From the Sector

• Solvay’s FY 2023 financial statements reflect the Partial Demerger completed on December 9, 2023, with the Specialty businesses transferred to Syensqo classified as discontinued operations for 2023.
• New Solvay leadership team committed to drive the transformation of the company.
• Net sales for the full year 2023 at €4,880 million were down -12.6% organically versus 2022, driven primarily by volume declines. In Q4, net sales decreased organically by -18.9% from both lower volumes and prices.
• Underlying EBITDA of €1,246 million for the full year 2023 was stable (+0.2%) on an organic basis compared to a record 2022, with positive Net Pricing and lower fixed costs offsetting the drop in volumes. EBITDA in the fourth quarter was down -24.5% organically vs Q4 2022, fully driven by lower volumes, with variable costs reduction offsetting price erosion, while fixed costs decreased slightly.
• Underlying net profit from continuing operations was €588 million in 2023 compared to €740 million in 2022.
• Free Cash Flow of €561 million in 2023 (+17.3% vs. €479 million in 2022) resulting in a record FCF conversion ratio of 45.4%, thanks to the strong EBITDA performance and to the positive impact from working capital variation.
• ROCE was 20.4% in 2023, -2.5pp compared to 2022 as a result of lower profit.
• Solid balance sheet at the end of December 2023, in line with the target capital structure announced in November 2023, with an underlying net debt of €1.5 billion, which translates into a leverage ratio of 1.2x.
• Total proposed gross dividend of €2.43 per share, subject to shareholders’ approval during the next Ordinary General Meeting of May 28, 2024.
• Solvay continues to reduce its GHG emissions (-19% vs 2021, scope 1 and 2).
• 2024 Outlook: Organic growth of the underlying EBITDA of -10% to -20% compared to restated 2023; Free cash flow of minimum €260 million

2024 outlook
Across its product portfolio, Solvay expects current demand levels to continue over the next few months and, as such, expects H1 2024 volumes to be broadly in line with H2 2023. At this point, there is little visibility on the second half of the year, however there are signs that the trend in the second half could improve. Solvay expects Soda Ash prices over FY 2024 to be lower than FY 2023, consistent with the current market environment, which will affect the business margin in 2024. Pricing trends across Solvay’s other businesses are forecasted to be more resilient year on year.

Lower energy and raw materials prices should offset some of the negative pressure on the topline. More importantly, Solvay has started to implement cost savings initiatives that will start to deliver results in 2024.

For full year 2024, Solvay expects an organic growth of the underlying EBITDA by -10% to -20% versus a high comparison base in 2023, especially in H1. This translates into a range of €925 million to €1,040 million at a 1.10 EUR/USD exchange rate.

The organic growth of the underlying EBITDA is calculated from a 2023 restated figure of €1,154 million (vs a reported figure of €1,246 million).

Free cash flow to Solvay shareholders from continuing operations is expected to be greater than €260 million, in line with the cash usage prioritization presented during the Capital Market Day in November 2023. It is supported by Solvay’s ability to manage its capex and working capital to ensure the financing of its businesses and the payment of dividends while keeping the strength of its balance sheet intact.

Solvay remains committed to implement its strategic roadmap and reconfirms its 2028 targets as communicated at the Capital Markets Day of November 2023.

Mahlo GmbH + Co. KG exhibits its technologies at the upcoming IndoIntertex trade show in Jakarta. The event, scheduled from March 20 to March 23, will serve as a platform for Mahlo and its long-term partner agency Agansa to showcase its solutions tailored to meet the evolving needs of the Indonesian textile sector.

With a rich history in textile manufacturing and a skilled workforce, Indonesia has emerged as a key player in the global textile landscape. The country's strategic location, coupled with favorable government policies, has fueled the growth of its textile sector, attracting investments and fostering technological advancements.

Mahlo's participation in the IndoIntertex trade show underscores its commitment to supporting the Indonesian textile industry with solutions designed to enhance quality, efficiency, and productivity. Visitors to Mahlo's booth can expect to explore a range of offerings, including measurement and control systems, process automation solutions, and expert consultancy services.

Ahead of UEFA Euro 2024™, adidas unveils the latest series of technical performance kits for Belgium, Germany, Hungary, Italy, Scotland, Spain, and Wales.

Each of the jerseys are built to inspire a sense of pride and belonging, blending traditional elements with modern style to create something new for the next generation of players, including:

• Fresh application of national colours and exploration into new bolder hues – for example, the ‘Tricolore’ for Italy's home and away shirts, and a vibrant colour scheme for Germany’s away kit
• Recoding traditional patterns and applying them in fresh ways. This includes a modern interpretation of tartan in the Scotland shirt, and patterns reflecting the carnation - the national flower – which adorn the base of Spain’s home and away kits 
• Introducing fresh symbols to traditional federation wear, such as the Belgium away kit which celebrates the nation’s rich art and design culture, specifically cartoonist, Hergé, and the comic character he is famously known for; Tintin. Inspired by Tintin’s iconic outfit, a royal nod is found on the back of the collar with a golden crown that glimmers against a bright blue backdrop  
• Across the collection, a blend of dynamic shapes and colours express the jubilation and hope that fans and players share ahead of, and during, a major tournament

Each jersey includes either HEAT.RDY technology, optimized to keep players feeling comfortable, or AEROREADY technology, sweat-wicking or absorbent materials that keep players feeling dry. Lighter crests and additional mesh panels are also applied, helping improve airflow and comfort, to help players focus on the game at hand.

The adidas Euros kit collection will be available from from March 14, 2024.

KARL MAYER has already produced a wide range of electrically conductive warp-knitted items for a wide variety of applications in the TEXTILE-CIRCUIT division of its TEXTILE MAKERSPACE, including a sensor shirt, a gesture control system and a conductive charging station. In order to drive the topic of wearables forward, the textile machine manufacturer has signed a cooperation agreement with the Grabher Group and delivered an MJ 52/1-S to the specialist for high-tech textiles in Lustenau. Managing Director Günter Grabher officially inaugurated the key machine for project work in the smart textiles sector in May 2023.

The machine is involved in various research projects, but is also available for new projects and tasks. The smart textiles competence team at KARL MAYER and Grabher is looking forward to supporting the ideas and work of interested parties also outside the research network with its know-how and the possibilities of the MJ 52/1-S.

The MJ 52/1 S is also an extremely flexible project machine. The 138″ model in gauge E 28 produces a wide range of warp-knitted fabrics and incorporates conductive material directly into the textile surface - exactly where it is needed and with the structure that is required. The basis for the tailor-made fiber placement is KARL MAYER's string bar technology. The system for controlling the pattern guide bars ensures a fast, established textile production process and a high degree of pattern freedom.

Global Fashion Agenda (GFA) has collaborated with PDS Ventures to launch a new Trailblazer Programme. The new initiative seeks to identify early-stage innovators and support them on their journey to scale.

As part of the Trailblazer Programme, PDS Ventures will award one innovator a significant investment of up to USD 200,000* to accelerate the company’s growth and positive impact in the fashion industry. The winner will also receive commercial and operational support from PDS Group’s Positive Materials - a textile company and strategic research partner supporting the development and acceleration of low impact textile innovation through collaboration between early-stage start-ups, supply chain partners and brands. Further scaling opportunities will be gained through access to PDS Limited’s extensive global supply chain.
 
GFA and PDS Ventures are presenting an open call for solution providers addressing different challenges across the fashion value chain to apply for the programme. Applicants will be reviewed and shortlisted by an esteemed Jury including representatives from GFA, PDS Ventures, Massachusetts Institute of Technology (MIT), Ralph Lauren Corporation, Fashion For Good and H&M Group. Eight shortlisted innovations will be enrolled in a group of Trailblazers, receiving feedback and investment pitch training from industry experts and PDS representatives.     
 
Each shortlisted innovator will then pitch for a potential investment, with the winning Trailblazer being revealed at GFA’s Global Fashion Summit: Copenhagen Edition 2024 - an international forum for sustainability in fashion, on 22-23 May at the Copenhagen Concert Hall. All shortlisted Trailblazers will also have the opportunity to showcase their businesses within an exhibit at the Summit to connect with other key industry stakeholders and potential investors.
 
The Trailblazer Programme corresponds with the theme of the upcoming Global Fashion Summit - ‘Unlocking The Next Level’. Inspired by a significant milestone, 2024 marks 15 years since the inaugural Global Fashion Summit was hosted in 2009. This pivotal anniversary offers a special moment to not only take stock of the evolution of the sector and the progress made so far, but, most importantly, look ahead at what actions must urgently be implemented in the near term, and the gaps that must be filled to accelerate industry transformation.

Having recently celebrated the club’s 120th anniversary with a special kit for the 2021/2022 season, this year, Y-3 and Real Madrid have come together once again to bring Yohji Yamamoto’s perspective to the club with a seven-piece travel collection.

Inspired by the signature monochromatic color palette of both Real Madrid and Y-3, the travel collection itself consists of a sleek and elegant selection of pieces in all black. Crafted at the intersection of tailoring and athletic-wear, the suite of pieces includes a short sleeve polo, a long sleeve polo, a pair of shorts, a pair of track pants, a track top, a coach jacket, and a premium faux leather jacket – each made with soft sporting fabrics and finished with collaborative details such as Yohji Yamamoto’s recognizable handwritten signature script wordmark and the Real Madrid crest.

Accompanying the launch of the travel collection is a campaign shot by trailblazing London-based photographer Gabriel Moses featuring past and present Real Madrid icons including Naomie Feller, Jude Bellingham, David Alaba, Misa Rodríguez, and Zinedine Zidane.

Kelheim Fibres is showcasing recent research findings at this year's Cellulose Fibres Conference (13rd-14th of March). The development, led by Dr. Ingo Bernt, Project Leader of Fibre & Application Development at Kelheim Fibres, and Dr. Thomas Harter from Graz University of Technology, provides insights into the correlation between the geometry of viscose fibres and the liquid absorption of tampons.

Kelheim Fibres has long been engaged in the functionalization of viscose fibres, including the specific adaptation of fibre cross-sections. The trilobal Galaxy® serves as an example. The current study underscores the properties of the fibre, primarily rooted in its geometry. This involves taking a closer look at the underlying mechanisms. It has been confirmed that, in contrast to the traditionally round viscose fibres and despite similar chemical compositions and mechanical properties, Galaxy® enables significantly better liquid absorption.

While the higher specific surface area of trilobal fibres already promotes improved liquid absorption, this is not the main factor accounting for the difference in absorption. Instead, the geometric shape of the fibres proves to be crucial. Trilobal fibres create and maintain a more voluminous, extensive network within the absorbent body, providing a larger volume for liquid absorption.

Dr. Ingo Bernt emphasizes, "The results of our study are not limited to tampons—any application requiring increased absorbency can benefit from the properties of our Galaxy® fibres."

The lecture "Geometry Matters: Unveiling Tampon Absorption Mechanisms" by Dr. Ingo Bernt und Dr. Thomas Harter takes place on the 14th of March at 2:50pm.

As of March 1, 2024, Dr. Denis Hinz will become new Head of SGL Carbon's Carbon Fibers Business Unit. The previous Head, Roland Nowicki, will leave SGL Carbon on May 31, 2024 at his own request to pursue new professional challenges. He will be available to the company as a consultant until his leaving date to support a smooth transition.

Roland Nowicki took over as Head of Carbon Fibers in November 2020 and has successfully driven forward the realignment of the business unit over the past three years.  

Dr. Denis Hinz has been with SGL Carbon for more than six years and has held various management positions during this time, including Head of Operations of the Fuel Cell Components division and Managing Director of SGL Fuel Cell Components GmbH in Meitingen since December 1, 2021. The graduate engineer from the Technical University of Munich is an experienced manager who is well networked within SGL Carbon and has closely followed the development of Carbon Fibers in recent years.

Eastman announces a partnership with Patagonia to address textile waste.

The outdoor apparel company teamed up with Eastman to recycle 8,000 pounds of pre- and post-consumer clothing waste, which Eastman processed through its molecular recycling technology. The process involves breaking down Patagonia’s unusable apparel into molecular building blocks that Eastman can use to make new fibers.

"We know apparel waste is a major problem, and consumers increasingly want better, more sustainable solutions when their most loved clothing reaches the end of its life," said Natalie Banakis, materials innovation engineer for Patagonia.

"Our collaborations show the world what’s possible when it comes to sustainability,” said Carolina Sister Cohn, global marketing lead for Eastman textiles. “We have the technology to make the textiles industry circular, and we know it requires collaboration with innovative brands to make circular fashion possible. This is only the beginning, and we look forward to more collaborations throughout 2024."

At this year's JEC World 2024 from 5 to 7 March, KARL MAYER GROUP will be exhibiting with KARL MAYER Technical Textiles and its STOLL Business

One focus of the exhibition will be non-crimp fabrics and tapes made from bio-based yarn materials for the reinforcement of composites.

"While our business with multiaxial and spreading technology for processing conventional technical fibres such as carbon or glass continues to do well, we are seeing increasing interest in the processing of natural fibres into composites. That's why we have a new product in our trade fair luggage for the upcoming JEC World: an alpine ski in which, among other things, hemp fibre fabrics have been used," reveals Hagen Lotzmann, Vice President Sales KARL MAYER Technische Textilien.

The winter sports equipment is the result of a subsidised project. The hemp tapes for this were supplied by FUSE GmbH and processed into non-crimp fabrics on the COP MAX 5 multiaxial warp knitting machine in the KARL MAYER Technical Textiles technical centre.

The STOLL Business Unit will be focussing on thermoplastic materials. Several knit to shape parts with a textile outer surface and a hardened inner surface will be on display. The double-face products can be made from different types of yarn and do not need to be back-moulded for use as side door panels or housing shells, for example. In addition, the ready-to-use design saves on waste and yarn material.