Campine NV: Re-evaluation bank covenants
June 23 2017 - 11:01AM
Regulatory information - inside
information
Referring to our press release of 24/02/2017, as
well as to our annual financial report 2016, we inform that Campine
is back in compliance with its covenants as agreed with its banks
after recognition of the fine imposed by the European Commission
early this year.
As reported in the annual report 2016, Campine was
in breach of the covenants included in its credit agreements, after
the integration of the fine imposed by the European Commission in
the results of the financial year 2016. The banks agreed upon a
waiver of these bank covenants until 31 May 2017. At the request of
the banks a re-evaluation of the bank covenants took place, based
on the 31 March 2017 quarterly figures.
Campine complies again with the covenants:
-
The Equity (corrected for intangible fixed assets
and deferred taxes (minimum of 20.000 K€) amounted to 20.692 K€ on
31 March 2017 (31/12/16: 18.517 K€).
-
The Solvency ratio on 31 March 2017 (27,5 %) is in
compliance with the actual ratio of 25 % (the banks agreed to
temporarily lower this ratio) and is expected to meet the original
level of 30 % on 30 June 2017.
-
Campine was in compliance with its Stock rotation
ratio on 31 December 2016 as well as on
31 March 2017.
Furthermore, we want to reconfirm, as mentioned in
our annual financial report 2016, that we successfully managed to
raise and secure the required funds in order to meet the payment
requirements for the fine set by the European Commission.
Our half year results 2017 will be published in our Interim
financial report per 30/06/2017 in the last week of September
2017.
Re-evaluation bank
covenants
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Campine NV via Globenewswire
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