The CNIM Group provides information on changes in the financial situation of the group, and warns of a liquidity risk until 2022 …
Sale of Bertin Technologies
After consulting the representative bodies of the relevant workers, the FCDE and CNIM Groupe signed a transfer contract that covered all the shares of its subsidiary Bertin Technologies, whose project was announced on November 14. The completion of the sale is subject to compliance with the usual precedent conditions, including the authorization of the competent supervisory authorities.
This transaction is part of the disposal program announced on August 13, 2021 and that CNIM Groupe intends to continue over the next few months.
Impairment of results and liquidity risk
The CNIM indicates that certain elements after October 31 lead the company to take into account a significant risk of deterioration in the group’s results for 2021 and its liquidity for 2022.
This deterioration is due to the loss of two tenders and the later than expected conclusion of the turnkey factory contracts, leading the company to halve its commercial ambitions.
In addition, during the month of November, the company saw new sanctions imposed on several ongoing projects in the United Kingdom and France. It was also notified of an unfavorable arbitration decision in Denmark concerning its subsidiary LAB.
The company is now studying with its creditors and with the State the measures to take to face this new situation.
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