Neways records turnover of € 478.6 mln and positive cash flow of € 37.6 mln in 2020
Son (the Netherlands), 26 February 2021 – Neways Electronics International N.V. (Euronext: NEWAY) (‘Neways’, or ‘the Company’) today announces its results for the financial year ending 31 December 2020.
Net turnover declines by 10.3% to €6 million due to reduced demand in Automotive and the automotive-related part of Industrial;
Net cash flow increases to € 37.6 million due to focus on cash and strong improvement in working capital, and in particular inventories. € 8.8 million of this was due to the deferral of taxes and social security payments;
Order book declines by 22.8% to € 225 million compared to last year, due to decline in orders from Automotive sector; orders from Medical and Semiconductor were stable or higher;
Normalised operating result of €9 million; decline limited due to rapid reduction of 200 (flexibly deployable) employees and strict cost controls;
One-off charge of €6 million (gross) for costs related to the previously announced reorganisation in Germany and the Netherlands; structural annual cost savings of around € 8 million in total;
Net result including one-off reorganisation expense comes in at € -3.9 million.