Adtran Networks SE
ADVA Optical Networking SE posts final Q2 2020 financial results
DGAP-News: ADVA Optical Networking SE
/ Key word(s): Quarter Results
ADVA posts final Q2 2020 financial results Munich, Germany. July 23, 2020. ADVA (ISIN: DE0005103006), a leading provider of open networking solutions for the delivery of cloud and mobile services, reported final financial results for Q2 2020 ended on June 30, 2020. The results have been prepared in accordance with International Financial Reporting Standards (IFRS). Q2 2020 financial summary1
2 Q1 2020 including EUR 0.8 million one-off expenses
Pro forma operating income for Q2 2020 was EUR 10.1 million (7.0% of revenues), significantly up from EUR 1.7 million loss (-1.3% of revenues) in Q1 2020 and also up from EUR 4.3 million income (3.3% of revenues) in the same year-ago period. The significant increase in profitability is mainly due to the operational cost improvement measures introduced in 2019. Consequently, operating income for Q2 2020 of EUR 8.7 million significantly increased from the EUR 4.0 million loss reported for Q1 2020 and also increased from EUR 2.5 million income in the same year-ago quarter. Net income was EUR 7.6 million in Q2 2020 and overcompensated a net loss of EUR 7.2 million in Q1 2020 and also grew substantially from a net income of EUR 1.3 million in Q2 2019. At quarter-end, the company’s cash and cash equivalents totaled at EUR 67.6 million, representing an increase of 28.1% compared to EUR 52.8 million at the end of Q1 2020 and a significant increase of 40.0% compared to EUR 48.3 million in Q2 2019. Consequently, net debt in Q2 2020 decreased by EUR 22.7 million to EUR 45.0 million from EUR 67.7 million at the end of Q1 2020 and improved by EUR 23.2 million compared to Q2 2019. Net working capital at quarter-end was EUR 127.9 million compared to EUR 134.2 million at the end of Q1 2020 and decreased despite increased revenues.
“Despite the ongoing Covid-19 pandemic, we managed to increase revenues and earnings in the second quarter, both sequentially and year over year,” commented Uli Dopfer, CFO, ADVA. “Our significantly improved profitability is mainly the result of the cost improvement measures that we introduced in 2019. Furthermore, we were able to improve our cash position compared to the first quarter by around EUR 15 million to EUR 67.6 million providing a solid financial basis. Due to the ongoing risks, both on the supply and on the demand side, we have concluded a KfW back-up facility of EUR 40 million for hedging purposes should a further Covid-19-driven crisis occur. With this preventive measure, we feel prepared for all scenarios.”
To participate, please register here. Once registered, you will receive the dial-in details via e-mail. A corresponding presentation is available on ADVA’s website: The complete half-year report 2020 (January – June) is available as a PDF here: https://www.adva.com/en/about-us/investors/financial-results/financial-statements A replay of the call will be available here: Forward-looking statements Use of pro forma financial information
About ADVA Published by: For press:
23.07.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | ADVA Optical Networking SE |
Märzenquelle 1-3 | |
98617 Meiningen-Dreissigacker | |
Germany | |
Phone: | +49 89 890 665 0 |
Fax: | +49 89 890 665 199 |
E-mail: | IRelation@advaoptical.com |
Internet: | www.advaoptical.com |
ISIN: | DE0005103006 |
WKN: | 510300 |
Indices: | SDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1099879 |
End of News | DGAP News Service |