Feb 23, 2021
Nexans published its financial statements for the year ended December 31, 2020, as approved by the Board of Directors at its February 16, 2021 meeting chaired by Jean Mouton.
In full-year 2020:
Steady EBITDA of 347 million euros reflecting successful Group transformation, EBITDA rate of 6.1% in 2020 against 6.4% in 2019
Outperformance in ROCE at 10.2% end of December 2020
Strong turnaround in net income of 80 million euros, including a negative 102 million euros of estimated Covid-19 impact and the positive gains on divestments for 142 million euros (107 million euros net of tax), compared to a net loss of -118 million euros in 2019
Outstanding Free Cash Flow of 157 million euros, exceeding expectations and reflecting new Group norm of strict working capital management and cash generation focus
A 10-year low net debt of 179 million euros at December 31, 2020, demonstrating Nexans’ commitment to maintaining sound liquidity and improving cash conversion
Cable laying vessel Aurora and US High-Voltage cable plant Charleston operational mid-2021
Proposed dividend of 0.70 euro per share
Nexans has successfully anchored its transformation by unlocking value and setting a strong financial footing across the Group.
- 2021 EBITDA outlook between 410 and 450 million euros
- Best-in-class operating working capital, structural improvement at 5% of current sales in December 2020
- Early repayment of French State backed 280 million euros term loan (“PGE”) and 250 million euros 2021 Bond
- Nexans steered for growth, will host a historical Virtual Capital Market Day at 14.00 CET
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