Arkema, sales at €2.1 billion, down 5.7% year on year, in Q1 2020

Arkema sales were at €2.1 billion, down 5.7% year on year, marked by the impact of Covid-19. EBITDA of €300 million, down 19% on first-quarter 2019, mainly impacted by the effects of Covid-19 which amounted to around €45 million.

Adjusted net income of €100 million, representing €1.31 per share.

Close-to-balance free cash flow, of negative €38 million, reflecting the seasonal increase in working capital.

Net debt tightly controlled at €2,481 million (including €1 billion in hybrid bonds), up €150 million on 31 December 2019 (€2,331 million including hybrid bonds), of which over half relating to the acquisition of the Danish company LIP in adhesives.

Liquidity levels at €1.5 billion at end-March, confirming the Group’s financial solidity.

€100 million reduction in capital expenditure compared to the level originally planned for 2020, and fixed costs to decline by €50 million in 2020 versus 2019, to adapt to the Covid-19 context.