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OVS Q3 net sales improve by 5 percent

By Prachi Singh

19 Nov 2021

Business

Image: OVS press gallery

For the third quarter, OVS S.p.A. sales were approximately 378 million euros, up by 11 percent compared to the third quarter of 2019, and by 5 percent compared to the third quarter of 2020, despite the latter having benefited from the end-season sales period concentrated in the month of August.

The company said in a statement that this sales performance led consequently to a significant acceleration of the expected deleverage. Cash generated in the same period amounted to approximately 63 million euros, about 45 million euros higher than the figure for the third quarter of 2019, and 10 million euros higher than the cash generated in the third quarter of 2020.

The company added that adjusted net debt at October 31, 2021 was equal to approximately 255 million euros, an improvement of about 100 million euros compared to the figure at October 31, 2020, reaching, one quarter in advance, the target net debt expected by the end of the year.

OVS