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Picanol group anticipates further negative impact for Q2

21
Nov '19
Pic: Picanol
Pic: Picanol
In line with previously announced forecast, Picanol Group has confirmed that it anticipates a further negative impact for Q2 2019 due to current uncertain macroeconomic climate, whereby slowdown in global machine market will not be compensated by segments of Tessenderlo Group. For full year 2019, Picanol expects adjusted EBITDA to be lower than that of 2018.

Tessenderlo Group anticipates the adjusted EBITDA for 2019 to be approximately €270 million (this includes the full year contribution of T-Power for approximately €50 million, as well as the impact of IFRS 16 Leases for approximately €25 million). This amount is significantly higher as compared to the adjusted EBITDA of €177.8 million in 2018, when T-Power was only included for the fourth quarter of 2018 for €13.5 million, and IFRS 16 Leases was not yet applicable. This revised outlook for the financial year 2019 reflects the extension of the agro season in the US, which has resulted in increased volumes within Crop Vitality, and a volume increase and improved mix within Bio-valorisation.

Picanol Group is a diversified industrial group and it is active worldwide in the fields of mechanical engineering, agriculture, food, water management, the efficient (re)use of natural resources and other industrial markets. The group's products are used in a variety of applications, industrial and consumer markets.

Fibre2Fashion News Desk (PC)


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