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Solvay takes stock of negotiations and announces non-cash depreciation Brussels Stock Exchange: SOLB

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

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

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