Accell news
Strong recovery of sales in May (a V-Shape recovery seems more and more likely) bringing YTD net sales to only -5% despite the pandemic. This is great news. EBIT is at €28m (YTD 19: €47m) due to the higher costs related to the supply chain disruptions. Production increased again from 30% in March to 70-80% end of May. This is positive and already high, taken into account the social distancing measures need to be respected.
An additional loan (2 year maturity) has been agreed of €115m under state guarantee. €60m of it will be draws and as long as it's used no dividend can be distributed. They don't expect a dividend distribution over the year 2020. The covenants on existing loans were amended.
All in all, good news if you ask us.
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