EXEL Industries: Situation related to the Covid-19 virus

PRESS RELEASE                                                                                                                            March 30, 2020

Situation related to the Covid-19 virus

The Coronavirus (Covid-19) epidemic continues to spread. To deal with this unprecedented health situation, EXEL Industries is mobilized worldwide to ensure the highest level of hygiene and good health protection for our employees and external partners, by implementing health guidelines  that  are consistent with the directives defined by the governments in the different countries in which we operate.

EXEL Industries' teams are also organizing with commitment and creativity to enable the continuity     of operations in order to serve our customers and provide products and equipment that are often essential for the agricultural and industrial sectors in which we operate. We are asking our suppliers   to take responsibility in these particular circumstances in order to enable us to achieve our task.

The lack of clarity in our environment does not allow us, at this stage, to fully assess the financial consequences of the Covid-19 virus on our activities. Nevertheless, the Group:

• has implemented measures to reduce fixed costs and has frozen certain investments;
• is continuing to implement the reorganization of Agricultural Spraying;
• benefits from a solid balance sheet.

At this stage, our credit lines are sufficient to cover the additional requirements and we do not anticipate any cash flow problems.

EXEL Industries will publish its second quarter revenue for the 2019-2020 fiscal year on April 28 after market closing.

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