Associated British Foods PLC COVID-19 Update (8518D)

TIDMABF

RNS Number : 8518D

Associated British Foods PLC

02 November 2020

For release Monday 2 November

Associated British Foods plc

COVID-19 Update

Associated British Foods plc today issues an update in the light of increasing restrictions on the movement of people and trading activity being put in place by governments to restrict the spread of COVID-19 in many of the markets where Primark trades.

As of today, all Primark stores in the Republic of Ireland, France, Belgium, Wales, Catalonia in Spain and Slovenia are temporarily closed, which represent 19% of our total retail selling space. The announced period of closure varies by market. The UK Government announced its intention to close non-essential shops in England for one month from 5 November to 2 December. Assuming that this will be passed by the UK Parliament on 4 November, 57% of our total selling space will be temporarily closed from 5 November.

Our estimated loss of sales for these stores, including the stores in England, for the announced periods of closure is GBP375m.

Trading hours are also restricted in a number of other markets. Uncertainty about further temporary store closures in the short-term remains.

We are implementing the operational plans developed to manage the consequences of these closures and appropriate action will be taken to reduce operating costs. All orders placed with our suppliers will be honoured.

At the year end the group had net cash before lease liabilities of GBP1,558m. Excluding debt, the group had gross cash before lease liabilities of GBP2,030m which, together with GBP1,088m of undrawn committed Revolving Credit Facilities provide GBP3,118m of group liquidity.

Our Annual Results Announcement for the year ended 12 September 2020 will be released as planned tomorrow, 3 November and there will be an analyst and investor presentation at 09.00am GMT which will be streamed online and

accessed via our website   here .

For further information please contact:

Associated British Foods:

John Bason, Finance Director

Catherine Hicks, Corporate Affairs Director

Tel: 020 7399 6545

Citigate Dewe Rogerson:

Tel: 020 7638 9571

   Chris Barrie     Tel: 07968 727289

Jos Bieneman Tel: 07834 336650

   Elizabeth Kittle   Tel: 07720 498455

Note:

 
                     Announced Store Closures 
 Region               No. of      Closing       Planned  No of days 
                      Stores         Date     Reopening      closed 
                      Closed 
 Republic of 
  Ireland                 36   22 October    1 December          40 
 Wales                     8   24 October    9 November          16 
 Slovenia                  1   26 October           TBC           6 
 France                   19   30 October    1 December          32 
 Spain - Catalonia         6   30 October   14 November          15 
 Belgium                   8   2 November   13 December          41 
 England                 153   5 November    2 December          27 
                     ------- 
 Stores not 
  trading                231 
 Stores trading          156 
                     ------- 
 All Primark 
  stores                 387

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