Brussels, June 24, 2020 Solvay today provides an update for exchanges for the second quarter, highlighting resilience in the midst of the global COVID-19 pandemic.
As indicated in early May and following the good performance of the first quarter, headwinds of the market increased sharply in the second quarter. Oil and gas, automotive and aerospace companies were the most affected, with revenues down about 40%, while construction and mining related companies decreased by about 20%. Other key markets such as healthcare, agrifood, home and personal care and electronics have held up well and have helped offset some of the troubled markets. In this context, the Group’s sales fell by 20% in total between April and May compared to 2019 levels, reflecting the resilience of the diversified portfolio of Solvays. Similar demand trends are expected to continue during June. Decisive actions on structural and temporary cost reduction programs and the emphasis on generating cash help to mitigate certain effects and position the Group for strong growth during a market rebound.
Given the deterioration of economic performance in the short and medium term due to COVID-19, an impairment review is underway and should lead to non-cash impairment estimated at around 1.5 billion *. Approximately 80% is associated with goodwill resulting from the acquisition of Cytec, and the balance is linked to various tangible and intangible assets. The fundamental long-term attractiveness of the Composite Materials and Technological Solutions activities is not affected by the demand for lightening, electrification and resource efficiency. The conclusion of the impairment analysis and additional details will be provided when Solvays’ first half results are released on July 29, 2020.
We continue to act decisively to mitigate the effects of COVID-19 and remain relentless in our focus on generating free cash flow, reducing costs and serving our customers. said Ilham Kadri, managing director. We are accelerating the implementation of our GROW strategic programs to ensure superior growth thanks to our leadership positions and innovation.
* Final impairments will depend in particular on exchange rates and discount rates in effect on June 30, 2020
Press release in pdf format
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