From the Sector

• Sales and recurring EBIT significantly decreased in first half of 2020

As expected, the second quarter of SGL Carbon was impacted by the Corona pandemic, but not to the extent predicted in May when the quarterly statement for the period ended March 31, 2020 was published. Sales in the three months as per end of June decreased approximately 23 percent year-on-year, whereas Group recurring EBIT was at around 2 million euros and thus higher than anticipated. In total, SGL Carbon reached Group sales of 457 million euros in the first half year. This corresponds to a decrease of around 19 percent year-on-year. The decline is due to a pandemic-related overall weaker business development as well as expected declining developments in the market segments Battery & other Energy (GMS) and Textile Fibers (CFM) due to capacity adjustments. Group recurring EBIT was down approximately 71 percent to 11 million euros.

At a glance*:

• Sales in the second quarter approximately 23 percent below prior-year period; Group recurring EBIT of around 2 million euros was slightly better than anticipated at the presentation of the results of the first quarter 2020
• Group sales in the first half year 2020 at almost 457 million euros and thus around 19 percent below the prior-year period; decrease in sales due to pandemic-related overall weaker business development as well as expected declining developments in the market segments Battery & other Energy (GMS) and Textile Fibers (CFM)
• Group recurring EBIT down approximately 71 percent to 11 million euros
• As a result of measures taken at an early stage and contrary to the normal seasonal trend, cash and cash equivalents at nearly 154 million euros as of June 30, 2020 developed very positively compared to the end of 2019
• According to the full year forecast published on July 28, 2020, SGL Carbon expects Group sales to decline by 15 to 20 percent and a slightly positive operating recurring EBIT
• Dr. Torsten Derr, CEO of SGL Carbon: "My ambition is to achieve lasting success with SGL Carbon. Over the past two months, we have been conducting a comprehensive analysis of our processes, structures and markets. Based on this, we will identify the options that will enable us to sustainably increase our profitability. The Corona pandemic is forcing us to act even faster."

*Please read the attached document for more information

• The quality of Sappi’s Algro Design Advanced solid bleached board makes the difference for Wolford

The unique combination of physical and optical features combined within the Algro Design range of products, convinced the textile manufacturer, Wolford, to use the range to package its innovative face mask. When creating the packaging solution for its ‘Care Mask’ the company chose to combine the premium 350 gsm Algro Design Advanced solid bleached board with extremely challenging ink covering and a number of finishing options. The end result is a packaging solution that is as elegant as it is creative and as a result, perfectly complements the product inside.

• Premium packaging for premium products
• Perfect for complex graphic applications
• Unique service from the innovation leader Sappi

Wolford, founded in Bregenz, Austria, in 1950, is the global market leader in skinwear ‘made in Europe’. Since its establishment, the company has come up with numerous product innovations and is always at the cutting edge. Even before the coronavirus pandemic hit Europe, product developers were considering the idea of launching their own face mask protection, having witnessed the effects of the coronavirus SARS-CoV-2 in Asia. Thanks to an outstanding, highly efficient development division, a new product, ‘Care Mask’, was quickly brought to market.

It meets the high-quality standards of Wolford and consists of a premium, soft, breathable material that ensures high wearing comfort. Wolford is particularly proud that such a high-quality product could be developed in just a few weeks, despite reduced working hours and staff working from home. It generally takes some time to progress from development to product maturity. In this case however, everything was ready for market launch within two weeks.

Top quality meets top quality

Alongside the product, Wolford developed an appropriate packaging solution for their high-quality product, in collaboration with their in-house graphics department. To enable the ‘Care Mask’ to be quickly launched, a suitable material needed to be found, which could meet Wolford’s high standards in terms of quality, appearance and feel.
 
Wolford’s long-term partner, Sappi Europe had the perfect solution right away with its 350 g/m2 Algro Design Advanced solid bleached board. Thanks to its double-coated top and lightly coated back, the material from the innovation leader is a perfect choice for premium packaging.

The high brightness and silky, soft touch of the paperboard gives the packaging a premium, exclusive look and feel. The colour brilliance of Algro Design Advanced and the continuous, precise reproduction of complex print motifs were exactly what Wolford was looking for and met the high standards of the brand. Thanks to its additional outstanding finishing and processing properties, further processing with grooves, hot-foil embossing, paint finishes and adhesives was also easily achievable, which made it perfect for Wolford’s needs.

Service comes first at Sappi

Product capability alone was not enough for this venture however. To allow Wolford to achieve their goal of two weeks from inception to market ready, they also required a highly responsive service level from their trusted partner and Sappi responded at every level.  From selecting the right quality and size to the precise delivery of the paperboard to the printers, all in the space of five days, Sappi was flexible and immediately ready to respond. Thanks in no small part to the proactive support provided by all contributors to the creative process, the ‘Care Mask’ was launched at the end of March 2020 and was a resounding success. 5,000 masks were sold out within an hour and were sent on their way to the customers in their exclusive packaging.

• Der extrem haltbare und nachhaltige Penguin Snowsuit gewinnt zum siebten Mal in Folge den renommierten Bäst-i-Test Award.

Der wahrhaftig nachhaltige Hersteller von Kinder-Outdoor-Bekleidung und -Accessoires, Isbjörn of Schweden, feiert erneut, nachdem er zum siebten Mal den begehrten Bäst-i-Test (Best in Test) Award in der Premium-Kategorie für seinen meistverkauften Penguin Schneeanzug erhalten hat.

Bei dem renommierten Feldtest, der vom skandinavischen Online-Testinstitut Bäst-i-Test ausgeführt wird, wurden während einer langen und harten Wintersaison in Schweden verschiedene Winteroveralls in einer Kindertagesstätte einer Waldschule über einen Zeitraum von drei Monaten getestet. Die Produkte wurden dazu täglich bei jedem Wetter und nach Outdoor-Aktivitäten mit wiederholtem Waschen und Trocknen im Trockner eingesetzt.

Der Penguin Schneeanzug erhielt 10 von 10 Punkten für Langlebigkeit, hervorragende Funktionalität, Qualität und Komfort – ein Beweis dafür, dass dieser die perfekte Wahl ist, um Kinder bei nassen und kalten Winterbedingungen trocken und thermisch ausgeglichen zu halten.

Mitarbeiter und Eltern, die zusammen mit den Kindern an dem dreimonatigen Testprozess teilgenommen haben, kommentierten gemeinsam: „Dieser robuste und dennoch nachhaltige Schneeanzug beeindruckt nach wie vor, hält allen Arten von Winterwetter stand und jeden einzelnen Tropfen Regen und Schnee fern. Ja, der Pinguin-Schneeanzug ist zunächst eine teurere Langzeit-Anschaffung, aber insgesamt spart die hervorragende Haltbarkeit des Schneeanzugs echtes Geld, da er über Jahre und viele Besitzer hinweg hält. Hergestellt aus hochwertigen und dennoch nachhaltigen Materialien, kann er an Geschwister und Freunde weitergegeben werden. Bei nassem Wetter und thermischer Leistung macht er absolut keine Kompromisse, dabei bietet der Penguin Snowsuit hervorragende Atmungsaktivität und Wasserdichtigkeit und damit Kindern bei allen Outdoor-Abenteuern optimalen Komfort. Es hält viele Winter voller Spaß im Schnee und unsere Kleinen bei nassem Wetter sicher trocken.“

Maria Frykman Forsberg, Mitgründerin und CEO von Isbjörn of Sweden, kommentiert: „Unser strapazierfähiger Penguin Snowsuit, der seit vielen Jahren für seine Langlebigkeit bekannt ist, wurde erneut, zum nun siebten Mal mit diesem prestigeträchtigen Bäst-i-Test ausgezeichnet. Es geht allein um Langlebigkeit, unter Verwendung der nachhaltigsten geprüften bluesign® Materialien wie PrimaLoft Insulation Eco und Bionic Finish Eco, die unseren begehrten Schneeanzug herausragen lassen und die fortwährend vom Bast-i-Test-Team unabhängig bestätigt wird.“

• Zusammenschluss erhöht Effizienz bei der Entwicklung neuer Textildrucksysteme

Meerbusch, 3. August 2020 – Die Unternehmen Robustelli und For.Tex, ansässig in der italienischen Region Como, einem der größten Textildruckzentren der Welt, sind die wichtigsten Epson Gesellschaften im Segment des Textildrucks (DTF – Direct-to-Fabric). Während Robustelli sich hauptsächlich mit der Entwicklung und Produktion von Textildrucksystemen wie der Monna Lisa beschäftigt, sorgt For.Tex für die Herstellung und den Vertrieb der passenden Tinten.

Epson sieht den Textildruck als einen der am stärksten wachsenden Bereiche für sein Geschäft mit professionellen Drucklösungen. Die positive Entwicklung des Textildruckmarktes wird dabei primär durch eine Verlagerung des traditionellen plattenbasierten Analogdrucks hin zu digitalen Drucklösungen getrieben. Epson erwartet hervorragende Möglichkeiten, seine professionelle Tintenstrahltechnologie in diesem Geschäftssegment einzusetzen und verstärkt aus diesem Grund seine Produktreihe für diesen Bereich deutlich. Durch den Zusammenschluss von Robustelli und For.Tex wird dieses Vorhaben unterstrichen und versetzt Epson in die Lage, seinen Kunden stets bedarfsgerechte Lösungen für Tintenstrahldrucksysteme, Verbrauchsmaterialien und Dienstleistungen anzubieten. Die Fusion beider Tochterunternehmen von Epson soll bis Ende 2020 abgeschlossen sein.

Die globale Textildruckindustrie steht vor der Herausforderung, den Anforderungen der Verbraucher nach individuellen Designs in kleinen Auflagen gerecht zu werden. Entscheidend für ein erfolgreiches Engagement in diesem Bereich ist zudem, kurzfristige Lieferungen sicherzustellen und parallel die Umweltbelastung zu reduzieren. Die Inkjetlösungen von Epson steigern die Produktivität der Druckdienstleister und vermindern gleichzeitig den ökologischen Fußabdruck ihres unternehmerischen Handelns. Somit ist es möglich, kostengünstig bei geringer Umweltbelastung auch kleine Auflagen Textilien zu produzieren.

• ECOSENSOR™’s new references combine high-performance and innovation to empower people with the possibility to live life naturally both for mind and body.
• The new range is woven from certified ingredients, a completely traceable production process and highly certified suppliers               

"A New Eco high-tech force of Nature", a bold claim, a daring attitude and true facts. ECOSENSOR™ by Asahi Kasei has concentrated all its key values into a Nature-driven and high-tech fabric collection that respects the environment and human being.

Sustainability, active climate control, exquisite touch and extreme performance co-habit the textiles: the collection is made of wovens and knits where the main technology is represented by GRS - Global Recycle Standard certified polyamide and polyesters, sometime combined with ROICA™ recycled stretch yarns and dyed and finished with Oekotex Standard 100 certified processes and/or by BlueSign® partners’ companies.

But there is much more than it meets the eye.

Behind the new collection is a great story of sustainability.

"Our international team strives to innovate with a human-based approach to research and develop solutions that meet high-performance standards as well as the transparency and traceability of both the ingredients and the supply chain", says Mr. Hashimoto, Senior Managing Director of Asahi Kasei Advance, the global materials innovator and manufacturer.

Indeed, the company has set the high bar all its suppliers and partners must match. Such criteria include: thoroughly transparency and traceability of both materials and production, corporate responsibility at all levels and a strategic commitment granted by influential certifications such as GRS - Global Recycle Standard for recycled ingredients and processes, as well as Bluesign® and OekoTex Standard 100 certifications, which focus on environmentally-friendly impact of the dyeing and finishing processes.

The human, environmentally-friendly and cutting-edge imprint of ECOSENSOR™ ultimate collection reflects a vision for a more responsible way of fabric manufacturing.

A new force of nature, because story telling truly must match the story making.

• Nachhaltiges Bauen mit Carbonbeton: schnell, kostenreduziert, umwelt- und ressourcenschonend

Carbonbeton bringt zahlreiche Vorteile in der bautechnischen Verstärkung und Instandsetzung mit sich, speziell auch bei der Sanierung von Industriefußböden. Die HITEXBAU GmbH produziert auf Wirkmaschinen neuester Bauart und mit eigenen Beschichtungsanlagen Armierungsgitter für Beton aus Carbon, Basalt und AR-Glas. In einem innovativen, vollautomatischen Prozess können besonders großflächige und vielfältige Hochleistungs-Carbongelege kostengünstig für die Baubranche hergestellt werden. Wie zum Beispiel für die tschechische Firma Immogard s.r.o., die an verschiedenen Standorten Industrieflächen vermietet, u.a. im Industriepark Libravské Údolí. Hier waren rund 3.000 m² Industrieböden in drei Hallen zu sanieren. In Kooperation zwischen HITEXBAU und der Koch GmbH, Kreuztal, einem Spezialisten für Carbonbetonanwendungen im Sanierungsbereich, wurde ein Instandsetzungskonzept erarbeitet.

Spezielle Projektanforderungen: Hohe Traglast auf schwierigen Untergründen

Aufgrund der stark sanierungsbedürftigen Böden und sehr schwieriger Untergründe – minderfester Altbeton mit partiellen Ausbrüchen und Rissen, teilweise mit nicht tragfähigen Beschichtungen – war es wichtig, eine robuste und dauerhafte Lösung zur Erneuerung des Fabrikbodens umzusetzen. Zudem mussten hohe Nutzungsanforderungen als Produktionshalle mit dynamischen Sonderlasten durch bis zu 15 Tonnen schwere Maschinen sowie Staplerverkehr berücksichtigt werden. Die Randbedingungen und Gegebenheiten ergaben zwei Alternativen für die Erneuerung der Hallenböden: Den kompletten Rück- und Neubau der Böden aus Stahlbeton oder die Sanierung mit Carbonbeton.

Bodensanierung mit Carbonbeton: schneller und preiswerter

Nach Kostenermittlung beider Varianten empfahl sich eindeutig die Sanierung mit Carbonbeton. Diese brachte auch weitere, wesentliche Vorteile mit sich: Eine sehr schnelle Instandsetzung mit geringen Ausfallzeiten von lediglich 2 bis 3 Wochen vom Start des Projektes bis zur vollen Belastbarkeit und Nutzung des Bodens mit schweren Maschinen und Staplern. Zum Vergleich: Der vollständige Rück- und Neubau einer Stahlbeton-Bodendecke von 12 cm Stärke, ohne Beschichtung, würde 8 bis 10 Wochen benötigen. Im Kostenvergleich lag die Carbonbeton-Variante ca. 20 % unter der Stahlbeton-Variante. Die Instandsetzung mit Carbonbeton eines weniger geschädigten Bodens ohne Sonderbelastungen ergäbe einen Preisvorteil von über 30 %.

Unterschiedliche Carbon-Gelege: von flexibel bis starr und mit diversen Geometrien

Ziel der Instandsetzung war ein mechanisch stark beanspruchbarer, abriebarmer Boden. Für die neuen Industrieböden der drei Fabrikhallen – eine große Halle mit ca. 2.300 m², eine Halle mit ca. 380 m² und eine Halle mit ca. 600 m² altem Fliesenbelag – kamen je nach Erfordernis unterschiedliche Arten der Untergrundvorbereitung (Stemmen, Fräsen, Schleifen, Kugelstrahlen) zur Ausführung. Nach der Grundierung der Flächen wurden rund 5.000 m² der Carbonbewehrung verlegt. Optimal abgestimmt auf die unterschiedlichen Oberflächen wurden nach vorherigen Tragfähigkeitsberechnungen flexible und starre Gitter-Gelege diverser Geometrien kostenoptimiert verwendet.
     
3.300 m² Bodensanierung mit Carbonbeton in nur 2 bis 3 Wochen

Die Instandsetzung von industriellen Böden mit Carbonbeton erfolgt in sechs zeitnahen, zum Teil abschnittsbezogen, parallellaufenden Schritten: Abfräsen, Kugelstrahlen, Grundieren, Carbon-Gelege aufbringen, Egalisierungsschicht, abriebfeste Deckschicht.

Der Wäschehersteller SPEIDEL präsentiert sich online ganz neu und setzt auf Natürlichkeit und Transparenz. Unter www.speidelshop.com machen die drei Marken SPEIDEL, SYLVIA SPEIDEL und myCloset deutlich, wie schön nachhaltig produzierte, hochwertige Wäsche an echten Frauen heute aussieht. Dabei ist „Made in Europe“ mit Respekt vor Natur und Umwelt bei SPEIDEL kein kurzfristiger Trend, sondern eine Selbstverständlichkeit.

Unverfälscht und nicht retuschiert

Die perfekte Wäsche zu finden ist oft nicht leicht. Extrem schlanke und scheinbar makellose Körper präsentieren für gewöhnlich die neusten Wäschehighlights. Den Meisten ist zwar bewusst, dass Models nicht die Figur einer durchschnittlichen Frau repräsentieren, trotzdem ruft ihr Anblick bei vielen Frauen Komplexe und Selbstzweifel hervor. Das will SPEIDEL ändern: Im Onlineshop zeigen unverfälschte und unretuschierte Frauen die Kollektionen und bringen frischen Wind in die Wäschebranche. Dehnungsstreifen, Cellulite und Co kommen beim Wäschehersteller künftig nicht mehr unters Messer der digitalen Fotobearbeitung. Denn die Kollektionen von SPEIDEL sind so vielfältig wie die Frauen, die sie tragen – natürlich schön.

Nachhaltig, fair und Made in Europe

Seit fast 70 Jahren steht Wäsche von SPEIDEL für Qualität „Made in Europe“ und ein einzigartiges Tragegefühl, das lange währt. Das Familienunternehmen setzt verstärkt auf hautschmeichelnde und schnell nachwachsende Rohstoffe wie Bambus und weitere innovative Qualitäten mit hohem Naturfaseranteil. Im Onlineshop lassen sich die Modelle nicht nur nach Kollektion, Form, Farbe und Größe, sondern auch nach Materialien filtern – so finden Kundinnen schnell ihr Wunschmodell. Die einzigartigen und innovativen Stoffe stellt SPEIDEL in der eigenen Strickerei am Standort Bodelshausen her. Alle verwendeten Rohstoffe bis hin zum fertigen Wäscheteil sind nach dem STANDARD 100 by OEKO-TEX® geprüft und zertifiziert. „Made in Europe“ steht auf jedem Wäscheetikett – ein Bekenntnis von SPEIDEL zu einer hohen Qualität und Fairness gegenüber Mitarbeitern und Partnern. Alle Wäscheteile entstehen in Europa, die meisten Arbeitsprozesse finden in Deutschland am Standort Bodelshausen statt: Vom ersten Entwurf, über das Stricken der Stoffe und den Zuschnitt der einzelnen Schnittteile. Die Konfektion erfolgt in eigenen Betrieben in Ungarn und Rumänien.

Versand im Graskarton

Die Wäsche aus dem Onlineshop wird nachhaltig in einer neuen, umweltschonenden und ressourcensparenden Verpackung versendet – dem SPEIDEL Graskarton. Er besteht zu 30% aus Gras und zu 70% aus Altpapier – beides aus der Region – und ist eine ökologische Alternative zu herkömmlichen Verpackungen. Im Gegensatz zu Zellstoff, der aus Bäumen gewonnen wird, die über mehrere Jahre wachsen müssen, wird Gras mehrmals im Jahr auf sogenannten Ausgleichsflächen gemäht. Zudem benötigt die Herstellung deutlich weniger Wasser und CO2 als bei Karton-Verpackungen. Der Versand der Bestellungen erfolgt dann klimaneutral über DHL GoGreen.

• Italian creativity merges with Chinese technological innovation to create a new capsule collection
   

A new era is born in the world of denim, Paolo Gnutti and Advance Denim will combine their skills to create capsule collections for both the US and Asian markets.

These collections will combine Paolo Gnutti’s artistry and Advance denim’s technological innovation to create “magical” inspiration that is with the reach of all brands.

Advance Denim has the distinction of being the oldest denim manufacturer in China and has dedicated its efforts since day one around the core beliefs of innovation , service , quality and people. These core beliefs are the foundation of their day to day focus of becoming a world leader in denim. They are also  committed to making the most sustainable denim possible and they are constantly investing in the infrastructure and systems that will help them to reach aggressive sustainability goals . Sustainability is important but Advance Denim has always been true to denim and strive to produce innovative high-quality products that exceed the needs of the market

“We are looking forward to Paolo bringing his Italian artistic aesthetics to our denim.” Said Ms. Amy Wang, General Manager of ADVANCE DENIM. “ We believe it is the combination of eastern and western design and culture that have never been offered to our customers before and will take Advance Denim to a whole new level. It is our goal to also offer these high quality designs at a competitive price from our Vietnam facility.” conclude Ms. Wang.

Paolo Gnutti, a life time dedicated to denim innovation and creativity, bases the creation of his collections following  precise themes and  stylistic contaminations. He uses indigo bases which are completely transformed thanks to the use of flocks, 3D prints, colored foils and metallic effects.

Paolo Gnutti has the ability to conceive ground breaking fashion, thanks to his incredible creativity and visionary irreverent combination that ushers in a new concept of  fashionability to the denim world.

“ My passion and my professional exploration lead me to acquire the skill needed to develop unforgettable and unique textile concepts” said Paolo Gnutti “ I’m trilled to begin this collaboration with Advance Denim. I feel that we need a new challenge in our denim world, a new era of true globalization; we will create a capsule collection that will reach all customers, from premium to the mass market.”

A new era begins, based on the evolution of the  market and the search for innovation and inspiration that is both technically performance driven and accessible to all brands.

• Tata Communications announces its financial results for the quarter ended June 30th, 2020

Commenting on the results, A.S Lakshminarayanan, MD and CEO, Tata Communications, said, “We have started this new financial year with strong performance amidst an uncertain and unpredictable economic environment. Digital is increasingly defining and shaping the experiences in this new world. It will become even more strategically core as businesses look to adopt new ways of working and transform how they operate, and how they engage with their audiences and with each other. We continue to be a key partner for our customers as they look to now focus on business recovery, acceleration, and growth.
Our new proposition, Secure Connected Digital Experience, is aimed at enabling customers to adopt new digital working models by providing a holistic ecosystem of solutions that are suited for this digital-first environment and are built for the long term. We’re seeing good interest in the market for these solutions. We remain focused on our strategy to deliver profitable growth and to be a preferred digital partner to our customers.”

Commenting on the results, Pratibha K. Advani, Chief Financial Officer, Tata Communications, said, “We have registered another quarter of strong growth. Data portfolio, which has been the key driver for our business, recorded a double-digit growth of 10% YoY with robust margin expansion of 460 Bps.

Enterprise business has also shown a healthy increase in the quarter, on the back of strong growth in India as well as the international markets, with India growing by 6.7% and international by 8.3% YoY. We continue to drive cost efficiencies in our business and with every successive quarter, we are improving our financial fitness.

Highlights

• Strong growth in Data business; revenue grew by +10% YoY on the back of robust performance across all segments, despite an uncertain economic environment.
• Data EBITDA was at INR 975 crore; up +32.4% YoY on the back of margin expansion of 460 Bps YoY led by cost efficiency initiatives.
• Due to lockdown and remote working, we are witnessing increased bandwidth usage and higher collaboration traffic. Enterprises have upgraded their capacities and are consuming more data to support this work model. Consequently, our India enterprise business grew by 6.7% YoY and international enterprise business grew by 8.3% YoY on the back of strong demand. This has led to increase in both revenue and profitability.
• Consolidated revenue was at INR 4,403 crore; growth of +5.6% YoY on the back of strong growth in Data business.
• Consolidated EBITDA at INR 1,042 crore; increase of +26.2% YoY and margin expansion of 390 Bps on the back of strong profitable growth in data business and focus on cost efficiencies.
• Consolidated PAT at INR 258 crore as compared to a profit of INR 77 crore in Q1 FY20; growth of +236% YoY.
• CAPEX for this quarter was INR 372 crore as compared to INR 342 crore in Q4 FY20.

*Please read the attached document for more information

The coronavirus pandemic and its massive impact on the automotive industry led to an un-precedented market slump in the first half of 2020 and a corresponding revenue decline at Autoneum. Revenue in local currencies fell by –32.7% compared to the prior-year period, and in Swiss francs by –36.8% to CHF 730.6 million. The turnaround program for the North American sites made further progress in the first six months and is showing the targeted results. However, they were clearly overcompensated by the massive impact of the corona-virus crisis, which led to a negative net result of CHF –54.9 million despite comprehensive cost flexibilization measures.

Like the entire automobile industry, Autoneum was massively impacted by the effects of the corona-virus pandemic in the first half of the year. The temporary plant closures at almost all customers in every region, especially in the second quarter of the year, not only led to an unprecedented market collapse, but also to a production stop at all 55 Autoneum sites. Starting in February in China and one month later in all other regions, vehicle manufacturers temporarily shut down production completely. The corresponding massive drop in global vehicle production led to a slump in revenue at Autoneum of –32.7% in local currencies. This reflects the development of the market in the first half of 2020, which contracted by –33.2% year-on-year. Revenue in Swiss francs at Autoneum fell by –36.8% to CHF 730.6 million (prior-year period: CHF 1 156.1 million). Revenue development in all Business Groups outperformed the respective markets, particularly in Asia and the SAMEA (South America, Middle East and Africa) region.

 Like the entire automobile industry, Autoneum was massively impacted by the effects of the corona-virus pandemic in the first half of the year. The temporary plant closures at almost all customers in every region, especially in the second quarter of the year, not only led to an unprecedented market collapse, but also to a production stop at all 55 Autoneum sites. Starting in February in China and one month later in all other regions, vehicle manufacturers temporarily shut down production com-pletely. The corresponding massive drop in global vehicle production led to a slump in revenue at Autoneum of –32.7% in local currencies. This reflects the development of the market in the first half of 2020, which contracted by –33.2% year-on-year. Revenue in Swiss francs at Autoneum fell by –36.8% to CHF 730.6 million (prior-year period: CHF 1 156.1 million). Revenue development in all Business Groups outperformed the respective markets, particularly in Asia and the SAMEA (South America, Middle East and Africa) region.

Autoneum promptly responded to the pandemic-related market slump by adopting extensive cost-cutting measures in all regions. These include the reduction of employee costs by, among other things, adjusting time accounts, introducing short-time work at eligible locations and temporary layoffs as well as headcount reduction, mainly among temporary workers. In addition, operating expenditures were limited to the absolutely necessary. The investment volume for 2020, already reduced from previous years, was downsized even further. Autoneum continues to benefit in this regard from the high level of investments undertaken in recent years.

 Although the coronavirus crisis and the measures taken to contain it dominated Autoneum’s course of business in the first half of 2020, the Company achieved necessary operational and financial im-provements during this period. The comprehensive turnaround program for the North American sites made further progress and is on track. Efficiency improvements already achieved there had a posi-tive effect on the figures of the first half-year, but were significantly overcompensated by the substan-tial impact of the COVID-19 crisis. Savings and cost flexibilization measures taken immediately and implemented worldwide in view of the revenue loss could not offset the ongoing, capacity-related fixed costs. This led at the Group level to a negative EBIT of CHF –31.8 million (prior-year period: CHF 16.4 million), which equates to an EBIT margin of –4.4% (prior-year period: 1.4%). The net result decreased because of the severe revenue shortfall to CHF –54.9 million (prior-year period: CHF –6.0 million).

Outlook
For 2020 Autoneum expects revenue to develop at market level. Although customers’ production volumes should increase again in the second half of 2020 compared with the first semester, latest fore-casts indicate that they will remain clearly below the level of the second half of 2019. Immediately implemented and ongoing cost reduction measures as well as further operational optimizations also within the turnaround program in North America will lead to improvements in the second half of the year. Due to the current uncertainties, a reliable statement on the net result for the full year 2020 thus cannot be made. With regard to the mid-term targets, a recovery of the profitability level is expected, but it will largely depend on the market development.