Verallia 1Q 20 - Solid 1Q but Covid-19 burden to intensify in 2Q
We deem Verallias 1Q 20 results as solid. The Covid-19 impact materialised as of mid-March and will accelerate in 2Q for which the management anticipates a double-digit top line drop. In the fixed-cost intensive business countermeasures centre around capacity adjustments. Should lockdowns and containment measures increasingly be lifted, demand could bottom-out in 2Q.Verallia Deutschland AG, formerly Saint Gobain Oberland AG, is a Germany-based producer of glass containers and packages. It focuses on the production of glass bottles and jars for food and and drinks, including for beer, wine, sparkling wine, liquor, water, soft drinks, baby food and canned food. The Company's product range includes bottles and jars in various shapes, sizes and colors. The Company operates as subsidiary of Saint-Gobain Emballage SA, and has production sites in Essen, Wirges, Neuburg and Bad Wurzach in Germany, in Zorya in the Ukraine, as well as in Kamyshin and Kavminsteklo in the Russian Federation. Its subsidiaries are Black Sea Glass Packaging llc, GPS OBerland GmbH, Private JSC Consumers-Sklo-Zorya, JSC Kavminsteklo, ZAO Kamyshinsky Steklotarny Zawod and YAO STI.
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