2020 Q1 Revenues
Q1 2020 Revenue of €5.8 bn, down 6.4% org. largely impacted by Covid-19 in China as expected; The Group’s strong positioning, digital capabilities and agile multi-local model key to managing unprecedented global crisis
- China was impacted across Q1 2020; Most other regions progressively saw Covid-19 impact starting March
- Energy Management down 6% org.
- Industrial Automation down 7% org.
- China ends quarter with signs of recovery
- Focus on Digital, Software & Services provides more resilience
- Relevant exposure to critical end-markets including hospitals, data centers, water and wastewater facilities, cold food chains and other infrastructure that are essential to ensure “Life is On” for society
- Reacting efficiently and effectively, with strong cost measures and globally coordinated crisis teams to ensure business continuity
- Strong liquidity & Balance Sheet - 2019 dividend proposal to be voted at AGM today
- The Group remains strategically positioned to emerge strongly from the crisis and remains confident in its across-cycle growth profile and its trajectory towards higher margins
- 2020 financial guidance to be updated as situation evolves
Jean-Pascal Tricoire, Chairman and CEO, commented:
“Today we are all facing a global health and economic crisis. At this time, we are focused on the health of our employees and stakeholders while also performing our duty to keep essential services and critical infrastructure running across the world. As the situation evolves, we will be able to assess the full economic impact of this crisis and its consequences. At Schneider, we enter this crisis with solid fundamentals. We have a consistent strategy that is delivering resilience, efficiency and sustainability for customers in our four end-markets. We have built an integrated model and deployed an organization along two world-leading and synergetic businesses. Our multi-local set up enables our empowered country organizations to react to the crisis with speed and agility, supported by a tightly coordinated global task-force. We have developed digital services allowing unmanned and remote operations. We have maintained strong liquidity and balance sheet. We leverage our network of suppliers and partners to remain agile and come out strong. We started Q1 on a positive note across the world, with the exception of China that was impacted by the crisis. As we end the quarter, large parts of the world are in some form of lockdown while China starts its recovery path. As we navigate through the multiple lockdowns and put in place the necessary measures to weather the crisis, we also plan for the times ahead remaining very mindful of our mission and larger purpose with a view to prepare the future post crisis.”
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