Based on the current situation, the Picanol Group can confirm it anticipates that the 2020 Adjusted EBITDA will be in line with 2019, which was impacted by the one-off inventory revaluation for -32.2 million euro following the first-time consolidation of the Tessenderlo Group.
While the current uncertain macroeconomic climate as a result of COVID-19 is causing a slowdown of the global machine market, this is likely to be offset by the various segments of the Tessenderlo Group.
Based on the current situation, the Tessenderlo Group expects that COVID-19 is likely to have no material impact on the financial results of the group, and as such anticipates that the adjusted EBITDA for the full financial year 2020 will be higher than 2019.
