By Cecilia Butini
Suez SA said Friday that it swung to a net loss for 2020 as earnings were hurt by costs and provisions associated with the coronavirus pandemic.
The French waste-management company posted a net loss of 228 million euros ($277.6million) for 2020 compared with a profit of EUR352 million for the previous year, on revenue that fell to EUR17.21 billion from EUR18.02 billion for 2019.
Earnings before interest and taxes were EUR780 million, down from EUR1.41 billion the year prior.
Earnings before interest, taxes depreciation and amortization were EUR2.82 billion for the year compared with EUR3.22 billion for 2019.
The company said that it accounted for a EUR98 million hit in cost and provisions on Ebitda and a EUR303 million hit on EBIT due to the business conditions of 2020, including the pandemic.
For 2021, the company said it expects revenue exceeding EUR16 billion, with a return to organic growth. It expects EBIT of between EUR1.4 billion and EUR1.6 billion, and recurring earnings per share of between EUR0.80 and EUR0.85. Recurring free cash flow is seen above EUR500 million, Suez said.
Write to Cecilia Butini at email@example.com