After three quarters, Eterna’s sales fell by 16.4 percent to 65.8 million euros. In the previous year the Passau company had a turnover of 78.8 million euros. The pandemic is noticeable in the sales figures. The online business was unable to compensate for the weakness in stationary retail.
EBITDA is almost halved from 10.4 million euros to 5.8 million euros. The margin fell from 13.1 percent to 9.0 percent. The liquid funds improve from 12.5 million euros to 16.5 million euros. The debt will be reduced from 37.2 million euros to 33.2 million euros.
The second wave is likely to have a significant impact on sales during the Christmas season. Sales are expected to decrease by more than 20 percent in 2020. The EBITDA is expected to decline disproportionately. Liquidity should be at the previous year’s level. There should be no return to normal in 2021 either.
Henning Gerbaulet, managing partner of Eterna, comments on the figures: “With ETERNA we are in an ambivalent situation. On the one hand, we performed better than the competition in this very difficult year and are operationally profitable. On the other hand, the results achieved with regard to the upcoming corporate financing in 2021 are still unsatisfactory and are well below our performance before Corona. ”
Gerbaulet becomes clear: “In order to bridge the temporary impairment of our business caused by COVID-19, we see the urgent need to extend the existing financing mix and thus to ensure financial stability in the current exceptional situation and beyond.”
In this situation, Gerbaulet hopes that investors will agree to an extension of the Eterna bond. The second creditors’ meeting will take place on December 17th. The bond is to be extended by two years until June 2024. The paper has a volume of 25 million euros and bears an annual interest rate of 7.75 percent.