Thales outlines measures to limit COVID-19 impact
Thales has outlined a series of measures it intends to take in order to mitigate the financial impact of the coronavirus outbreak on its business.
In a statement on 7 April, the company warned that the most severely hit division is likely to be its civil aeronautics business, which posted sales of €2.15 billion ($2.34 billion) in FY2019.
Patrice Caine, Chairman and CEO of Thales, said: ‘Our civil aeronautics businesses represent only around 12% of the Group’s turnover. However, like all industrial companies, this crisis is currently seriously disrupting production chains and project execution.’
Adaptation of workspaces and a reorganisation of shift patterns will be implemented to ensure adequate social distancing measures whilst deep cleaning and disinfection of production facilities will be stepped up.
In order to strengthen its liquidity, Thales has agreed to an additional €2 billion ($2.17 billion) syndicated credit facility with no covenant and can be used over the next 12 months.
Furthermore, dividends scheduled for 6 May will be restricted to €0.60 per share which will avoid a cash outflow of €430 million ($467.55 million).
More from Defence Notes
-
![Patria OPTIME and ILIAS: Orchestrating operational readiness across every domain]()
Patria OPTIME and ILIAS: Orchestrating operational readiness across every domain
Patria OPTIME is a sustainment concept that integrates MRO and lifecycle services into one solution, powered by the ILIAS digital defence platform
-
![US military seeks common controllers for drones and robotic systems]()
US military seeks common controllers for drones and robotic systems
US Air Force, Army, Marine Corps and Special Operations Command initiatives signal demand for interoperable uncrewed systems control, creating opportunities for suppliers of hardware, software and integration services.
-
![“Engage with the operational problem”: how software innovation can boost UK defence]()
“Engage with the operational problem”: how software innovation can boost UK defence
In Conversation… Shephard’s Andrew White talks to Zafer Şen, CEO and co-founder of OBSS, about the future of command-and-control software in the age of artificial intelligence, and his company’s ambitions in the UK defence market.
-
![“Capital follows confidence” as defence courts private money]()
“Capital follows confidence” as defence courts private money
Outside investment and the direction in which venture money flows may reveal what defence will buy years before formal programmes begin.
