCL) :

• TEMPORARILY WITHDRAWING COMPANY'S DIVIDEND PAYOUT RATIO GUIDANCE
• AS AT 31 MARCH, GROUP'S DEBT WAS ABOUT $1.8 BILLION WITH COMMITTED DEBT FACILITIES TOTALLING A$2.6 BILLION
• 1Q2020 VOLUME SHOWED LOW SINGLE DIGIT PERCENTAGE GROWTH ON 1Q2019
• FIRST TWO WEEKS OF 2Q2020 VOLUME REDUCTIONS OF UPTO 30% ON PCP
• NON-CRITICAL PROJECTS HAVE BEEN DEFERRED REDUCING CAPITAL EXPENDITURE FOR FY2020 FROM $300 MILLION TO $200 MILLION
• 1Q2020 EBIT SHOWED MID TEEN PERCENTAGE DECLINE ON 1Q2019
• WITHDRAWN EXPECTATION OF DIVIDEND FRANKING LEVELS BEING ABOVE 50% IN 2021
• WITHDRAWN PREVIOUS COMMENTARY IN RELATION TO EXPECTATION THAT THERE WILL BE NO NET NON-TRADING ITEM CHARGES IN FY2020
• FACILITATING CUSTOMERS TO SELL ONLINE THROUGH FOOD AGGREGATORS & IS WORKING WITH CUSTOMERS TO DEVELOP PAYMENT PLANS WHERE APPROPRIATE
• IMPLEMENTED A NUMBER OF COST MANAGEMENT PROGRAMS DESIGNED TO SAVE OVER $140 MILLION IN 2020
• COST CUT INITIATIVES INCLUDE INCENTIVES REDUCTION, RECRUITMENT FREEZES, REDUCE MARKETING EXPENDITURE, MINIMISING DISCRETIONARY SPEND