From the Sector

Reset
48 results
19.02.2024

Lectra: Financial statements for 2023

  • Revenues: 477.6 million euros (-6%)
  • EBITDA before non-recurring items: 79.0 million euros (-15%)
  • Net income: 32.6 million euros (-26%)
  • Free cash flow before non-recurring items: 45.3 million euros
  • Dividend: €0.36 per share

Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the consolidated financial statements for the fiscal year 2023. Audit procedures have been performed by the Statutory Auditors.

Currency changes between 2022 and 2023 mechanically decreased revenues and EBITDA before non-recurring items by 3.9 million euros (-3%) and 1.7 million euros (-8%) respectively in Q4, and by 11.2 million euros (-2%) and 4.8 million euros (-6%) respectively in the year, at actual exchange rates compared to like-for-like figures.

  • Revenues: 477.6 million euros (-6%)
  • EBITDA before non-recurring items: 79.0 million euros (-15%)
  • Net income: 32.6 million euros (-26%)
  • Free cash flow before non-recurring items: 45.3 million euros
  • Dividend: €0.36 per share

Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the consolidated financial statements for the fiscal year 2023. Audit procedures have been performed by the Statutory Auditors.

Currency changes between 2022 and 2023 mechanically decreased revenues and EBITDA before non-recurring items by 3.9 million euros (-3%) and 1.7 million euros (-8%) respectively in Q4, and by 11.2 million euros (-2%) and 4.8 million euros (-6%) respectively in the year, at actual exchange rates compared to like-for-like figures.

OUTLOOK
While the 2023 full-year results were affected by the adverse environment, they also attest to the substantial improvement in the fundamentals of the Group's business model, which will have a positive impact on 2024 results. Persistent macroeconomic and geopolitical uncertainties could nevertheless continue to weigh on investment decisions by the Group's customers.

While the most recent indicators seem to suggest that the situation is unlikely to deteriorate further, the timing and magnitude of a rebound in new system orders remain uncertain.

Outlook for 2024
To facilitate analysis, the accounts of Lectra excluding the Launchmetrics acquisition ("Lectra 2023 Scope") will be analysed separately from the Launchmetrics accounts in 2024.

The Group has based its 2024 objectives on the exchange rates in effect on December 29, 2023, in particular $1.10/€1. When converting 2023 results using the exchange rates retained for 2024, 2023 revenues are mechanically reduced by 4.7 million euros (to 472.9 million euros) and 2023 EBITDA before non-recurring items is reduced by 2.2 million euros (to 76.8 million euros). Thus, for the Lectra 2023 Scope, the comparisons between 2024 and 2023 printed below are based on constant exchange rates.

At this early stage of 2024, continuing low visibility regarding orders and revenues from new systems makes it impossible to predict the actual timing and scale of the future rebound in this area. On the other hand, visibility is high for recurring revenues, which accounted for 68% of total revenues in 2023 and will continue to grow in 2024.

In light of the above, Lectra has set as its objective for 2024, for the Lectra 2023 Scope, to achieve revenues in the range of 480 to 530 million euros (+2% to +12%) and EBITDA before non-recurring items in the range of 85 to 107 million euros (+10% to +40%).

The low end of the revenues range is based on the absence of a rebound in new systems orders, which would remain stable in 2024 relative to 2023, with a 6% decline in revenues from perpetual software licenses, equipment and accompanying software and non-recurring services, as the order backlog was lower on December 31, 2023 than a year before.

The high end of the revenues range reflects a gradual rebound in new systems orders, which at year-end 2024 would be back to year-end 2022 level.
 
In addition, Launchmetrics revenues (for the consolidation period from January 23 to December 31) are projected to be in the range of 42 to 46 million euros, with an EBITDA margin before non-recurring items of more than 15% (assuming an exchange rate of $1.10/€1).

26.01.2024

Lenzing: Impairment requirements (EBIT) for the financial year 2023

  • EBITDA of around EUR 300 million expected for 2023
  • Non-cash impairment losses of up to EUR 480 million
  • Implementation of the performance program fully on track

The annual valuation of assets in accordance with IFRS for the entire Lenzing Group both nationally in Austria and internationally, has resulted in a projected asset impairment of up to EUR 480 million for the 2023 financial year.1 The reasons for the impairment requirements are, on the one hand, continued uncertainties in the economic environment and, on the other hand, still increased raw material and energy costs as well as a higher interest rate environment.

The impairment losses are non-cash effective and have no impact on the full-year EBITDA for 2023, but do affect EBIT for the 2023 financial year. The Managing Board is specifying the previous earnings forecast for the 2023 financial year (EBITDA: EUR 270 – 330 million) and expects an EBITDA of around EUR 300 million.

  • EBITDA of around EUR 300 million expected for 2023
  • Non-cash impairment losses of up to EUR 480 million
  • Implementation of the performance program fully on track

The annual valuation of assets in accordance with IFRS for the entire Lenzing Group both nationally in Austria and internationally, has resulted in a projected asset impairment of up to EUR 480 million for the 2023 financial year.1 The reasons for the impairment requirements are, on the one hand, continued uncertainties in the economic environment and, on the other hand, still increased raw material and energy costs as well as a higher interest rate environment.

The impairment losses are non-cash effective and have no impact on the full-year EBITDA for 2023, but do affect EBIT for the 2023 financial year. The Managing Board is specifying the previous earnings forecast for the 2023 financial year (EBITDA: EUR 270 – 330 million) and expects an EBITDA of around EUR 300 million.

Stephan Sielaff, Chief Executive Officer of the Lenzing Group: “In the third quarter of 2023, we responded to the persistently difficult market environment and launched a comprehensive performance program, which we have been consistently implementing since then with a focus on positive free cash flow and stronger sales and margin growth. We can therefore confirm our earnings forecast with an EBITDA of around EUR 300 million. The valuation adjustment in accordance with IFRS does not change the strategic orientation of the Lenzing Group.”

Nico Reiner, Chief Financial Officer, adds: “The implementation of the performance program is going according to plan. In the future, cost measures alone are expected to contribute more than EUR 100 million to earnings annually, of which more than EUR 50 million will already be effective for the 2024 financial year. We are on target, particularly in terms of strengthening free cash flow, and we also achieved positive free cash flow in the fourth quarter. The revaluation of assets is now consistent and the right step for the future direction.”

The 2023 annual results will be presented on March 15, 2024.
 

1 Subject to potential changes resulting from the ongoing financial audit

Source:

Lenzing AG

24.01.2024

Rieter: First information on the financial year 2023

  • Sales of CHF 1 418.6 million in the financial year 2023
  • Order intake of CHF 541.8 million in the financial year 2023; order backlog of around CHF 650 million as of December 31, 2023
  • EBIT margin of around 7% expected for the full year 2023 at the upper end of the guidance
  • Market remains challenging

The Rieter Group closed the financial year 2023 with slightly lower sales than in the previous year. According to the first, unaudited figures, total sales of CHF 1 418.6 million were achieved, which is around 6% down on the previous year (2022: CHF 1 510.9 million). In line with expectations, the order intake of CHF 541.8 million was considerably below the previous year (2022: CHF 1 157.3 million). Rieter expects a positive EBIT margin of around 7% for the full year 2023 (2022: 2.1%).

  • Sales of CHF 1 418.6 million in the financial year 2023
  • Order intake of CHF 541.8 million in the financial year 2023; order backlog of around CHF 650 million as of December 31, 2023
  • EBIT margin of around 7% expected for the full year 2023 at the upper end of the guidance
  • Market remains challenging

The Rieter Group closed the financial year 2023 with slightly lower sales than in the previous year. According to the first, unaudited figures, total sales of CHF 1 418.6 million were achieved, which is around 6% down on the previous year (2022: CHF 1 510.9 million). In line with expectations, the order intake of CHF 541.8 million was considerably below the previous year (2022: CHF 1 157.3 million). Rieter expects a positive EBIT margin of around 7% for the full year 2023 (2022: 2.1%).

Outlook
Rieter is operating in a challenging market environment due to the economic and geopolitical conditions as well as the continuing weak demand. There are initial signs of a market recovery visible for the financial year 2024. Rieter will present an outlook for the financial year 2024 at the annual results press conference on March 13, 2024.

Source:

Rieter Holding AG

11.12.2023

GOTS Pilot Project for Small Operators to attain Certification

In an initiative aimed at enhancing accessibility to certification for small operator groups within the organic textile value chain, the Global Organic Textile Standard (GOTS) is pleased to introduce its ongoing Controlled Supply Chain Scheme Pilot Project. The project, launched in 2022, was strategically developed to overcome the obstacles that often deter small-scale operators from pursuing GOTS certification.

Recognising that administrative complexities and financial burdens can impede these operators, the controlled supply chain scheme (CSCS) system was developed to mitigate these challenges. The supply chain requires an internal control and audit system, and small-scale operations benefit from a streamlined ‘group’ certification process, which reduces costs and eases administrative barriers.

In an initiative aimed at enhancing accessibility to certification for small operator groups within the organic textile value chain, the Global Organic Textile Standard (GOTS) is pleased to introduce its ongoing Controlled Supply Chain Scheme Pilot Project. The project, launched in 2022, was strategically developed to overcome the obstacles that often deter small-scale operators from pursuing GOTS certification.

Recognising that administrative complexities and financial burdens can impede these operators, the controlled supply chain scheme (CSCS) system was developed to mitigate these challenges. The supply chain requires an internal control and audit system, and small-scale operations benefit from a streamlined ‘group’ certification process, which reduces costs and eases administrative barriers.

Under the CSCS framework, a supply chain comprised of a minimum of eight and a maximum of thirty small-scale facilities, each with twenty or fewer workers, could be considered a single Certified Entity after a comprehensive risk assessment by their Certification Body (CB). SANKEI MERIYASU, a Japanese textile manufacturer, recently received GOTS certification through this project. SANKEI MERIYASU's success showcases the tangible impact of the CSCS system in empowering small-scale operators.

With the pilot due to be reviewed and evaluated next year, GOTS Managing Director Rahul Bhajekar is optimistic about the future of CSCS systems within GOTS. "The controlled supply chain scheme has the potential for substantial impact, empowering small operators in the organic textile supply chain and revolutionising GOTS certification. Our pilot project is proving that the scheme works as intended, overcoming barriers and expanding opportunities. We look forward to refining and validating the CSCS requirements, in hopes of implementing it fully for all markets in the future.”

More information:
GOTS certification
Source:

GOTS - Global Organic Textile Standard

Fußballstadion Bild von Pexels auf Pixabay
20.11.2023

University of Manchester academics criticising UK government

Sustainable fashion and sportswear must be high on the political agenda:
Three University of Manchester academics who specialise in fashion and textiles have criticised the Government for failing to take action to boost sustainability in the UK fashion and sportswear industries.

In an article published by the University’s policy engagement unit Policy@Manchester to coincide with the 20th annual Recycle Week, Lindsay Pressdee, Dr Amy Benstead and Dr Jo Conlon highlight that, of the one million tonnes of textiles disposed of every year in this country, 300,000 tonnes end up in landfill or incineration with figures suggesting 10 per cent of global CO2 emissions may come from the fashion industry.

And they warn that the damage inflicted by discarded sportswear is often overlooked, “despite an over-reliance on polyester garments, which are harmful to the environment as the fabric releases microfibres and takes hundreds of years to fully biodegrade.”

Sustainable fashion and sportswear must be high on the political agenda:
Three University of Manchester academics who specialise in fashion and textiles have criticised the Government for failing to take action to boost sustainability in the UK fashion and sportswear industries.

In an article published by the University’s policy engagement unit Policy@Manchester to coincide with the 20th annual Recycle Week, Lindsay Pressdee, Dr Amy Benstead and Dr Jo Conlon highlight that, of the one million tonnes of textiles disposed of every year in this country, 300,000 tonnes end up in landfill or incineration with figures suggesting 10 per cent of global CO2 emissions may come from the fashion industry.

And they warn that the damage inflicted by discarded sportswear is often overlooked, “despite an over-reliance on polyester garments, which are harmful to the environment as the fabric releases microfibres and takes hundreds of years to fully biodegrade.”

Pressdee, Benstead and Conlon stress the importance of establishing “sustainable behaviour throughout the supply chain” and praise the European Commission for proposing an “extended producer responsibility (EPR)” for textiles in the EU which “aims to create appropriate incentives to encourage producers to design products that have a reduced environmental impact at the end of their life.”

This contrasts with the UK where, they argue, “tackling sustainability in the fashion industry has lost its place on the political agenda.”

"We are calling on the Government to reintroduce textiles as part of the school curriculum to engage young people in sustainable materials and equip them with the basic skills required to repair clothes.”
Lindsay Pressdee, Dr Amy Benstead and Dr Jo Conlon

The University of Manchester academics contend that there has been “disappointing lack of progress from the UK Government” following the House of Commons Environmental Audit Committee’s Fixing Fashion report in 2019.

They continue: “This report included a call for the use of EPR as well as other important recommendations such as a ban on incinerating or landfilling unsold stock that can be reused or recycled and a tax system that shifts the balance of incentives in favour of reuse, repair and recycling to support responsible companies. We urge the Government to think again and drive forward the Committee’s recommendations in order to put sustainable fashion back on the political agenda.”

Pressdee, Benstead and Conlon also criticise Ministers for abolishing the standalone GCSE in textiles which provided many young people with the ability to mend clothing such as football kits instead of throwing them away.

They write: “We are therefore calling on the Government to reintroduce textiles as part of the school curriculum to engage young people in sustainable materials and equip them with the basic skills required to repair clothes.”

The University of Manchester has launched a new project dedicated to tackling the impact of textile waste in the football industry through the provision of workshops tasked with transforming surplus football shirts into unique reusable tote bags, whilst educating local communities on the environmental impacts of textile waste and how to extend the life of garments. The initiative aims to provide a fun, responsible way to keep kits in circulation while shining a light on the problem.

More information:
United Kingdom politics
Source:

University of Manchester

03.11.2023

Lectra: Financial statements for first nine months of 2023

  • Revenues: 358.3 million euros (-7%)
  • EBITDA before non-recurring items: 59.2 million euros (-17%)
  • Net income: 24.9 million euros (-30%)
  • Free cash flow before non-recurring items: 32.1 million euros
  • 2023 outlook: revised revenues – confirmation of EBITDA before non-recurring items

Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the consolidated financial statements for the third quarter and first nine months of 2023, which have not been reviewed by the Statutory Auditors.

Currency changes between 2022 and 2023 mechanically decreased revenues and EBITDA before non-recurring items by 6.4 million euros (-5%) and 2.8 million euros (-10%) respectively in Q3, and by 7.3 million euros (-2%) and 3.0 million euros (-5%) respectively in the first nine months of the year, at actual exchange rates compared to like-for-like figures.

  • Revenues: 358.3 million euros (-7%)
  • EBITDA before non-recurring items: 59.2 million euros (-17%)
  • Net income: 24.9 million euros (-30%)
  • Free cash flow before non-recurring items: 32.1 million euros
  • 2023 outlook: revised revenues – confirmation of EBITDA before non-recurring items

Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the consolidated financial statements for the third quarter and first nine months of 2023, which have not been reviewed by the Statutory Auditors.

Currency changes between 2022 and 2023 mechanically decreased revenues and EBITDA before non-recurring items by 6.4 million euros (-5%) and 2.8 million euros (-10%) respectively in Q3, and by 7.3 million euros (-2%) and 3.0 million euros (-5%) respectively in the first nine months of the year, at actual exchange rates compared to like-for-like figures.

Business Trends and Outlook
In its 2022 Financial Report, published February 8, 2023, Lectra presented its new roadmap for 2023-2025. The Group also specified that 2023 remained unpredictable given the degraded macroeconomic and geopolitical environment, which resulted in many uncertainties that could continue to weigh on its customers’ investment decisions.

At the beginning of the year, the Group set itself objectives of achieving, in 2023, revenues in the range of 522 to 576 million euros and EBITDA before non-recurring items in the range of 90 to 113 million euros. It subsequently reported on April 27 that it then anticipated revenues in the range of 485 to 525 million euros and EBITDA before non-recurring items in the range of 78 to 95 million euros.

In what continues to be a highly degraded environment in macroeconomic and geopolitical terms, orders and revenues from new systems in Q3 were lower than anticipated by the Group. Recurring revenues, on the other hand, which should account for over 65% of total revenues in 2023, continued to grow in Q3, and provide good visibility. In addition, the initial measures to reduce overhead costs have begun to bear fruit.

In light of these factors, full-year revenues are now anticipated in the range of 474 to 481 million euros, thus slightly lower than anticipated on April 27, and EBITDA before non-recurring items in the range of 78 to 82 million euros, in the lower part of the range indicated on April 27. These scenarios are based on September 30 exchange rates for Q4, including $1.06 to the euro.

Because the Group's customers operate in a highly competitive environment that demands they continue to improve performance, their investments will pick up as soon as the macroeconomic situation improves. Lectra's roadmap for 2023-2025, which was launched on January 1, 2023, will enable the Group to take full advantage of the upturn and accelerate its growth.

3rd edition of Source Home & Gift taking place in February 2024 Photo: Hyve Group
03.11.2023

3rd edition of Source Home & Gift in February 2024

Source Home & Gift continues to go from strength to strength with over 430 exhibitors expected to be at its third edition from 4th – 7th February 2024 at NEC Birmingham.

Uniting global manufacturers and artisan makers who all pride themselves on responsible manufacturing and sustainable production, with key retailers, brands, and contractors, Source Home & Gift increases in size by 25% with producers from UK, China, India, Philippines, Nepal and many more showcasing their wares. Debuting at the show will be pavilions from Senegal and Ghana.

All exhibitors are required to have had a recent audit from Sedex or a recognisable audit institution giving buyers the confidence that they will meet suppliers that have responsible business practices. The show features eight sectors including Homewares, Toys, Packaging, Stationery & Greetings, Gifts, Furniture, Textiles, and Technology & Services.

Source Home & Gift includes a content stage dedicated to presenting and discussing the latest trends and topics in responsible and sustainable manufacturing from internationally renowned industry professionals.

Source Home & Gift continues to go from strength to strength with over 430 exhibitors expected to be at its third edition from 4th – 7th February 2024 at NEC Birmingham.

Uniting global manufacturers and artisan makers who all pride themselves on responsible manufacturing and sustainable production, with key retailers, brands, and contractors, Source Home & Gift increases in size by 25% with producers from UK, China, India, Philippines, Nepal and many more showcasing their wares. Debuting at the show will be pavilions from Senegal and Ghana.

All exhibitors are required to have had a recent audit from Sedex or a recognisable audit institution giving buyers the confidence that they will meet suppliers that have responsible business practices. The show features eight sectors including Homewares, Toys, Packaging, Stationery & Greetings, Gifts, Furniture, Textiles, and Technology & Services.

Source Home & Gift includes a content stage dedicated to presenting and discussing the latest trends and topics in responsible and sustainable manufacturing from internationally renowned industry professionals.

The last show in September was attended by leading retailers and brands including Sainsburys, Dunelm, Haskins Garden Centre, Blue Diamond, Funky Pigeon, M&M, Matalan, Disney, Morrisons, M&S, Next, Costcutter, AIS, Alzheimers Society, Amazon, B&Q, and Card Factory.

Source:

Source Home & Gift by Hyve Group

03.11.2023

Solvay announces Board of Directors for standalone SYENSQO

Solvay announced the future Board of Directors of SYENSQO, effective upon completion of the planned separation of Solvay into two companies – SOLVAY and SYENSQO – which is on track to be completed in December 2023.

SYENSQO’s Board will be composed of 10 members, including 6 independent members, 3 members representing the reference shareholder, Solvac, and the company CEO. They have deep expertise in specialty industries, international business operations, risk management, corporate governance, finance and clean technology.

Solvay announced the future Board of Directors of SYENSQO, effective upon completion of the planned separation of Solvay into two companies – SOLVAY and SYENSQO – which is on track to be completed in December 2023.

SYENSQO’s Board will be composed of 10 members, including 6 independent members, 3 members representing the reference shareholder, Solvac, and the company CEO. They have deep expertise in specialty industries, international business operations, risk management, corporate governance, finance and clean technology.

The following individuals will serve on the SYENSQO Board of Directors:
Rosemary Thorne will serve as independent Director and Chair of the SYENSQO Board, as well as Chair of the Board’s Finance Committee. She is currently an Independent Director on the Solvay Board of Directors, appointed in 2014, and Chair of the Board’s Audit Committee. She is also an Independent Director on the Board of Merrill Lynch International (UK), a wholly-owned subsidiary of Bank of America, serving as Chair of the Audit Committee. Ms. Thorne has decades of financial leadership experience across a wide range of industries. She previously served as Chief Financial Officer at J. Sainsbury, the UK’s largest supermarket chain at the time; Bradford & Bingley; and Ladbrokes. Ms. Thorne previously sat as an Independent Director on the Boards of Royal Mail Group, Cadbury Schweppes, Santander UK, First Global Trust Bank and Smurfit Kappa Group.

Dr. Ilham Kadri will serve as Chief Executive Officer and member of the Board of Directors of SYENSQO. She is currently CEO and President of the Executive Committee at Solvay. Ms. Kadri has successfully led the turnaround of Solvay, delivering double-digit EBITDA growth and 18 consecutive quarters of positive free cash flow, deleveraging the balance sheet and promoting superior people engagement. She is an independent Board member at A.O. Smith and L’Oréal. She is active in non-profit organizations, as Chair of the World Business Council for Sustainable Development (WBCSD), member of the steering committee of the European Round Table of Industrialists (ERT) as well as a permanent member of the World Economic Forum’s International Business Council (WEF). Ms. Kadri has extensive leadership experience across a variety of industries in four continents and with leading industrial multinationals, including Shell, UCB, Huntsman, Dow, Sealed Air. Prior to Solvay, she was CEO and President of Diversey in the USA, led the company’s return to profitability and resulting spin off and divestiture to Bain Capital. She founded two non-Profit foundations: the Solvay Solidarity Fund in Belgium in 2020 which supported more than 7000 families affected by Covid-19 and natural disasters; and founded the ISSA Hygieia Network in 2015 in the USA, to help women in the cleaning industry. She received two Doctor Honoris Clausa from EWHA University in Korea and Université de Namur in Belgium.

Julian Waldron will serve as independent Director and Chair of the Audit Committee. He currently serves as Deputy Executive Chairman of privately-held Albea Group, a global beauty and personal care packaging company which operates 35 facilities in Europe, Asia and the Americas. Mr. Waldron has held senior leadership roles at several leading listed companies in the industrial, technology and services sectors and brings a wealth of expertise in finance and business operations. Prior to joining Albea in 2022, he was Chief Financial Officer of Suez for three years after serving as Chief Financial Officer and subsequently Chief Operating Officer of Technip. He started his career at UBS Warburg where he spent 14 years. Mr. Waldron also served as an independent Board member and Chairman of finance, risk and investments at Carbon Clean, a privately-owned carbon capture company dedicated to achieving net zero.

Heike Van de Kerkhof will serve as independent Director and Chair of the Nomination Committee. She currently sits on the Board of OCI N.V.. Ms. Van de Kerkhof brings more than 30 years of experience in the chemicals, oil & gas and materials industries, having served in numerous leadership roles around the globe. From 2020 to 2023, she was Chief Executive Officer of Archroma Management, a global specialty chemicals company. During her tenure, she successfully completed the transformational acquisition of Huntsman’s Textile Effects business. Prior to her role at Archroma, Ms. Van de Kerkhof served as Vice President of Lubricants, Western Hemisphere at BP, and held positions at Castrol, The Chemours Company, and Neste Corporation. She also held many leading roles within DuPont over 18 years.

Matti Lievonen will serve as independent Director and Chair of the Compensation Committee. He is currently an independent director on the Solvay Board, appointed in 2017. Mr. Lievonen is a proven executive in the energy, forestry, power and automation industries with an extensive track record of leading businesses through climate transition. For over ten years until 2018, he served as Chairman and Chief Executive Officer of Neste Corporation, a global leader in next-generation renewable fuels and chemicals. During his time at Neste, Mr. Lievonen successfully promoted the development of clean fuels as well as Finland’s bioeconomy strategy in advancing renewable transportation fuels. He has also been involved with organizations such as Fortum Board, SSAB, Nynäs AB, Ilmarinen, and the HE Finnish Fair Foundation. Until 2021, Mr. Lievonen was also Chairman of the Board of Directors at Fortum. He has been recognized for his admirable leadership and expertise, and in 2016 was awarded an Honorary Doctorate of Technology by the Aalto University Schools of Technology.

Dr. Françoise de Viron will serve as non-independent Director, Chair of the ESG Committee and Vice-Chair of the Board. She is currently a director of the Solvay Board, appointed in 2013. Ms. de Viron is a regarded academic leader and has extensive experience in innovation, R&D and qualitative research. She is a Professor Emeritus at the Faculty of Psychology and Education Sciences and Louvain School of Management at UCLouvain in Belgium where she has been an Academic Member of various groups at UCLouvain. Ms. de Viron previously served as the president of AISBL EUCEN – the European Universities Continuing Education Network. Prior to her university position, from 1985 to 2000, she was in charge of developing Artificial Intelligence applications at Tractebel S.A. (now Tractebel-Engie).

Roeland Baan will serve as independent Director. He currently serves as President and Chief Executive Officer of Topsoe, a privately-held leading provider of clean energy and petrochemical technologies. He is also Chairman of the Supervisory Board of SBM Offshore NV. Roeland Baan has extensive experience in supply chain management, M&A, business development and operations management. Prior to joining Topsoe in 2020, he was President and CEO of Outokumpu and has held several executive roles at global organizations such as Aleris International, ArcelorMittal and SHV NV. He spent over 16 years in various roles across the globe at Shell, living in South America, in Africa and in the United Kingdom.

Edouard Janssen will serve as non-independent Director. He is currently a Director on the Solvay Board, appointed in 2021. Earlier this year, he was appointed Chief Financial Officer of D’Ieteren Group, a European leader in automotive distribution services. Mr. Janssen is also a Board member of privately-held Financière de Tubize and Union Financière Boël, as well as Co-Founder and Chair of Trusted Family. Mr. Janssen is active in academics, as Vice-Chair of the International Advisory Board of the Solvay Brussels School of Economics and Management and on the advisory board of the INSEAD HGIBS. He brings expertise in finance, strategy, entrepreneurship, business management, planning and marketing. He has served as Solvay’s Vice President in strategy and M&A between 2019 and 2021, and prior to that, he was the US-based General Manager for North- and Latin America at Solvay’s Aroma Performance Global Business Unit.
 
Dr. Mary Meaney will serve as non-independent Director. She is currently a member of the Board of Directors and of the Audit Committee of Groupe Bruxelles Lambert SA. She also sits on the Board of Directors and the Remuneration Committee of Beamery, the privately-held talent management company. She is a member of the Board of Directors and of the Finance Committee of Imperial College, London.Dr. Meaney will bring expertise in Strategy, M&A, and change management, which she acquired over a 24-year career at McKinsey. She was a Senior Partner, served on the McKinsey Shareholders Council and led McKinsey’s global Organization practice.

Nadine Leslie will serve as independent Director and is based in the United States of America. She is currently a member of the Board of Directors of Provident Financial Services , as well as a Non-Executive Director of Seven Seas Water Corporation, a water and wastewater treatment multinational company. She also sits on the Board of Trustees of Hackensack Meridian Health Network and is active as strategic consultant for civil engineering firm T&M Associates. Over a 22-year career at Suez, Ms. Leslie held several leadership positions, the last one being Chief Executive Officer of Suez North America, until 2022. Previously she served as Executive Vice President Health & Safety.

More information:
Solvay Board of Directors
Source:

Solvay

11.08.2023

Intertextile Shanghai Home Textiles 2023 taking place 16 – 18 August 2023

From 16 – 18 August 2023, 1,022 exhibitors from 13 countries and regions will occupy four halls and 100,000 sqm gross at the National Exhibition and Convention Center (Shanghai). This Autumn Edition of Intertextile Shanghai Home Textiles will return to its regular format, as a comprehensive platform held separately from Messe Frankfurt’s other autumn textile fairs. Complementing the strong lineup of exhibitors over all three days, a varied selection of fringe events will communicate key insights, offer industry specific inspiration, and facilitate cross-sector exchanges for fairgoers.

Buyers from 66 countries and regions have already pre-registered for the show, while a range of international brands are preparing to showcase their latest innovations. Multiple exhibitors will gather according to origin, with three country and region pavilions a must-see for fairgoers seeking exotic home textiles:

From 16 – 18 August 2023, 1,022 exhibitors from 13 countries and regions will occupy four halls and 100,000 sqm gross at the National Exhibition and Convention Center (Shanghai). This Autumn Edition of Intertextile Shanghai Home Textiles will return to its regular format, as a comprehensive platform held separately from Messe Frankfurt’s other autumn textile fairs. Complementing the strong lineup of exhibitors over all three days, a varied selection of fringe events will communicate key insights, offer industry specific inspiration, and facilitate cross-sector exchanges for fairgoers.

Buyers from 66 countries and regions have already pre-registered for the show, while a range of international brands are preparing to showcase their latest innovations. Multiple exhibitors will gather according to origin, with three country and region pavilions a must-see for fairgoers seeking exotic home textiles:

  • Belgium Pavilion: products on show include bedding fabrics and sets, curtains and curtain fabrics, sofa covers, upholstery, and much more. With the pavilion set to feature a number of Belgian brands, its highlighted exhibitors are Libeco and Love Home Fabrics.
  • Taiwan (China) Pavilion: multiple Taiwanese exhibitors, including JWL Fabrics Co Ltd, Maxland Home Textile Industrial Co Ltd, and Vanttex International Co Ltd, will demonstrate specific examples of the varied applications of their home textiles.
  • Türkiye Pavilion: organised by Uludag Textile Exporters’ Association (UTIB), the pavilion will showcase a range of curtains, upholstery fabrics, and other home textiles, from suppliers such as Aleran Tekstil Inşaat Gida Sanayi Ve Ticaret Ltd Şti, Küçükçalik Tekstil San Ve Tic A Ş and Weavers Tekstil San Ve Tic A Ş.

Beyond the pavilions, buyers can easily locate their desired home and contract textiles via conveniently placed product zones, covering categories such as curtain and curtain fabrics; sun protection and window shades; upholstery and sofa fabrics; furniture leather; bedding and editors; loungewear and bath; and rugs. Wide-ranging suppliers from China and beyond will showcase their various products, featuring international exhibitors such as Elastron – Leather & Fabrics, Morgan and PT Sinar Continental; and well-known domestic manufacturers including Hangzhou Aico Home Textile Co Ltd, Huatex International (Hangzhou) Co Ltd and Zhe Jiang Maya Fabric Co Ltd.

Fringe programme: keeping fairgoers up-to-date with range of industry developments
Business exchange at Intertextile Shanghai Home Textiles will once again be supplemented by multiple concurrent events, for home textile players to learn more about the latest industry innovations, as well as upcoming design trends. These include:

  • International Intertextile Trend Forum 2023–2024: held in the afternoon of day one, the event will be hosted by a prominent member of the ‘2023 – 2024 Intertextile International Lifestyle Trend’ trend committee, Mr Shen Lei, joined on the panel by multiple designers. They will discuss various impacts on designs, such as sustainability’s effect, the influence of emerging technologies, and international integration and localised expression.
  • IKASAS Japanese Home Design Gallery and themed seminar: the leading Japanese furniture brand IKASAS will utilise a display area to illustrate its unique design philosophy, by showcasing innovative furniture products that predominantly align with contemporary trends. The company’s founder, Mr Akiyuki Sasaki, will delve deeper into his design views in a seminar held on the morning of day one.
  • The New Power of Healthy Home Decoration Environment: a first-time collaboration with CRECC Full Decoration Council, the cross-sector conference in Hall 5.1 on day two will welcome keynote speakers from the real estate industry, to discuss topical insights at the intersection of realty and home textiles. The audience will come away with a widened scope of the different applications and demands of home textiles, and an ability to more accurately identify business opportunities within the property market.
Source:

Messe Frankfurt (HK) Ltd

28.07.2023

Lectra: Financial statements for the first half of 2023

  • Revenues: 239.6 million euros (-4%)*
  • EBITDA before non-recurring items: 35.3 million euros (-21%)*
  • Net income: 13.9 million euros (-31%)
  • Free cash flow before non-recurring items: 16.6 million euros (+13%)

Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the consolidated financial statements for the first half of 2023, which have been subject to a limited review by the Statutory Auditors.

Comparisons between 2023 and 2022 are based on 2022 exchange rates unless otherwise stated (“like-for-like”). As the impact of the acquisition of TextileGenesis (see press release dated December 8, 2022) on the financial statements for 2023 is not material, like-for-like changes exclude only the variations in exchange rates.

  • Revenues: 239.6 million euros (-4%)*
  • EBITDA before non-recurring items: 35.3 million euros (-21%)*
  • Net income: 13.9 million euros (-31%)
  • Free cash flow before non-recurring items: 16.6 million euros (+13%)

Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the consolidated financial statements for the first half of 2023, which have been subject to a limited review by the Statutory Auditors.

Comparisons between 2023 and 2022 are based on 2022 exchange rates unless otherwise stated (“like-for-like”). As the impact of the acquisition of TextileGenesis (see press release dated December 8, 2022) on the financial statements for 2023 is not material, like-for-like changes exclude only the variations in exchange rates.

Business Trends and Outlook
In its 2022 Annual Financial Report, published February 8, 2023, Lectra presented its new roadmap for 2023-2025. The Group also specified that 2023 remained unpredictable given the degraded macroeconomic and geopolitical environment, which lead to numerous uncertainties that could continue to weigh upon the investment decisions of its customers.

At the beginning of the year, the Group had set itself objectives of achieving, in 2023, revenues in the range of 522 to 576 million euros and EBITDA before non-recurring items in the range of 90 to 113 million euros.

Given the delay in orders for new systems in the first quarter, and poor visibility on new systems orders for subsequent quarters, the Group reported on April 27 that it now anticipated revenues in the range of 485 to 525 million euros (-5% to +3% at constant exchange rates relative to 2022) and EBITDA before non-recurring items in the range of 78 to 95 million euros (-15% to +3% at constant exchange rates relative to 2022). The Group also noted that despite limited visibility regarding new systems orders over the next few quarters, there is strong visibility regarding recurring revenues, which should enjoy substantial growth and account for 65% of total revenues in 2023. These revised scenarios had been prepared on the basis of the closing exchange rates on April 27, 2023, for the remaining nine months of the year, and particularly $1.10/€1.

The results of the second quarter support these revised objectives.

A 1-cent appreciation of the euro against the U.S. dollar in the second half of the year (at an exchange rate of $1.10/€1) would mechanically decrease revenues by approximately 1.0 million euros and EBITDA before non-recurring items by 0.45 million euros. On the contrary, a 1-cent fall in the euro against the dollar would mechanically raise revenues and EBITDA before non-recurring items by the same amounts.

Because the Group's customers operate in a highly competitive environment that demands they continue to improve performance, their investments will pick up as soon as the macroeconomic situation improves. Lectra's roadmap for 2023-2025, which was launched on January 1, 2023, will enable the Group to take full advantage of the upturn and accelerate its growth.

03.05.2023

Lectra: Financial statements for Q1 2023

  • Revenues: 123.7 million euros (stable)*
  • EBITDA before non-recurring items: 19.7 million euros (-12%)*
  • Net income: 7.3 million euros (-21%)
  • Free cash flow before non-recurring items: 9.2 million euros
  • Revised 2023 outlook due to wait-and-see attitude of customers

Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the unaudited consolidated financial statements for the first quarter of 2023. Comparisons between 2023 and 2022 are based on 2022 exchange rates unless otherwise stated (“like-for-like”). As the impact of the acquisition of TextileGenesis on the financial statements for 2023 is not material, like-for-like changes exclude only the variations in exchange rates.

See the attached document for more details about the financial statements.

  • Revenues: 123.7 million euros (stable)*
  • EBITDA before non-recurring items: 19.7 million euros (-12%)*
  • Net income: 7.3 million euros (-21%)
  • Free cash flow before non-recurring items: 9.2 million euros
  • Revised 2023 outlook due to wait-and-see attitude of customers

Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the unaudited consolidated financial statements for the first quarter of 2023. Comparisons between 2023 and 2022 are based on 2022 exchange rates unless otherwise stated (“like-for-like”). As the impact of the acquisition of TextileGenesis on the financial statements for 2023 is not material, like-for-like changes exclude only the variations in exchange rates.

See the attached document for more details about the financial statements.

(c) Source Fashion by Hyve
21.04.2023

Source Fashion returns July 2023

Source Fashion returns to London Olympia on 16-18th July, more than doubling in size and welcoming over 300 exhibitors from around the world.

Source Fashion offers a platform for decision-makers in buying, sourcing and procurement, with the reassurance of knowing that every exhibitor has been audited to ensure sustainability and transparency remains at the heart of their business model. The February launch show welcomed over 130 manufacturers from 20 countries including the UK, Peru, Cambodia, Pakistan, Turkey, China, India, Portugal, Hong Kong, Italy, and Greece, attracting nearly 5,000 visitors from leading retailers and brands including John Lewis, M&S, Sainsbury’s, Tesco, All Saints, Asos, Ted Baker, Bella Freud, FILA, Fred Perry, Matalan, Monsoon, Stitch Fix, Urban Outfitters, Very Group, and many more.

Source Fashion returns to London Olympia on 16-18th July, more than doubling in size and welcoming over 300 exhibitors from around the world.

Source Fashion offers a platform for decision-makers in buying, sourcing and procurement, with the reassurance of knowing that every exhibitor has been audited to ensure sustainability and transparency remains at the heart of their business model. The February launch show welcomed over 130 manufacturers from 20 countries including the UK, Peru, Cambodia, Pakistan, Turkey, China, India, Portugal, Hong Kong, Italy, and Greece, attracting nearly 5,000 visitors from leading retailers and brands including John Lewis, M&S, Sainsbury’s, Tesco, All Saints, Asos, Ted Baker, Bella Freud, FILA, Fred Perry, Matalan, Monsoon, Stitch Fix, Urban Outfitters, Very Group, and many more.

Suzanne Ellingham, Director of Sourcing of Source Fashion; “We couldn't have asked for a better first show. Leading retailers attended keen to source new, and crucially audited, producers and manufacturers. We champion responsibility, and sustainability isn’t just an addition to our show, it is our core value. We unite manufacturers practicing environmental, transparent, and fair-trade methods, with buyers looking to source sustainably.

“Our next show will be even bigger and better – we have already doubled the size of our floorplan for July and have been overwhelmed by the interest from both exhibitors and visitors. The global sustainability market is expected to grow by 24% annually in the next seven years according to Meta, which means now more than ever, brands are on the hunt for new sustainable manufacturers and suppliers to source from and the growth rate is staggering for Source Fashion. It is going to be firmly established as a significant platform for responsible sourcing by its second show.”

Source:

Source Fashion by Hyve / Good Results

21.04.2023

Rieter: Annual General Meeting 2023

Shareholders Adopt All Motions Proposed by the Board of Directors

  • Distribution of a dividend of CHF 1.50 per share approved
  • Remuneration Report 2022 and future remuneration of Board of Directors and Group Executive Committee formally accepted
  • All members of the Board of Directors who stood for re-election were elected
  • Thomas Oetterli newly appointed to the Board of Directors
  • KPMG newly elected as statutory auditors
  • Amendments to the Articles of Association approved

On April 20, 2023, 325 shareholders, who represent 66.2% of the share capital, attended the 132nd Annual General Meeting of Rieter Holding Ltd.

Dividend
The shareholders approved the proposal of the Board of Directors to distribute a dividend of CHF 1.50 per share. The dividend for the 2022 financial year will be paid on April 24, 2023.

Shareholders Adopt All Motions Proposed by the Board of Directors

  • Distribution of a dividend of CHF 1.50 per share approved
  • Remuneration Report 2022 and future remuneration of Board of Directors and Group Executive Committee formally accepted
  • All members of the Board of Directors who stood for re-election were elected
  • Thomas Oetterli newly appointed to the Board of Directors
  • KPMG newly elected as statutory auditors
  • Amendments to the Articles of Association approved

On April 20, 2023, 325 shareholders, who represent 66.2% of the share capital, attended the 132nd Annual General Meeting of Rieter Holding Ltd.

Dividend
The shareholders approved the proposal of the Board of Directors to distribute a dividend of CHF 1.50 per share. The dividend for the 2022 financial year will be paid on April 24, 2023.

Annual Report, Financial Statements, Consolidated Financial Statements and Remuneration Report
The shareholders also adopted all other motions proposed by the Board of Directors, namely approval of the annual report, financial and consolidated financial statements for 2022. Moreover, they formally approved the actions of the members of the Board of Directors and those of the Group Executive Committee in the year under review.

By way of a consultative vote, the shareholders also approved the Remuneration Report 2022.

Remuneration of the Members of the Board of Directors and the Group Executive Committee
In two separate binding votes, the proposed maximum total remuneration of the members of the Board of Directors and the Group Executive Committee for the 2024 financial year was approved.

Re-Election of the Members of the Board of Directors
The Chairman of the Board, Bernhard Jucker, and the Directors, Hans-Peter Schwald, Peter Spuhler, Roger Baillod, Carl Illi, Sarah Kreienbühl and Daniel Grieder were confirmed for a further one-year term of office. In addition, Thomas Oetterli was newly elected to the Board of Directors for a term of office.

The members of the Remuneration Committee who were standing for election –
Hans-Peter Schwald, Bernhard Jucker and Sarah Kreienbühl – were likewise re-elected for a one-year term of office.

Election of KPMG as Statutory Auditors
The shareholders also adopted the proposal of the Board of Directors to elect KPMG AG, Zurich, as new statutory auditors for the financial year beginning January 1, 2023.

Amendments to the Articles of Association
The shareholders further approved the proposals of the Board of Directors to amend the Articles of Association of Rieter Holding Ltd., in order to implement the requirements of the reform of the Swiss company law, which came into force on January 1, 2023.

Source:

Rieter Holding Ltd.

24.03.2023

Autoneum: All proposals approved at Annual General Meeting 2023

At the Annual General Meeting of Autoneum Holding Ltd on 24th March 2023, a clear majority of the shareholders approved the introduction of a capital band in the amount of approximately CHF 100 million net proceeds to finance the acquisition of Borgers Automotive. The proposal to waive the payment of a dividend for the 2022 financial year in view of the lower net result was also approved. In addition, Board member Rainer Schmückle as well as CEO Matthias Holzammer were given a farewell.

221 shareholders attended today’s Annual General Meeting of Autoneum Holding Ltd in Winterthur. 66.48 percent of the share capital was represented.

The shareholders approved the Annual Report, the Annual Financial Statements and the Consolidated Financial Statements for 2022. The proposal of the Board of Directors to waive the payment of a dividend for the financial year 2022 due to the lower net result was also approved by the Annual General Meeting.

In addition, the shareholders of Autoneum Holding Ltd granted discharge to all members of the Group Executive Board and the Board of Directors by a large majority of votes.

At the Annual General Meeting of Autoneum Holding Ltd on 24th March 2023, a clear majority of the shareholders approved the introduction of a capital band in the amount of approximately CHF 100 million net proceeds to finance the acquisition of Borgers Automotive. The proposal to waive the payment of a dividend for the 2022 financial year in view of the lower net result was also approved. In addition, Board member Rainer Schmückle as well as CEO Matthias Holzammer were given a farewell.

221 shareholders attended today’s Annual General Meeting of Autoneum Holding Ltd in Winterthur. 66.48 percent of the share capital was represented.

The shareholders approved the Annual Report, the Annual Financial Statements and the Consolidated Financial Statements for 2022. The proposal of the Board of Directors to waive the payment of a dividend for the financial year 2022 due to the lower net result was also approved by the Annual General Meeting.

In addition, the shareholders of Autoneum Holding Ltd granted discharge to all members of the Group Executive Board and the Board of Directors by a large majority of votes.

Chairman Hans-Peter Schwald and the other members of the Board of Directors Liane Hirner, Norbert Indlekofer, Michael Pieper, Oliver Streuli and Ferdinand Stutz were confirmed in office for another year. Hans-Peter Schwald, Norbert Indlekofer, Ferdinand Stutz and Oliver Streuli were re-elected to the Compensation Committee.

The consultative vote on the 2022 remuneration report was approved by 85.55%. The proposals for the remuneration of the Board of Directors and the Group Executive Board for the 2023 financial year as well as the other proposals were also approved by a large majority.

With 99.03%, a clear majority of the shareholders approved a capital band authorizing a capital increase of approximately CHF 100 million net proceeds. The purpose of the capital increase is to partially finance the acquisition of the automotive business of the Borgers Group announced by Autoneum on January 9, 2023. The Annual General Meeting also approved the other proposals of the Board of Directors for partial amendments to the Articles of Association.

Rainer Schmückle did not stand for re-election. He had been Vice Chairman of the Board of Directors, Chairman of the Audit Committee and member of the Strategy and Sustainability Committee since Autoneum became independent in 2011. CEO Matthias Holzammer, who will leave Autoneum for family reasons, was also bid farewell.

At the same time, Hans-Peter Schwald welcomed the new CEO Eelco Spoelder, who will take over the management of the Group from Matthias Holzammer on March 27, 2023: "With Eelco Spoelder, Autoneum gains an accomplished leader with many years of experience in the automotive supply industry. At Faurecia and previously at Continental, Mr. Spoelder has successfully proven that he can ensure strategic continuity and operational excellence even in a difficult market environment. I and the other members of the Board of Directors warmly welcome Eelco Spoelder and look forward to our future cooperation."

Source:

Autoneum Holding AG

(c) IFCO
10.03.2023

Successful third edition of Istanbul Fashion Connection

The third edition of IFCO Istanbul Fashion Connection took place from 8 to 11 February 2023. At the largest IFCO to date, 588 exhibitors in a total of 9 halls at the Istanbul Expo Center met more than 10,000 international trade visitors from 134 countries such as Brazil, Canada, Chile, Colombia, Germany, Malaysia, Mexico, Nigeria, Panama, Saudi Arabia, South Africa, South Korea, Thailand, UK, United Arab Emirates. 45% of the visitors were from 134 countries and 55% of visitors were domestic. The largest group of foreign visitors came from Asia (33%), Middle East (33%), Europe (19%) and Africa (13%).

Divided into clear cut exhibition segments on a total of 100,000 sqm of exhibition space brands and manufacturers showed the latest collections from the areas of womenswear, menswear, kidswear, denim, sportswear, evening and weddingwear, lingerie, hosiery, leather & furs.

The third edition of IFCO Istanbul Fashion Connection took place from 8 to 11 February 2023. At the largest IFCO to date, 588 exhibitors in a total of 9 halls at the Istanbul Expo Center met more than 10,000 international trade visitors from 134 countries such as Brazil, Canada, Chile, Colombia, Germany, Malaysia, Mexico, Nigeria, Panama, Saudi Arabia, South Africa, South Korea, Thailand, UK, United Arab Emirates. 45% of the visitors were from 134 countries and 55% of visitors were domestic. The largest group of foreign visitors came from Asia (33%), Middle East (33%), Europe (19%) and Africa (13%).

Divided into clear cut exhibition segments on a total of 100,000 sqm of exhibition space brands and manufacturers showed the latest collections from the areas of womenswear, menswear, kidswear, denim, sportswear, evening and weddingwear, lingerie, hosiery, leather & furs.

In the new high-quality designer area The CORE İSTANBUL, internationally renowned designers from Istanbul Fashion Week presented their exciting and creative designs.
“The Core is the premier platform that connects local fashion designers with the international fashion market. Our mission is to showcase the work of Istanbul´s talented designers who are dedicated to creating unique and innovative fashion designs while embracing conscious and sustainable practices.”, says Günes Güner, curator of The Core.

Even more design power was on display at the KOZA Design Competition for young fashion creators. IMA Istanbul Moda Akademisi was responsible for the design of the IMA LAB trend zone at IFCO. In the creative space, the trends and themes of the coming season were taken up and presented in a visually elaborate way. Euphoric Recall encompasses colourful, playful 70's vibes, Metasphere describes the return of glitter and metallic with a futuristic touch. The New Gen area featured pieces by up-and-coming designers of the next generation.

In two separate halls, LinExpo gave an overview of lingerie and hosiery. As a part of IFCO 145 manufacturers presented themselves here.

A large selection of high-quality bridal and evening dresses and suits were shown in the FashionIST area.

In the IFCO Sourcing area, especially designed for production, trade visitors networked directly with international production companies such as Bozkurt, Bilce Tekstil, Gelişim, Karar, Cemsel, Bozpa, Demezoğlu, Zevigas and more.

The next IFCO is scheduled from August 9 to 11, 2023.

Source:

IFCO

10.02.2023

Lectra: Annual financial results of 2022

  • Revenues: 521.9 million euros (+35%)
  • EBITDA before non-recurring items: 98.4 million euros (+51%)
  • Net income: 43.8 million euros (+55%)
  • Free cash flow before non-recurring items: 43.7 million euros
  • Dividend*: €0.48 per share (+33%)

Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the consolidated financial statements for the fiscal year 2022. Audit procedures have been performed by the Statutory Auditors. The certification report will be issued at the end of the Board of Director’s meeting of February 23, 2023.

To facilitate the analysis of the Group’s results, the financial statements are compared to those published in 2021 and to the 2021 pro forma financial statement (“2021 Pro forma”), prepared by integrating the three acquisitions made in 2021 – Gerber Technology (“Gerber”), Neteven, and Gemini CAD Systems (“Gemini”) – as if they had been consolidated from January 1, 2021, whereas they have been consolidated since June 1, July 28 and September 27, 2021 respectively.

  • Revenues: 521.9 million euros (+35%)
  • EBITDA before non-recurring items: 98.4 million euros (+51%)
  • Net income: 43.8 million euros (+55%)
  • Free cash flow before non-recurring items: 43.7 million euros
  • Dividend*: €0.48 per share (+33%)

Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the consolidated financial statements for the fiscal year 2022. Audit procedures have been performed by the Statutory Auditors. The certification report will be issued at the end of the Board of Director’s meeting of February 23, 2023.

To facilitate the analysis of the Group’s results, the financial statements are compared to those published in 2021 and to the 2021 pro forma financial statement (“2021 Pro forma”), prepared by integrating the three acquisitions made in 2021 – Gerber Technology (“Gerber”), Neteven, and Gemini CAD Systems (“Gemini”) – as if they had been consolidated from January 1, 2021, whereas they have been consolidated since June 1, July 28 and September 27, 2021 respectively.

See attached document for full report.

Source:

Lectra

10.02.2023

adidas: Top- and bottom-line outlook for 2023

adidas published its financial guidance for 2023. While the company continues to review future options for the utilization of its Yeezy inventory, this guidance already accounts for the significant adverse impact from not selling the existing stock. This would lower revenues by around € 1.2 billion and operating profit by around € 500 million this year. Against this background, adidas expects currency-neutral sales to decline at a high-single-digit rate in 2023. The company’s underlying operating profit is projected to be around the break-even level.

Should the company irrevocably decide not to repurpose any of the existing Yeezy product going forward, this would result in the write-off of the existing Yeezy inventory and would lower the company’s operating profit by an additional € 500 million this year. In addition, adidas expects one-off costs of up to € 200 million in 2023. These costs are part of a strategic review the company is currently conducting aimed at reigniting profitable growth as of 2024.

If all these effects were to materialize, the company would expect to report an operating loss of € 700 million in 2023.

adidas published its financial guidance for 2023. While the company continues to review future options for the utilization of its Yeezy inventory, this guidance already accounts for the significant adverse impact from not selling the existing stock. This would lower revenues by around € 1.2 billion and operating profit by around € 500 million this year. Against this background, adidas expects currency-neutral sales to decline at a high-single-digit rate in 2023. The company’s underlying operating profit is projected to be around the break-even level.

Should the company irrevocably decide not to repurpose any of the existing Yeezy product going forward, this would result in the write-off of the existing Yeezy inventory and would lower the company’s operating profit by an additional € 500 million this year. In addition, adidas expects one-off costs of up to € 200 million in 2023. These costs are part of a strategic review the company is currently conducting aimed at reigniting profitable growth as of 2024.

If all these effects were to materialize, the company would expect to report an operating loss of € 700 million in 2023.

In 2022, based on preliminary unaudited numbers, adidas revenues increased 1% in currencyneutral terms. In reported terms, sales were up 6% to € 22,511 million during the 12-months period (2021: € 21,234 million). The company’s gross margin reached a level of 47.3% (2021: 50.7%) in 2022. adidas generated an operating profit of € 669 million last year (2021: € 1,986 million), reflecting an operating margin of 3.0% (2021: 9.4%). Net income from continuing operations was € 254 million in 2022 (2021: € 1,492 million).

Source:

adidas AG

(c) nova-Institut GmbH
24.01.2023

Six nominees for„Cellulose Fibre Innovation of the Year 2023“

For the third time, nova-Institute awards the “Cellulose Fibre Innovation of the Year” award in the frame of the “Cellulose Fibres Conference 2023” (8-9 March 2023). The conference advisory board nominated six remarkable products, including cellulose fibres from textile waste, banana production waste and bacterial pulp, a novel technology for producing lyocell yarns and a hygiene product. The innovations will be put to the vote of the conference audience on the first day of the event, with the awards ceremony taking place in the evening. The innovation award “Cellulose Fibre Innovation of the Year 2023” is sponsored by GIG Karasek (AT).

For the third time, nova-Institute awards the “Cellulose Fibre Innovation of the Year” award in the frame of the “Cellulose Fibres Conference 2023” (8-9 March 2023). The conference advisory board nominated six remarkable products, including cellulose fibres from textile waste, banana production waste and bacterial pulp, a novel technology for producing lyocell yarns and a hygiene product. The innovations will be put to the vote of the conference audience on the first day of the event, with the awards ceremony taking place in the evening. The innovation award “Cellulose Fibre Innovation of the Year 2023” is sponsored by GIG Karasek (AT).

Here are the six nominees
Vybrana – The new generation banana fibre – GenCrest Bioproducts (India)

Vybrana is a Gencrest’s Sustainable Cellulosic Fibre upcycled from agrowaste. Raw fibres are extracted from the Banana Pseudo stem at the end of the plant lifecycle. The biomass waste is then treated by the Gencrest patented Fiberzyme technology. Here, cocktail enzyme formulations remove the high lignin content and other impurities and help fibre fibrillation. The company's proprietary cottonisation process provides fine, spinnable cellulose staple fibres suitable for blending with other staple fibres and can be spun on any conventional spinning systems giving yarns sustainable apparel. Vybrana is produced without the use of heavy chemicals and minimized water consumption and in a waste-free process where balance biomass is converted to bio stimulants Agrosatva and Bio Fertilizers & organic manure.

HeiQ AeoniQ™ – technology for more sustainability of textiles – HeiQ (Austria)
HeiQ AeoniQ™ is the disruptive technology and key initiative from HeiQ with the potential to change the sustainability of textiles. It is the first climate-positive continuous cellulose filament yarn, made in a proprietary manufacturing process and the first to reproduce the properties of polyester and nylon yarns in a cellulosic, biodegradable, and endlessly recyclable fibre.
HeiQ AeoniQ™ can be manufactured from different cellulosic raw materials such as pre- and post-consumer textile waste, biotech cellulose, and non-valorized agricultural waste, such as ground coffee waste or banana peels. It naturally degrades after only 12 weeks in the soil. Each ton of HeiQ AeoniQ™ saves 5 tons of CO2 emissions. The first garments made with this innovative cellulosic filament fiber were commercially launched in January 2023.

TENCEL™ LUXE – lyocell filament yarn – Lenzing (Austria)
TENCEL™ LUXE is LENZING’s new versatile lyocell yarn that offers an urgently needed sustainable filament solution for the textile and fashion industry. A possible botanical alternative for silk, long-staple cotton, and petrol-based synthetic filaments, is derived from wood grown in renewable, sustainably managed forests, and produced in an environmentally sound, closed-loop process that recycles water and reuses more than 99 % of organic solvent. Certified by The Vegan Society, it is suitable for a wide range of applications and fabric developments, from finer high fashion propositions to denim constructions, seamless and activewear innovations, and even agricultural and technical solutions.

Nullarbor™ – Nanollose & Birla Cellulose (Australia/India)
In 2020, Nanollose & Birla Cellulose started a journey to develop and commercialize tree-free lyocell from bacterial cellulose, called Nullarbor™. The name derives from the Latin “nulla arbor” which means “no trees”. Initial lab research at both ends led to a joint patent application with the patent “production of high-tenacity lyocell fibres made from bacterial cellulose”.
Nullarbor is significantly stronger than lyocell made from wood-based pulp; even adding small amounts of bacterial cellulose to wood pulp increases the fibre toughness. In 2022, the first pilot batch of 260kg was produced with 20 % bacterial pulp share. Several high-quality fabrics and garments were produced with this fibre. The collaboration between Nanollose & Birla Cellulose now focuses on increasing the production scale and amount of bacterial pulp in the fibre.

Circulose® – makes fashion circular – Renewcell (Sweden)
Circulose® made by Renewcell is a branded dissolving pulp made from 100 % textile waste, like worn-out clothes and production scraps. It provides a unique material for fashion that is 100 % recycled, recyclable, biodegradable, and of virgin-equivalent quality. It is used by fibre producers to make staple fibre or filaments like viscose, lyocell, modal, acetate or other types of man-made cellulosic fibres. In 2022, Renewcell, opened the world’s first textile-to-textile chemical recycling plant in Sundsvall, Sweden – Renewcell 1. The plant will eventually reach 120,000 tons of annual capacity.

Sparkle sustainable sanitary pads – Sparkle Innovations (United States)
Globally, around 300 billion period products are discarded every year, resulting in millions of tons of non-biodegradable waste. Since most conventional sanitary pads contain up to 90 % plastics, they do not biodegrade for around 600 years. Sparkle has designed sustainable, plastic-free, biodegradable and compostable Sparkle sanitary pads. From product to packaging, they are made up of around 90 % cellulose-based materials with top sheet, absorbent core, release paper, wrapping paper and packaging made of cellulose-based fibres. Whether Sparkle pads end up in a compost pit, are incinerated or end up in a landfill, they are a more sustainable alternative compared to conventional pads that contain large amounts of plastics, complex petro-chemical based ingredients and artificial fragrances. When tested according to ISO 14855-1 by a leading independent lab in Europe, Sparkle pads reached over 90 % absolute biodegradation within 90 days in commercial composting conditions.

13.01.2023

Source Fashion: New international fashion sourcing platform in UK

The international fashion sourcing platform Source Fashion, taking place from 12th – 14th February at Olympia London, has announced a compelling line-up of country pavilions and over 150 audited, quality manufacturers from around the world including Peru, India, China, Pakistan, Italy, Spain, Greece, North Macedonia,  the UAE, Madagascar, Jordan, Uzbekistan, Turkey, the UK and many more who will join the inaugural show, which runs parallel to Pure London.

Bringing a textile pavilion to the UK for the first time, the Peru Pavilion will showcase six manufacturers specialising in high-quality alpaca wool from the raw material right through to garment production, as well as cotton and other natural mixtures.

The international fashion sourcing platform Source Fashion, taking place from 12th – 14th February at Olympia London, has announced a compelling line-up of country pavilions and over 150 audited, quality manufacturers from around the world including Peru, India, China, Pakistan, Italy, Spain, Greece, North Macedonia,  the UAE, Madagascar, Jordan, Uzbekistan, Turkey, the UK and many more who will join the inaugural show, which runs parallel to Pure London.

Bringing a textile pavilion to the UK for the first time, the Peru Pavilion will showcase six manufacturers specialising in high-quality alpaca wool from the raw material right through to garment production, as well as cotton and other natural mixtures.

The main Indian Pavilion at this year’s Source Fashion, in collaboration with the Wool and Woollens Export Promotion Council, will showcase 20 established garment and textile exporters specialising in wool, woollen and acrylic fibres. The exhibitors will be showing full garments including men’s, women’s and kidswear as well as a selection of fabrics and raw materials. These exhibitors are regular export partners to the UK retail industry and already work with some big retailers in white label production.

The China Pavilion will present a selection of high-quality Chinese manufacturers ranging from full garment manufacturing through to raw materials, fabrics, cashmere and components.

Other producers and manufacturers attending Source Fashion from across Europe and the UK include:

  • Mivania - an Italian knitwear manufacturer producing garments in 100% cashmere and cashmere blends.
  • SATCoL (Salvation Army Trading Company) - a charity-owned textiles collector in the UK, actively working with retailers to reduce their carbon footprints.
  • Kusilas - a Spanish company monitoring all the stages of the production process.
  • Prime Casual - based in Leicester, UK, they specialise in the design and manufacture of ladies clothing from fast fashion, wholesale to bespoke tailoring.
  • Athos Pallas - a fashion and textile agency located in Thessaloniki, Greece.

 

Source:

Source Fashion by Hyve / Good Results PR

16.12.2022

Third edition of Istanbul Fashion Connection in 2023

From February 8th to 11th, 2023, the third edition of IFCO, Istanbul Fashion Connection will take place in the Istanbul Exhibition Center.

The fair with over 600 exhibitors in 9 halls gives an overview of the new collections in the areas of womenswear, menswear, kidswear, denim, shoes, leather & furs. Separate platforms at IFCO are LinExpo for lingerie and hosiery and FashionIST with a wide range of wedding dresses, evening wear and suits. IFCO Sourcing, a new area at IFCO, offers the opportunity to find numerous companies for sourcing capacities.

Also new is the partnership with Igedo Exhibitions, Düsseldorf, which is responsible for the EUROPEAN SELECTION area at IFCO. International fashion labels present themselves at the fair as part of this participation.

More than 25,000 visitors from over 100 nations from all sales channels, from department stores and boutiques to online platforms from Eastern Europe, the Central Asian markets and the Arabian Gulf region, alongside buyers from Türkiye are expected at the show.

From February 8th to 11th, 2023, the third edition of IFCO, Istanbul Fashion Connection will take place in the Istanbul Exhibition Center.

The fair with over 600 exhibitors in 9 halls gives an overview of the new collections in the areas of womenswear, menswear, kidswear, denim, shoes, leather & furs. Separate platforms at IFCO are LinExpo for lingerie and hosiery and FashionIST with a wide range of wedding dresses, evening wear and suits. IFCO Sourcing, a new area at IFCO, offers the opportunity to find numerous companies for sourcing capacities.

Also new is the partnership with Igedo Exhibitions, Düsseldorf, which is responsible for the EUROPEAN SELECTION area at IFCO. International fashion labels present themselves at the fair as part of this participation.

More than 25,000 visitors from over 100 nations from all sales channels, from department stores and boutiques to online platforms from Eastern Europe, the Central Asian markets and the Arabian Gulf region, alongside buyers from Türkiye are expected at the show.

The declared goal of the organizers is to offer a "one-stop shopping solution" with IFCO that shows the creativity of the Turkish fashion scene, enables access to new sales markets and at the same time establishes the connection to potential production partners for supply chain optimization. The competitive advantages of production in Türkiye are evident:
short delivery times, high production quality, young and well-trained employees, the possibility of small minimum order quantities, a vertical textile and clothing industry that allows "one-stop shopping".

The manufacturing sector is an important sector for the industry, with over 80% of companies in Türkiye engaged in this sector. Türkiye has the fastest economic growth among the G20 after Saudi Arabia at 7.6% year-on-year in the second quarter of 2022, according to the Turkish Statistics Authority. Export is one of the most important pillars of growth.

The trade fair concept is being supported by the government with several programs. These include the cooperation with IMA, Istanbul ModaAkademisi, which regularly produces design talents becoming an integral part of the international fashion scene. IMA was founded in 2007 by ITKIB / IHKIB with the help of the IPA I program ((IPA: Instrument for Pre Accession Funds, provided by the EU for the EU candidate countries). Young design talents are brought to the stage at IFCO in cooperation with the ‘’Koza Young Fashion Designers Contest’’.

Source:

IFCO / JANDALI