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08.03.2024

Autoneum: Two new plants in China and India

  • Autoneum is expanding its production capacities in Asia with two new plants in Changchun in the Chinese province of Jilin and Pune in Western India.

The world's largest automotive market Asia is one of the most important sales regions for vehicle manufacturers and suppliers as well as a pioneer for new forms of e-mobility. Autoneum already supplies both international and local vehicle manufacturers in Asia with multifunctional lightweight components for noise and heat protection, supporting them in their commitment to sustainable mobility. Autoneum is expanding its production capacities in the key automotive hubs of China and India to increase its presence and thus its proximity to customers in these important production centers.

  • Autoneum is expanding its production capacities in Asia with two new plants in Changchun in the Chinese province of Jilin and Pune in Western India.

The world's largest automotive market Asia is one of the most important sales regions for vehicle manufacturers and suppliers as well as a pioneer for new forms of e-mobility. Autoneum already supplies both international and local vehicle manufacturers in Asia with multifunctional lightweight components for noise and heat protection, supporting them in their commitment to sustainable mobility. Autoneum is expanding its production capacities in the key automotive hubs of China and India to increase its presence and thus its proximity to customers in these important production centers.

Autoneum’s new plant in China, which will be operated as a joint venture, will be located in Changchun in the northern Chinese Jilin province, which is one of Asia’s largest car production centers. The proximity to key local and international vehicle manufacturers makes Changchun a strategically important and attractive location for Autoneum. The plant will help to increase market share with European, Japanese and Chinese car manufacturers with products for light vehicles and also support the expansion of the Company’s business with components for commercial vehicles in this region. The project is supported by the local authorities in China. From the end of 2024, the plant will ramp up production with first samples for already awarded business for inner dashes, interior floor insulators and other NVH (noise, vibration, harshness) components for cars of all drive types.

Autoneum is furthermore expanding its local presence in Western India with a fully owned production facility in Pune in the state of Maharashtra. The Company already operates two locations in India: one in Behror near New Delhi in the north and a joint venture plant in Chennai in the south. Thanks to the new Pune plant, Autoneum will now be present in the north, west and south of the country and gain access to the third of four major automobile production centers in India. Orders have already been received and the plant in Pune will start manufacturing carpet systems, interior trim, wheelhouse outer liners, e-motor covers and other noise protection components as of the second quarter of 2024. From the 7 500 square meter building, Autoneum will supply international as well as local car manufacturers with a particular focus on Indian and Korean vehicle manufacturers.

Source:

Autoneum Management AG

15.11.2023

Indorama Ventures: 3Q23 Performance report

  • Revenue of US$3.9B, a decline of 1% QoQ and 20% YoY
  • EBITDA of US$324M, an increase of 1% QoQ and a decrease of 37% YoY
  • Operating cash flows of US$410M
  • Net Operating Debt to Equity of 0.97x
  • EPS of THB 0.00

Indorama Ventures Public Company Limited (IVL) reported stable third-quarter earnings as the company’s management focuses on conserving cash and improving competitiveness to bolster performance in a continued period of weakness in the global chemical industry.

Indorama Ventures achieved EBITDA of $324 million in 3Q23, an increase of 1% QoQ and a decline of 37% YoY, impacted by a weak economic environment, geopolitical tensions, and continued post-pandemic disruptions in global markets. Sales volumes dropped 5% from a year ago to 3.6 million tons as China recovers from the pandemic more slowly than expected and an extended period of destocking in the manufacturing and chemical sectors continues to normalize from unprecedented levels last year.

  • Revenue of US$3.9B, a decline of 1% QoQ and 20% YoY
  • EBITDA of US$324M, an increase of 1% QoQ and a decrease of 37% YoY
  • Operating cash flows of US$410M
  • Net Operating Debt to Equity of 0.97x
  • EPS of THB 0.00

Indorama Ventures Public Company Limited (IVL) reported stable third-quarter earnings as the company’s management focuses on conserving cash and improving competitiveness to bolster performance in a continued period of weakness in the global chemical industry.

Indorama Ventures achieved EBITDA of $324 million in 3Q23, an increase of 1% QoQ and a decline of 37% YoY, impacted by a weak economic environment, geopolitical tensions, and continued post-pandemic disruptions in global markets. Sales volumes dropped 5% from a year ago to 3.6 million tons as China recovers from the pandemic more slowly than expected and an extended period of destocking in the manufacturing and chemical sectors continues to normalize from unprecedented levels last year.

Management continues to focus on conserving cash, realizing efficiency improvements, and optimizing the company’s operational footprint to boost profitability. These efforts resulted in positive operating cash flow of US$410 million in the quarter, positive free cash flow of $79 million year to date, and room for further reductions in working capital going forward. The company’s AA- rating was maintained by TRIS in the quarter, with a stable outlook. 

The company expects the operating environment to improve in 2024 as customer destocking continues to ease across all three of Indorama Ventures’ segments. The ramp up of PET and fibers expansion projects operations in India and the U.S. will also contribute to increased volumes.  

Combined PET posted EBITDA of $146 million, a 25% decline QoQ, amid historically low benchmark PET margins, increased feedstock prices in Western markets, and lingering effects of destocking. Integrated Oxides and Derivatives (IOD) segment posted a 27% rise in EBITDA to $119 million QoQ, supported by strong MTBE margins in the Integrated Intermediates business. The Integrated Downstream portfolio’s profitability was impacted by destocking, inflationary pressures, and margin pressure from imports. Fibers segment achieved a 140% increase in EBITDA to $48 million QoQ as Lifestyle volumes grew in key markets in Asia, and the Mobility and Hygiene verticals benefited from management’s focus on optimizing operations and refocusing the organization. 
 

Source:

Indorama Ventures Public Company Limited

Adient presented seating innovations at IAA (c) Adient
11.10.2023

Adient presented seating innovations at IAA

Adient, a leader in automotive seating, has presented its latest innovations at the IAA 2023.
 
The current automotive business landscape is marked by shifting industry dynamics, showcasing a strong desire for mobility, with an emphasis on digitalization, cost, and sustainable products. In line with this, Adient’s overall approach is characterized by responding to the need for more sustainable material use, while taking advantage of the potential that sustainable practices hold for streamlining processes.

Adient, a leader in automotive seating, has presented its latest innovations at the IAA 2023.
 
The current automotive business landscape is marked by shifting industry dynamics, showcasing a strong desire for mobility, with an emphasis on digitalization, cost, and sustainable products. In line with this, Adient’s overall approach is characterized by responding to the need for more sustainable material use, while taking advantage of the potential that sustainable practices hold for streamlining processes.

Responding to the need for overall cost and complexity reduction in manufacturing, the Pure Essential seat is especially lightweight. Environmentally-conscious practices such as material separation and recycling, and design for disassembly are embedded into the manufacturing process from the development stage. The visionary seat consists of two materials only – green steel and recyclable polyester (PET).
 
New customer needs in terms of premium comfort are met with the Autonomous Elegance seat, specifically developed to fit Advanced Driver Assistance Systems (ADAS). State-of-the-art findings on ergonomics and human body kinematics have been incorporated following extensive occupant research. They are complemented by advanced comfort assets such as noise cancellation and advanced climate functions. “Our seat demonstrators provide solutions to our customers’ main concerns, and we are looking forward to continuing the strategic product dialogue with them, based on our new demonstrators” highlights David Herberg, Vice President Engineering Adient EMEA. Most features of the seat can already be offered for sourcing, such as the metal structure and seat kinematics (adjustment functions and mechanisms).

Considering optimized use of space as well as sustainability aspects, the automotive supplier has also given its Smart Efficiency seat an update: the seat features a slimmer appearance than its predecessor without compromising on comfort. This design does not only help save space, but also paves the way for new mobility concepts based on battery packaging in electric vehicles.
 
The showcased products will be available for demonstration in customer roadshows as of December 2023.

Source:

Adient

Dyneema® SB301 to Enable Weight Savings of up to 20% in Protective Body Armor Image Avient
10.10.2023

Dyneema®: Weight Savings of up to 20% in Protective Body Armor

Dyneema® announced the launch of a next-generation unidirectional (UD) material innovation based on its third-generation fiber at the polymer level: a development poised to enhance the safety and mobility of law enforcement officers and military forces through molecular engineering.

This evolution enables a higher-tenacity fiber – resulting in increased ballistic stopping power when used in the new UD material, Dyneema® SB301, for protective armor applications. The seismic shift in performance enables body armor manufacturers to design soft armor vests 10–20% lighter than previous protective solutions.

Beyond strength, Dyneema® SB301 has the advantage of being made from bio-based Dyneema® fiber, which enables a carbon footprint up to 90% lower than generic high modulus polyethylene (HMPE) fiber.

Now available for use in law enforcement vests for the US market, Dyneema® SB301 material is manufactured in Greenville, North Carolina, in compliance with the Berry Amendment, with additional markets to follow.

Dyneema® announced the launch of a next-generation unidirectional (UD) material innovation based on its third-generation fiber at the polymer level: a development poised to enhance the safety and mobility of law enforcement officers and military forces through molecular engineering.

This evolution enables a higher-tenacity fiber – resulting in increased ballistic stopping power when used in the new UD material, Dyneema® SB301, for protective armor applications. The seismic shift in performance enables body armor manufacturers to design soft armor vests 10–20% lighter than previous protective solutions.

Beyond strength, Dyneema® SB301 has the advantage of being made from bio-based Dyneema® fiber, which enables a carbon footprint up to 90% lower than generic high modulus polyethylene (HMPE) fiber.

Now available for use in law enforcement vests for the US market, Dyneema® SB301 material is manufactured in Greenville, North Carolina, in compliance with the Berry Amendment, with additional markets to follow.

“In every situation, weight is now considered to be the top priority after ballistic stopping power,” said Marcelo van de Kamp, global business director for personal protection at Avient. “That’s because survivability is directly tied to weight savings when speed and agility determine outcomes. We’ve long been known as the ‘world’s strongest fiber™,’ but that won’t stop us from finding new opportunities to get stronger. This new product is the latest demonstration of our commitment to both innovation and protection.”

Source:

Avient Corporation

30.08.2023

Autoneum: Half-Year Results 2023

Autoneum's consolidated revenue increased by 24.1% from CHF 888.7 million to CHF 1 102.6 million in the first half of 2023. The Group grew significantly both organically, thanks to a market recovery in Europe and North America, and inorganically, through the acquisition of the traditional German company Borgers. All business units improved their profitability compared to the prior-year period. EBIT adjusted for special effects increased by CHF 33.0 million to CHF 45.0 million and the EBIT margin rose from 1.4% to 4.1% compared to the prior-year period. EBIT rose by CHF 78.5 million to CHF 84.9 million in the same period, with an increase in EBIT margin of 7.0 percentage points to 7.7%. Autoneum achieved a solid net result of CHF 57.8 million. Business Group North America nearly reached break-even point before special effects. As planned, the Borgers units, consolidated for the first time in the second quarter, made a positive contribution to the overall result from day one.

Autoneum's consolidated revenue increased by 24.1% from CHF 888.7 million to CHF 1 102.6 million in the first half of 2023. The Group grew significantly both organically, thanks to a market recovery in Europe and North America, and inorganically, through the acquisition of the traditional German company Borgers. All business units improved their profitability compared to the prior-year period. EBIT adjusted for special effects increased by CHF 33.0 million to CHF 45.0 million and the EBIT margin rose from 1.4% to 4.1% compared to the prior-year period. EBIT rose by CHF 78.5 million to CHF 84.9 million in the same period, with an increase in EBIT margin of 7.0 percentage points to 7.7%. Autoneum achieved a solid net result of CHF 57.8 million. Business Group North America nearly reached break-even point before special effects. As planned, the Borgers units, consolidated for the first time in the second quarter, made a positive contribution to the overall result from day one.

Economic conditions in the automotive supply industry improved in the first half of 2023 compared to the prior-year period. There was a slight easing of supply chains and a rise in production volumes among vehicle manufacturers already in the first quarter of 2023. This was especially true in markets that had previously been heavily impacted by supply chain bottlenecks.

Global automobile production climbed by 11.8%* compared with the prior-year period, although consumer demand was somewhat dampened by high vehicle prices in some markets. In this improved market environment and supported by the acquisition of the automotive business from Borgers, a long-standing German company, as of April 1, 2023, Autoneum increased its revenue and net result substantially in the first six months compared with the same period of the previous year.

  • Positive revenue development supported by inorganic growth
  • Significant improvement of operational profitability and solid net profit
  • Equity ratio influenced by the acquisition of Borgers Automotive
  • Creation of a capital band
  • Business Groups
  • Integration of Borgers automotive business
  • Working on behalf of electromobility with sustainable noise absorption in underbody
  • shields
  • Change to the Group Executive Board
  • SBTi recognizes Autoneum’s science-based targets

Outlook unchanged
According to the current S&P market forecasts, it is expected that global automobile production will climb by 5.7%* in 2023 compared with 2022. Autoneum anticipates that production volumes in the various regions will develop in line with the forecasts. Customer negotiations are ongoing and Autoneum expects that the increase in costs for raw materials, energy, transportation and staff will be completely offset in the second half of the year. Based on the forecast market development and the renegotiated customer agreements, Autoneum confirms the outlook that it published in March 2023. The Company expects total revenue of CHF 2.4 to 2.5 billion at unchanged exchange rates for the financial year 2023, an EBIT margin of 3.5% to 4.5% excluding one-time effects and a free cash flow in the higher double-digit millions, excluding acquisition-related net cash outflows.

For more information, see attached document.

*Source: S&P market forecast – August 15, 2023

Source:

Autoneum Management AG

18.08.2023

Indorama Ventures: Performance Summary of 2Q23

  • Revenue of US$4B, a decline of 1% QoQ and 27% YoY
  • Reported EBITDA of US$321M, an increase of 7% QoQ and decrease of 68% YOY
  • Operating cash flows of US$491M
  • Net Operating Debt to Equity of 0.95x
  • Reported EPS of THB 0.04

Indorama Ventures Public Company Limited (IVL) reported marginally improved quarterly earnings as the company’s inherent advantages and continued focus on improving competitiveness helped bolster its business amid a continued weak operating environment.

  • Revenue of US$4B, a decline of 1% QoQ and 27% YoY
  • Reported EBITDA of US$321M, an increase of 7% QoQ and decrease of 68% YOY
  • Operating cash flows of US$491M
  • Net Operating Debt to Equity of 0.95x
  • Reported EPS of THB 0.04

Indorama Ventures Public Company Limited (IVL) reported marginally improved quarterly earnings as the company’s inherent advantages and continued focus on improving competitiveness helped bolster its business amid a continued weak operating environment.

Indorama Ventures achieved Reported EBITDA of $321 million in 2Q23, an increase of 7% QoQ and a decline of 68% YoY. Sales volumes remained resilient, rising 4% QoQ, amid continued destocking in the global chemicals industry from its peak in 4Q last year. Management is taking steps to conserve cash and safeguard the company’s competitive advantages as the global industry is impacted by increased capacity and lower margins with China boosting exports to offset muted domestic demand. Measures include redoubling efforts to reduce working capital and capex targeting $500 million of cash savings this year, optimizing the company’s European manufacturing footprint, and continued focus on Project Olympus, digitalization, and organizational enhancement.

Volumes are expected to improve in the second half of the year, with all three of Indorama Ventures’ business segments benefiting from the management measures and a gradual improvement in the outlook for the industry. Combined PET, the company’s largest segment, posted Reported EBITDA of $194 million, a 37% increase QoQ as destocking eased in most markets and supported stable volumes. Sales volumes are expected to grow in the second half of the year as manufacturing is optimized in Europe and expansion projects ramp up in India.

Fibers segment achieved Reported EBITDA of $20 million, a decrease of 37% QoQ, impacted by lower margins in the Lifestyle vertical and weak demand for Hygiene products in Europe. Volumes are expected to improve as manufacturing in Europe is optimized and expansion projects come online in the U.S and India. Mobility fibers volumes will see improvement in line with increasing automotive demand. Integrated Oxides and Derivatives (IOD) segment posted a 27% decline in QoQ Reported EBITDA to $94 million amid destocking in Crop Solutions market. Volumes will continue to be supported by reducing levels of destocking in the downstream portfolio.

Source:

Indorama Ventures Public Company Limited

24.05.2023

SGL Carbon SE: Annual General Meeting 2023

The shareholders of SGL Carbon SE approved all agenda items at the Annual General Meeting on May 9, 2023. The Annual General Meeting, which was held virtually, was attended by up to 114 electronically connected shareholders who, together with the postal votes submitted, represented 64.64% of the share capital.

CEO Dr. Torsten Derr began his speech with a review of SGL Carbon's two-year transformation phase. "In two years, we have been able to increase our sales by 23.5% and adjusted EBITDA by as much as 86.2%. In parallel, we reduced our debt by 40.4%," Dr. Derr elaborated. He also reported on the past financial year and the expectations for the future economic development of the company. In doing so, he also addressed SGL Carbon's growth markets in detail. "Over the past two years, we have made SGL fit for the future. With our products, we serve industries that significantly reflect the trends for the future: climate-friendly mobility, renewable energies and digitalization," he explained.

The shareholders of SGL Carbon SE approved all agenda items at the Annual General Meeting on May 9, 2023. The Annual General Meeting, which was held virtually, was attended by up to 114 electronically connected shareholders who, together with the postal votes submitted, represented 64.64% of the share capital.

CEO Dr. Torsten Derr began his speech with a review of SGL Carbon's two-year transformation phase. "In two years, we have been able to increase our sales by 23.5% and adjusted EBITDA by as much as 86.2%. In parallel, we reduced our debt by 40.4%," Dr. Derr elaborated. He also reported on the past financial year and the expectations for the future economic development of the company. In doing so, he also addressed SGL Carbon's growth markets in detail. "Over the past two years, we have made SGL fit for the future. With our products, we serve industries that significantly reflect the trends for the future: climate-friendly mobility, renewable energies and digitalization," he explained.

After 14 years on the Supervisory Board of SGL Carbon, this was Dr. h.c. Susanne Klatten's last Annual General Meeting as Chairwoman of the Supervisory Board. She had already informed the Company on February 14, 2023, that she would be leaving the Board at the end of this Annual General Meeting. As the largest shareholder, Dr. h.c. Klatten will remain associated with SGL Carbon through SKion GmbH.

As proposed, the Annual General Meeting elected Prof. Dr. Frank Richter as a shareholder representative on the Supervisory Board to succeed Dr. h.c. Susanne Klatten. Following the Annual General Meeting, the constituent meeting of the Supervisory Board elected Prof. Dr. Richter as Chairman of the Supervisory Board. Prof. Dr. Richter is Managing Director of SKion GmbH, Bad Homburg, which holds a stake of approximately 28.55% in SGL Carbon SE. Furthermore, Ingeborg Neumann, Managing Partner of Peppermint Holding GmbH, Berlin, was elected to the Supervisory Board of SGL Carbon SE for a further term of office.

Source:

SGL Carbon SE

05.05.2023

Indorama Ventures in Obernburg focuses on automotive sector and specialties

Indorama Ventures at the Obernburg site (Germany) will focus on the core markets of tires and automotive safety/airbags and specialties, as well as drive selected product innovations for application in new market segments. Accordingly, the company plans to adjust its capacity at the Obernburg site and cut around 80 of the current 620 total jobs by the end of the year in production and supporting functions.

Stefan Braun, Managing Director of Indorama Ventures at Industrie Center Obernburg, said, “Global competitive pressure in the man-made fibers industry continues. While our customers value us as one of their leading technology partners, particularly in the development and production of nylon yarns, the cost pressure in the production of individual polyester-based yarns has increased continuously in recent years. We are therefore convinced that we have made the right decision to focus on our core competencies to remain successful in the long term.”

The jobs cuts affect both production and administration and sales positions. Representatives of the company and the Works Council together informed employees about the situation on May 4.

Indorama Ventures at the Obernburg site (Germany) will focus on the core markets of tires and automotive safety/airbags and specialties, as well as drive selected product innovations for application in new market segments. Accordingly, the company plans to adjust its capacity at the Obernburg site and cut around 80 of the current 620 total jobs by the end of the year in production and supporting functions.

Stefan Braun, Managing Director of Indorama Ventures at Industrie Center Obernburg, said, “Global competitive pressure in the man-made fibers industry continues. While our customers value us as one of their leading technology partners, particularly in the development and production of nylon yarns, the cost pressure in the production of individual polyester-based yarns has increased continuously in recent years. We are therefore convinced that we have made the right decision to focus on our core competencies to remain successful in the long term.”

The jobs cuts affect both production and administration and sales positions. Representatives of the company and the Works Council together informed employees about the situation on May 4.

The aim is to make the adjustments as acceptable as possible. Braun added, “We are prepared to talk to employees who will reach retirement age soon and who wish to leave the company early.” The company and employee representatives will agree on suitable measures in the coming weeks.

Source:

Indorama Ventures Mobility Obernburg GmbH

(c) INDEX™ | Palexpo SA
26.04.2023

INDEX™23 concludes successfully with over 610 exhibitors

The international nonwovens community came together once again in Geneva this week for INDEX™23, with with 12,017 attendees from over 100 countries and 610 exhibitors from 43 countries joining the event.

Exhibitors made the most of the four intensive days to meet potential new customers and extend business with existing clients. As one of the world’s leading nonwovens exhibitions, INDEX™ demonstrated the latest breakthroughs and innovative developments across all nonwovens’ applications.

The INDEX™ Lab, an exchange hub displaying samples from innovations and new developments, also showcased the winners and runners up from each of the five categories of the INDEX™ Innovation Award. Open to any EDANA member company or exhibitor at INDEX™23, the winners were announced on the first day of the exhibition during a dedicated ceremony at the EDANA stand.

The winners (more infomation):

The international nonwovens community came together once again in Geneva this week for INDEX™23, with with 12,017 attendees from over 100 countries and 610 exhibitors from 43 countries joining the event.

Exhibitors made the most of the four intensive days to meet potential new customers and extend business with existing clients. As one of the world’s leading nonwovens exhibitions, INDEX™ demonstrated the latest breakthroughs and innovative developments across all nonwovens’ applications.

The INDEX™ Lab, an exchange hub displaying samples from innovations and new developments, also showcased the winners and runners up from each of the five categories of the INDEX™ Innovation Award. Open to any EDANA member company or exhibitor at INDEX™23, the winners were announced on the first day of the exhibition during a dedicated ceremony at the EDANA stand.

The winners (more infomation):

  1. Nonwoven roll goods
    Winner: Suominen – HYDRASPUN® Circula Nonwoven
  2. Finished products made from, or incorporating nonwovens
    Winner: Henkel – Smart Adult Care
  3. Raw materials or components (e.g., fibre, binder, polymer, tape), of special relevance to the nonwovens industry and related converted products
    Winner: Fiberpartner – BicoBio
  4. Innovation in machinery of special relevance to the nonwovens industry
    Winner: Curt G. Joa, Inc. – ESC-8™
  5. Sustainable Product
    Winner: Sparkle Innovations – SugaFluff™

The "Nonwovens Journey", an immersive experience that takes a look at the innovative role of nonwovens, as well as how innovation has progressed in time around both sustainability, and how nonwovens are used in everyday life, also allowed visitors to discover the versatility of nonwovens.

Running alongside the exhibition itself, there was also a full programme of side events that were enjoyed by participants: Exhibitor Product Presentations from 33 exhibitors; a series of informative seminars covering a myriad of topics including medical nonwovens, sustainability, circular economy, geosynthetics, textiles, mobility, fair trade, gender equity, innovation, and market trends; country-specific briefings offering insights into the nonwovens market in various regions around the world; and a nonwovens tutorial intended as an induction to nonwovens for those new to the industry. These topics were all presented by leading industry experts and guest speakers, including among others, the World Trade Organization (WTO).

Concern for the environment has in recent years become increasingly important, and once again remained a key topic at INDEX™23, with companies pushing to achieve further CO2 reductions and circularity across the supply chain.

Continuing on from its success during COVID-19, the INDEX™23 Mobile App and Virtual Platform was back. This tool offered participants – both in Geneva and those following from home – the chance to watch presentations live and interact with speakers, exhibitors, and other participants. Attendees were able to plan their visit and organize meetings, which was highly appreciated. Video recordings from the sessions will remain available online in the app and platform for the coming weeks.

The next INDEX™ will take place in three years from 21-24 April 2026.

Source:

INDEX™ | Palexpo SA

23.03.2023

SGL Carbon reports for 2022 best operating result in more than ten years

  • Sales increase of 12.8% to €1,135.9 million
  • EBITDApre improves by 23.4% to €172.8 million
  • Net financial debt reduced from €206.3 million to €170.8 million
  • Fiscal 2023 expected to be investment and stabilization year

SGL Carbon was again able to improve sales and earnings in fiscal year 2022 following 2021. All four business units contributed to this success.
Sales in fiscal 2022 increased by 12.8% year-on-year to €1,135.9 million (previous year: €1,007.0 million). The rise in sales was mainly due to both volume effects and the successful implementation of pricing initiatives to compensate higher raw material, energy and transport prices. At 23.4%, adjusted EBITDA (EBITDApre) improved at a higher rate than sales and amounted to €172.8 million in fiscal 2022 (previous year: €140.0 million). Increased sales and the associated higher capacity utilization also contributed to the improvement in earnings, as well as focusing on market segments with higher margin potential.
 
Earnings development of SGL Carbon

  • Sales increase of 12.8% to €1,135.9 million
  • EBITDApre improves by 23.4% to €172.8 million
  • Net financial debt reduced from €206.3 million to €170.8 million
  • Fiscal 2023 expected to be investment and stabilization year

SGL Carbon was again able to improve sales and earnings in fiscal year 2022 following 2021. All four business units contributed to this success.
Sales in fiscal 2022 increased by 12.8% year-on-year to €1,135.9 million (previous year: €1,007.0 million). The rise in sales was mainly due to both volume effects and the successful implementation of pricing initiatives to compensate higher raw material, energy and transport prices. At 23.4%, adjusted EBITDA (EBITDApre) improved at a higher rate than sales and amounted to €172.8 million in fiscal 2022 (previous year: €140.0 million). Increased sales and the associated higher capacity utilization also contributed to the improvement in earnings, as well as focusing on market segments with higher margin potential.
 
Earnings development of SGL Carbon
The increase in EBITDApre by €32.8 million to €172.8 million was mainly driven by the Graphite Solutions business unit (+€30.6 million). The Composite Solutions (+€7.9 million) and Process Technology (+€5.2 million) business units also contributed to the improvement in profitability. Although the Carbon Fibers business unit was able to offset the loss of a lucrative supply contract with an automotive customer in terms of sales with new orders from the wind energy sector, but these sales showed a significantly lower margin level. Accordingly, EBITDApre of this business unit decreased by €11.2 million to €43.2 million (previous year: €54.5 million).

Taking into account net one-off effects and non-recurring items of €8.9 million (previous year: €30.7 million) and depreciation and amortization of €60.8 million (previous year: €60.3 million), reported EBIT amounted to €120.9 million (2021: €110.4 million). This corresponds to an increase of 9.5%.
As a result of the pleasing business performance, the successes of the transformation and non-operating one-off effects and non-recurring items (€8.9 million), a positive Group’s net profit of €126.9 million (previous year: €75.4 million) was achieved in 2022. It should be noted that consolidated net income includes tax income of €31.3 million (previous year: minus €6.2 million). This development is mainly due to valuation adjustments on deferred tax assets amounting to €41.8 million, based on the good business development combined with positive earnings prospects in the USA. Current tax expenses amounted to €11.4 million in 2022 (previous year: €11.9 million).
 
Net financial debt and equity
In fiscal 2022, net financial debt was reduced significantly by 17.2% to €170.8 million compared with the end of 2021 (€206.3 million). The main reason for the decrease is the repayment of financial liabilities in the amount of €29.0 million. Free cash flow decreased from €111.5 million to €67.8 million in 2022. In this context, it should be taken into account that in the previous year, free cash flow included cash inflows of €30.6 million from the sale of land not required for operations.
After 2021, the equity ratio increased again to 38.5% at the end of 2022 (previous year: 27.0% I 2020: 17.5%). Due to the significantly improved earnings situation, the return on capital employed (ROCE) also rose from 8.0% in the previous year to 11.3% in 2022.
 
Development of the business units
As the largest business unit with a share of Group sales of around 45%, Graphite Solutions contributed €512.2 million to Group sales in 2022 (previous year: €443.6 million). The 15.5% increase in sales is based in particular on the positive development of the important market segments Semiconductor & LED and Industrial Applications. Compared to the previous year, sales to customers in the semiconductor & LED industry increased by 49.6%, driven in particular by increasing demand of materials and components for the production of silicon carbide-based high-performance semiconductors. Combined with the increase in sales, GS EBITDApre improved by 34.8% to €118.5 million (previous year: €87.9 million). Accordingly, the EBITDApre margin increased from 19.8% to 23.1%. Volume effects due to higher sales as well as margin effects from the product and customer mix had a positive impact.  Especially the higher sales with customers from the semiconductor industry should be taken into account.

In fiscal 2022, the Process Technology (PT) business unit benefited from the good order situation in recent months and increased its sales by 21.9% to €106.3 million. The main clients of the PT business unit are customers from the chemical industry. The positive development of PT is also reflected in EBITDApre which rose from €4.7 million in the same period of the previous year to €9.9 million. Higher capacity utilization and the successful passing on of increased raw material costs led to an improvement in the EBITDApre margin from 5.4%  to 9.3% in 2022. Energy costs play only a minor role at PT.

In the reporting year, sales of the Carbon Fibers (CF) business unit increased by 3.0% to €347.2 million (previous year: €337.2 million). It should be noted that CF had to absorb the scheduled expiry of a supply contract with an automotive customer at the end of June 2022. These sales were offset by orders from the wind industry and Industrial Applications. However, EBITDApre in the CF division decreased by 20.7% year-on-year to €43.2 million (previous year: €54.5 million). This earnings development is mainly attributable to the expiry of the high-margin automotive contract. In addition, a special effect from energy derivatives in the amount of minus €9.2 million impacted CF earnings in the 1st quarter of 2022. However, the implemented energy price hedges enabled the business unit to maintain its production capability throughout the entire fiscal year, that the weakening of earnings was mitigated.
The Composite Solutions (CS) business unit confirmed its upward trend in fiscal 2022 with a 25.0% increase in sales to €153.1 million (previous year: €122.5 million). The most important market segment for the CS business unit is the automotive industry. In line with the highly positive business performance, EBITDApre of CS increased by 65.3% to €20.0 million (previous year: €12.1 million). This figure also includes non-recurring positive effects of €3.7 million from compensation payments received from automotive customers for premature project terminations.

The non-operating Corporate segment contributed €17.1 million to Group sales (previous year: €16.5 million). In line with continued strict cost management as part of the transformation, EBITDApre improved slightly to minus €18.8 million (previous year: minus €19.2 million).

Outlook
"If we summarize our expectations for the 2023 financial year, it can be summed up under the guiding principle: -invest and stabilize," CFO Thomas Dippold comments on the forecast for 2023.
For the fiscal year 2023 we continue to expect solid demand for our materials and products. In particular, we expect that the demand for special graphite products for high-temperature processes, e.g. in the semiconductor, solar and LED industries, will continue to increase. On the other hand, the first-time full-year effect from the expiry of a supply contract with an automotive customer in the carbon fiber segment and the sale of our business in Gardena (USA) will burden sales development.

"The increasing demand for high-performance semiconductors for electromobility or renewable forms of energy will also boost the demand of components made of graphite for the production of these semiconductors. To benefit from the related opportunities, we will expand our production capacities in this segment and invest a double-digit million amount in 2023 . Based on existing supply relationships, we will implement this investments partly together with our customers," explains CEO Dr. Torsten Derr.
On the cost side, we expect energy and raw material prices to remain at a high level in 2023, along with significant wage increases. Our forecast implies that higher factor costs can be partially passed on to customers through price initiatives.
Based on the assumptions described, we expect Group sales to be at prior-year level and EBITDApre to be between €160 million and €180 million in the financial year 2023.
In the medium term (until 2027), we anticipate a further improvement in our EBITDApre margin between 18% and 19%.

Source:

SGL CARBON SE

08.02.2023

SBTi approves science-based targets of Autoneum

The Science Based Targets initiative (SBTi) has approved Autoneum’s science-based emissions reduction targets. The validation by the SBTi is an important milestone in Autoneum’s efforts to reduce its direct and indirect greenhouse gas (GHG) emissions along the entire value chain.

Recognizing the serious environmental challenges facing the world today and the resulting need for rapid and significant reductions in global CO2 emissions, Autoneum has committed to reducing its absolute scope 1 and 2 GHG emissions by 20% by 2027 from a 2019 base year. The Company also commits to reduce its absolute scope 3 GHG emissions from purchased goods and services by 20% within the same timeframe. Autoneum’s GHG emission reduction targets were validated by the SBTi on January 12, 2023, and are in line with the goals of the Paris Agreement to limit global warming to well below 2°C. The Company is thus taking another important step toward a sustainable future of mobility.

An overview of all emissions reduction targets and activities implemented by Autoneum in 2022 will be published in the Company’s Corporate Responsibility Report 2022 on March 24, 2023.

The Science Based Targets initiative (SBTi) has approved Autoneum’s science-based emissions reduction targets. The validation by the SBTi is an important milestone in Autoneum’s efforts to reduce its direct and indirect greenhouse gas (GHG) emissions along the entire value chain.

Recognizing the serious environmental challenges facing the world today and the resulting need for rapid and significant reductions in global CO2 emissions, Autoneum has committed to reducing its absolute scope 1 and 2 GHG emissions by 20% by 2027 from a 2019 base year. The Company also commits to reduce its absolute scope 3 GHG emissions from purchased goods and services by 20% within the same timeframe. Autoneum’s GHG emission reduction targets were validated by the SBTi on January 12, 2023, and are in line with the goals of the Paris Agreement to limit global warming to well below 2°C. The Company is thus taking another important step toward a sustainable future of mobility.

An overview of all emissions reduction targets and activities implemented by Autoneum in 2022 will be published in the Company’s Corporate Responsibility Report 2022 on March 24, 2023.

(c) Indorama Ventures Public Company Limited
20.12.2022

Indorama Ventures and Faurecia: New range of cushioning solutions for automotives

  • Auraloop is a brand-new range of cushioning solutions made from an innovative structure of Polyester-based fibers, 100% recyclable, aimed at the mobility markets
  • One of the objectives of Auraloop is a twofold reduction in the carbon footprint of car seat pads, currently made from polyurethane foam
  • Auraloop offers an increased level of performance in terms of thermal comfort and durability

R&D teams within the Faurecia seating activity have recently penned an exclusive development agreement with Indorama Ventures. This partnership between Indorama Ventures and Faurecia, a company of FORVIA Group which is one of the largest automotive industry suppliers, has the aim of developing Auraloop, a new range of cushioning solutions for the mobility markets and intended to replace polyurethane foam currently used in car seats.

  • Auraloop is a brand-new range of cushioning solutions made from an innovative structure of Polyester-based fibers, 100% recyclable, aimed at the mobility markets
  • One of the objectives of Auraloop is a twofold reduction in the carbon footprint of car seat pads, currently made from polyurethane foam
  • Auraloop offers an increased level of performance in terms of thermal comfort and durability

R&D teams within the Faurecia seating activity have recently penned an exclusive development agreement with Indorama Ventures. This partnership between Indorama Ventures and Faurecia, a company of FORVIA Group which is one of the largest automotive industry suppliers, has the aim of developing Auraloop, a new range of cushioning solutions for the mobility markets and intended to replace polyurethane foam currently used in car seats.

“By setting out these initial milestones in our close-knit collaboration with Faurecia, this partnership is an integral part of Indorama Ventures’ commitment to expand its existing Polyester (PET)-based portfolio and related activities into wider areas. By bringing together two leading players in the automotive industry, we aim to open up further growth opportunities for both partners”, stated Arnaud Closson, Chief Executive Officer at Indorama Ventures’ Mobility Group / Fibers Segment.

“Auraloop will replace those materials currently used in car seating with innovative and sustainable materials, based on polyester fibers that offer a total recyclability of 100%. This new material will allow for a twofold reduction in the carbon footprint of car seat pad solutions compared to current materials”, explains Nicolas Michot, Director of Technology at Faurecia Seating. Development of this product, which paves the way towards wider commercial release in two or three years, falls within the FORVIA Group strategy of going carbon neutral by 2045. For this, the group is seeking to root its commercial offer fully in the circular economy, with the development and production of sustainable cutting-edge materials under the banner of MATERI’ACT.

Auraloop offers a range of new perspectives in terms of seating comfort thanks to a more open fiber structure and permeability for air than current seating pad solutions, the breathability of seating is improved, enabling a better passive thermal regulation of occupants. The durability of seating is also increased by limited subsidence of the seat over its lifetime. The market for comfort aboard vehicles is constantly growing. The development of Auraloop falls within this dynamic, with a product offering significantly improved performances in terms of static, dynamic and welcoming comfort.

Source:

Indorama Ventures Public Company Limited

10.11.2022

Indorama Ventures: Resilient YTD earnings in 3Q22

  • Last twelve months (LTM) Core EBITDA of US$2.5B, an increase of 60% YoY
  • Core EBITDA per ton of US$163 in LTM3Q22 and US$159 in 3Q22
  • Operating cash flow of US$1,952 in LTM3Q22, an increase of 59% YoY
  • 3Q22 Core Net Profit of THB 10.34B and Reported Net Profit of THB 8.14B

Indorama Ventures Public Company Limited (IVL) reported a resilient year-to-date performance and increasing earnings in a challenging macroeconomic environment.

IVL posted Core EBITDA of US$606 million in 3Q22, a 39% increase YoY and a decline of 20% QoQ as the strong tailwinds that drove record earnings into 2022 began to normalize in the third quarter.  

  • Last twelve months (LTM) Core EBITDA of US$2.5B, an increase of 60% YoY
  • Core EBITDA per ton of US$163 in LTM3Q22 and US$159 in 3Q22
  • Operating cash flow of US$1,952 in LTM3Q22, an increase of 59% YoY
  • 3Q22 Core Net Profit of THB 10.34B and Reported Net Profit of THB 8.14B

Indorama Ventures Public Company Limited (IVL) reported a resilient year-to-date performance and increasing earnings in a challenging macroeconomic environment.

IVL posted Core EBITDA of US$606 million in 3Q22, a 39% increase YoY and a decline of 20% QoQ as the strong tailwinds that drove record earnings into 2022 began to normalize in the third quarter.  

Strategic acquisitions, including Oxiteno, are bolstering IVL’s increasingly diverse geographic footprint and product portfolio, supporting earnings through volatile economic conditions. Revenue declined 10% QoQ in 3Q and grew 27% YoY as Combined PET, the largest business segment, saw steady volumes through the year, and new portfolio additions performed strongly, such as surfactants in the Integrated Oxides and Derivatives segment. With more than 70% of IVL’s platform catering to consumer daily necessities, demand remains stable.

Fibers segment posted YTD Core EBITDA of $189 million, a rise of 2% YoY. 3Q Core EBITDA increased 2% YoY, and decreased of 11% QoQ, to US$49 million. The Lifestyle fibers business continues to be impacted by the lockdown in China, while management in the Hygiene and Mobility verticals in Europe are effectively managing high energy costs.

Combined PET (CPET) segment achieved YTD Core EBITDA of US$1,192 million, an increase of 42% YoY. Core EBITDA in 3Q22 rose 27% YoY to US$327 million, and declined 24% QoQ, as business remained steady across operations apart from in Europe where peak energy prices continue to put pressure on demand and margins.

D K Agarwal, CEO of Indorama Ventures, said, “We are pleased with our performance across the business cycle. Our management is working hard to extract the advantages that we enjoy in terms of geographic leadership, product diversity, and an unmatched customer base of global household brands. Together with our habitual lens on cost management, these actions will help us to weather the economic challenges and continue to focus on our long-term potential.”

Source:

Indorama Ventures Public Company Limited 

Freudenberg´s gas diffusion layer production Photo: Freudenberg´s gas diffusion layer production.
20.10.2022

Freudenberg supplies gas diffusion layers for fuel cell stacks

Freudenberg Performance Materials (Freudenberg) has concluded a high-volume, multi-year contract with a global automotive tier one supplier to supply high-performance gas diffusion layers for the stacks forming the core of the fuel cell systems produced by the leading automotive supplier. Global target applications are mid-sized and heavy commercial vehicles as well as buses. Freudenberg is supporting the customer’s global fuel cell activities, thereby also accelerating the breakthrough of mass-produced fuel cell stacks.

Fuel cell technology is an important element of a successful energy transition. Gas diffusion layers play a key role in this context: they are indispensable for the functioning of a fuel cell and have a significant impact on the performance of a fuel cell stack.

Freudenberg Performance Materials (Freudenberg) has concluded a high-volume, multi-year contract with a global automotive tier one supplier to supply high-performance gas diffusion layers for the stacks forming the core of the fuel cell systems produced by the leading automotive supplier. Global target applications are mid-sized and heavy commercial vehicles as well as buses. Freudenberg is supporting the customer’s global fuel cell activities, thereby also accelerating the breakthrough of mass-produced fuel cell stacks.

Fuel cell technology is an important element of a successful energy transition. Gas diffusion layers play a key role in this context: they are indispensable for the functioning of a fuel cell and have a significant impact on the performance of a fuel cell stack.

A fuel cell converts the chemical energy of hydrogen and atmospheric oxygen into electricity. Functionally-optimized gas diffusion layers made of carbon-fiber based nonwoven are installed on both sides of a catalyst-coated membrane positioned in the middle of the fuel cell. The gas diffusion layers distribute hydrogen and oxygen evenly to the membrane and remove the electricity, heat and water generated by the CO2-free chemical reaction. They also protect the sensitive membrane and are optimized to suit the bipolar plate. A fuel cell stack is made up of several individual fuel cells.

Freudenberg already has more than 20 years of unique expertise in the development and production of gas diffusion layers for fuel cell applications in the mobility sector and for porous transport layers used in electrolyzers. Freudenberg is currently expanding its production capacity at its Weinheim headquarters by installing additional lines. Further investments are on the verge of implementation.

Photo: Indorama Ventures Limited
12.10.2022

Indorama Ventures: New plant for nylon yarn

  • Collaboration between Indorama Ventures and Toyobo to meet growing global demand for airbags
  • Newly completed plant in Thailand will supply high-performance nylon yarn to customers in the automotive safety sector

Indorama Ventures Public Company Limited (IVL) celebrated the completion of a plant to manufacture high-performance nylon yarn for automobile airbags. The new plant in Rayong, Thailand, was constructed by Toyobo Indorama Advanced Fibers Co., Ltd. (TIAF), a joint venture that Indorama Ventures established with Toyobo Co., Ltd in November 2020.

The plant, which has been built on the site of Indorama Polyester Industries PCL (IPI) in Rayong Province, will deliver 11,000 tons of high-performance yarn per year to meet global demand for airbags that is expected to grow by 3 percent to 4 percent annually as automakers equip vehicles with more airbags and emerging economies require cars to adopt more safety features. Test production is scheduled to start in October 2022 with the goal of starting commercial production in the middle of 2023.

  • Collaboration between Indorama Ventures and Toyobo to meet growing global demand for airbags
  • Newly completed plant in Thailand will supply high-performance nylon yarn to customers in the automotive safety sector

Indorama Ventures Public Company Limited (IVL) celebrated the completion of a plant to manufacture high-performance nylon yarn for automobile airbags. The new plant in Rayong, Thailand, was constructed by Toyobo Indorama Advanced Fibers Co., Ltd. (TIAF), a joint venture that Indorama Ventures established with Toyobo Co., Ltd in November 2020.

The plant, which has been built on the site of Indorama Polyester Industries PCL (IPI) in Rayong Province, will deliver 11,000 tons of high-performance yarn per year to meet global demand for airbags that is expected to grow by 3 percent to 4 percent annually as automakers equip vehicles with more airbags and emerging economies require cars to adopt more safety features. Test production is scheduled to start in October 2022 with the goal of starting commercial production in the middle of 2023.

In 2014, Indorama Ventures and Toyobo jointly acquired Germany’s PHP Fibers GmbH, a leading airbag yarn maker. Since then, both companies have strengthened their relationship with a focus to expand in the automotive safety sector. Mr Christopher Kenneally, based in Bangkok, leads IVL’s Fibers segment, which produces fibers and yarns across its Hygiene, Mobility and Lifestyle verticals. Mr Ashok Arora, with over 30 years of experience in fibers and polymer operations, will helm TIAF as CEO while maintaining his role as CTO with IVL Fibers.

Source:

Indorama Ventures Limited

(c) Lenzing AG
03.10.2022

Lenzing: Ground-mounted photovoltaic system becomes operational

The Lenzing Group and VERBUND, an energy transition company, launched the first development stage of the largest ground-mounted photovoltaic system in Upper Austria. Together with its energy partner VERBUND, Lenzing is also paving the way for the transition to zero-emission mobility. The installation of electric vehicle charging infrastructure at the company’s premises underlines Lenzing’s commitment to the energy transition process.

The Lenzing Group and VERBUND, an energy transition company, launched the first development stage of the largest ground-mounted photovoltaic system in Upper Austria. Together with its energy partner VERBUND, Lenzing is also paving the way for the transition to zero-emission mobility. The installation of electric vehicle charging infrastructure at the company’s premises underlines Lenzing’s commitment to the energy transition process.

Thanks to the ground-mounted photovoltaic system at the “Ofenloch” landfill site, Lenzing, in conjunction with VERBUND, is consistently moving forward on the path to a carbon-free energy supply and has commissioned the first half of the new photovoltaic system with a peak power of 2,780 kWp. Full commissioning of the system with a peak power of 5,560 kWp is envisaged in mid-October. Annual electricity production will amount to 6,000,000 kWh, which is expected to cut CO2 emissions by some 4,400 tonnes per year. The Austrian pioneer in fiber production already commissioned three rooftop photovoltaic systems in spring/summer of 2022, with a peak power of 1,454 kWp and annual electricity production of some 1,508,000 kWh. The electricity flows directly into the company’s on-site production and will also power electric charging stations in future. In the first development stage, 16 wallboxes are set to be installed by the end of the year. A further 32 charging points are planned for 2023. The charging stations will be accessible to staff, visitors and the company’s own vehicle fleet.

“VERBUND’s photovoltaic operator model allows us to make the transition to solar power without incurring investment costs or risks. Thanks to the constant expansion in renewable energy, we remain on course to ecologize the value chain, while optimizing our carbon footprint, cutting costs and reducing the load on the grid, as we are using nearly 100 percent of photovoltaic power in our production,” explains Christian Skilich, Chief Pulp Officer of the Lenzing Group.

More information:
Lenzing energy consumption CO2
Source:

Lenzing AG

© Freudenberg Performance Materials
19.09.2022

Freudenberg hosts German National Hydrogen Council meeting

Freudenberg Performance Materials – the Freudenberg Group’s nonwovens specialist – was hosting a meeting of the German National Hydrogen Council at the Freudenberg headquarters in Weinheim, Germany, on September 16. As a leading global supplier of technical textiles, Freudenberg Performance Materials provides fuel cell components for mobility applications and for electrolyzers used to produce CO2-free hydrogen.

Freudenberg Performance Materials – the Freudenberg Group’s nonwovens specialist – was hosting a meeting of the German National Hydrogen Council at the Freudenberg headquarters in Weinheim, Germany, on September 16. As a leading global supplier of technical textiles, Freudenberg Performance Materials provides fuel cell components for mobility applications and for electrolyzers used to produce CO2-free hydrogen.

The German National Hydrogen Council was appointed by the German government and acts as an independent, non-partisan advisory board. The council board currently consists of 25 high-ranking experts in the fields of economy, science and civil society. The objective is to assist and advise the State Secretaries’ Committee on Hydrogen in the further development and implementation of Germany’s National Hydrogen Strategy. Council meetings are hosted by one of the board members to enable the council to deepen its knowledge of the relevant technologies, value chain roles and challenges. Dr. Silke Wagener is a member of the council board, and represents the Freudenberg technology group, giving input on suppliers’ know-how as well as contributing her decades-long expertise in technological solutions for the hydrogen industry.

During a tour of the factory organized for the council board members, Freudenberg Performance Materials explained the development and production of performance-critical gas diffusion layers manufactured from carbon fiber-based nonwovens for fuel cells and porous transport layers for electrolyzers. The tour highlighted the potential for improvements from a supplier’s perspective, such as the need for very timely exchange and collaboration along the value chain. Functioning, unbroken and scalable value chains, in parallel with the development and scaling of hydrogen infrastructure, are key prerequisites for the hydrogen industry to fulfill its vital role in the transformation to climate neutrality.

Gas diffusion layers are one of the main components at the heart of the fuel cell. Their function is to transport gases and liquids in the cells. They have a significant impact on system performance and costs, and are indispensable for the functioning of fuel cells. The same applies for porous transport layers that are the key component of electrolyzers for the CO2-free production of what is called green hydrogen.

Fuel cells in combination with green hydrogen are an important technology for CO2-free mobility, in particular with reference to buses, heavy-duty trucks and trains. Other uses include stationary applications such as stationary power generation or heat generation in buildings or industry.
Apart from mobility, green hydrogen also plays a key role in climate-neutral energy supplies in the industrial sector, particularly in the chemical and steel industries.

Source:

Freudenberg Performance Materials

(c) AZL. Comparison of battery casing in modular design and “cell-to-pack” design
Comparison of battery casing in modular design and “cell-to-pack” design
02.09.2022

AZL: Plastic-based multi-material solutions for cell-to-pack battery enclosures

The future of e-mobility will be determined in particular by safe battery enclosures. As batteries for electric vehicles become more performant, higher volumetric energy density plays a crucial role. If more energy is to be stored in less installation space, new material and design solutions are required. The development of suitable enclosures made of safe and highly robust lightweight materials is also required. This is a case for the Aachen Centre for Integrative Lightweight Production (AZL). A project on cell-to-pack battery enclosures for battery-electric vehicles, which has been eagerly awaited in the industry, will start in October this year there.

The future of e-mobility will be determined in particular by safe battery enclosures. As batteries for electric vehicles become more performant, higher volumetric energy density plays a crucial role. If more energy is to be stored in less installation space, new material and design solutions are required. The development of suitable enclosures made of safe and highly robust lightweight materials is also required. This is a case for the Aachen Centre for Integrative Lightweight Production (AZL). A project on cell-to-pack battery enclosures for battery-electric vehicles, which has been eagerly awaited in the industry, will start in October this year there.

The design of battery housings is crucial for safety, capacity, performance, and economics. The Cell-to-Pack project, which is starting now, will focus on developing concepts for structural components and for producing them based on a variety of materials and design approaches. The concepts will be compared in terms of performance, weight and production costs, creating new know-how for OEMs, producers and their suppliers throughout the battery vehicle value chain. Companies are now invited to participate in this new cross-industry project to develop battery enclosure concepts for the promising and trend-setting cell-to-pack technology.

The basis for the project is the lightweight engineering expertise of the AZL experts, which they have already demonstrated in previous projects for multi-material solutions for module-based battery housings. Together with 46 industry partners, including Audi, Asahi Kasei, Covestro, DSM, EconCore, Faurecia, Hutchinson, Johns Manville, Magna, Marelli and Teijin, 20 different multi-material concepts were optimized in terms of weight and cost and compared with a reference component made from aluminum. All production steps were modelled in detail to obtain reliable cost estimates for each variant. Result: depending on the concept, 20% weight or 36% cost savings potential could be identified by using multi-material composites compared to the established aluminum reference.

It is expected that the design concept of battery enclosures will develop in the direction of a more efficient layout. In this case, the cells are no longer combined in modules in additional production steps, but are integrated directly into the battery housing. The elimination of battery modules and the improved, weight-saving use of space will allow for higher packing density, reduced overall height and cost saving. In addition, various levels of structural integration of the battery housing into the body structure are expected. These new designs bring specific challenges, including ensuring protection of the battery cells from external damage and fire protection. In addition, different recyclability and repair requirements may significantly impact future designs. How the different material and structural options for future generations of battery enclosures for the cell-to-pack technology might look like and how they compare in terms of cost and environmental impact will be investigated in the new AZL project. In addition to the material and production concepts from the concept study for module-based battery enclosures, results from a currently ongoing benchmarking of different materials for the impact protection plate and a new method for determining mechanical properties during a fire test will also be incorporated.

The project will start on October 27, 2022 with a kick-off meeting of the consortium, interested companies can still apply for participation until then.

10.08.2022

Indorama Ventures' Results for 2Q22: Fibers segment -35% QoQ

  • Record Revenue of US$5,451M, an increase of 23% QoQ and 53% YoY
  • Record Reported EBITDA of US$1,010M, up 29% QoQ and 83% YoY
  • Reported Net Profit of THB 20.3B, an increase of 44% QoQ and 143% YoY.
  • Reported EPS of THB 3.58 (LTM2Q22: 8.11) and Core EPS of THB 2.32 (LTM2Q22:6.16)

Indorama Ventures Public Company Limited (IVL), a global sustainable chemical producer, reported record 2Q22 earnings as the company’s global integrated model continues to benefit from strong consumer trends and management responded effectively to market disruptions.

IVL posted a record Core EBITDA of US$758 million in the second quarter, up 17% QoQ and 59% YoY. Sales revenue rose by about 11% QoQ on a same-store basis, supporting a Core EBITDA margin of 14%. The combination of strong sales and improved margins helped offset higher energy costs in the U.S. and Europe, while management leveraged the company’s leading position in local and regional markets to ensure uninterrupted customer service levels as higher crude oil prices impacted raw materials costs.

  • Record Revenue of US$5,451M, an increase of 23% QoQ and 53% YoY
  • Record Reported EBITDA of US$1,010M, up 29% QoQ and 83% YoY
  • Reported Net Profit of THB 20.3B, an increase of 44% QoQ and 143% YoY.
  • Reported EPS of THB 3.58 (LTM2Q22: 8.11) and Core EPS of THB 2.32 (LTM2Q22:6.16)

Indorama Ventures Public Company Limited (IVL), a global sustainable chemical producer, reported record 2Q22 earnings as the company’s global integrated model continues to benefit from strong consumer trends and management responded effectively to market disruptions.

IVL posted a record Core EBITDA of US$758 million in the second quarter, up 17% QoQ and 59% YoY. Sales revenue rose by about 11% QoQ on a same-store basis, supporting a Core EBITDA margin of 14%. The combination of strong sales and improved margins helped offset higher energy costs in the U.S. and Europe, while management leveraged the company’s leading position in local and regional markets to ensure uninterrupted customer service levels as higher crude oil prices impacted raw materials costs.

Fibers segment posted Core EBITDA of US$55 million, a decrease of 35% QoQ and 15% YoY, as sales declined 11% QoQ. The segment was impacted by lower demand in the Lifestyle vertical amid the China lockdown while higher freight rates restricted exports. The Hygiene vertical was impacted by volumes at Avgol’s Russia site along with increased polypropylene prices, while strength in the replacement tires market partially offset the ongoing semiconductor shortage, resulting in a stable performance for Mobility.

Source:

Indorama Ventures Public Company Limited

27.07.2022

Autoneum: Half Year Results 2022

Lower volumes due to geopolitical developments and the sharp rise in inflation impacted the result in the first half of 2022. In a slightly declining market, Autoneum increased revenue in local currencies by 0.5%. At CHF 888.7 million, revenue in Swiss francs reached the previous year's level. Despite the challenging environment, Autoneum achieved a positive operating result of CHF 6.4 million (EBIT margin: 0.7%). The net result decreased to CHF –12.8 million. On the other hand, Autoneum was able to generate a solid free cash flow of CHF 45.2 million. A high demand for sustainable products for electric vehicles confirms that Autoneum is well positioned for this growing market of the future.

Lower volumes due to geopolitical developments and the sharp rise in inflation impacted the result in the first half of 2022. In a slightly declining market, Autoneum increased revenue in local currencies by 0.5%. At CHF 888.7 million, revenue in Swiss francs reached the previous year's level. Despite the challenging environment, Autoneum achieved a positive operating result of CHF 6.4 million (EBIT margin: 0.7%). The net result decreased to CHF –12.8 million. On the other hand, Autoneum was able to generate a solid free cash flow of CHF 45.2 million. A high demand for sustainable products for electric vehicles confirms that Autoneum is well positioned for this growing market of the future.

Current geopolitical developments substantially affected business performance in the first half of 2022. They are accompanied by accelerating inflation and significant price increases in the commodities markets, which the war in Ukraine has further exacerbated. These developments are also delaying market recovery in the automotive industry. Autoneum does everything it can to minimize the impact on the Group. Despite the present challenges, we will continue to implement our strategy, focusing on innovative and sustainable technologies for growing markets of the future.

  • Revenue development influenced by the war in Ukraine and supply chain bottlenecks*
  • Low production volumes and high inflation impact profitability*
  • Solid free cash flow enables further reduction in net debt*
  • Business Groups*
  • Well positioned for e-mobility and sustainability*
  • Expanding the product portfolio for electric vehicles*
  • Autoneum joins the Science Based Targets initiative*

Outlook
According to global market forecasts1, automobile production will pick up again in the second half of the year with growth of 8.8% compared with the first half-year 2022. For full-year 2022, global automobile production is projected to reach 80.8 million vehicles, which is equivalent to a 4.7% increase on 2021. Based on the market forecasts, Autoneum expects to improve the operating result for the second half of the year. This will be supported by ongoing customer negotiations with a view to fair sharing of costs, the accompanying contribution of vehicle manufacturers to shouldering the sharp increases in material, energy and transport costs and the foreseeable normalization of production after the easing of lockdown measures in China. On this basis, Autoneum expects substantially enhanced results for full-year 2022, as well as an improvement in the EBIT margin to 2.0% to 3.0%. Free cash flow is expected to be in the mid to high double-digit million range for the full year 2022.

*For more information see attached document

1Source: IHS “Light Vehicle Production Forecasts” – July 15, 2022

More information:
Autoneum supply chain acoustic
Source:

Autoneum Management AG