Skip to main content

Solvay provides trading update and announces non-cash impairment

Written by Customer Service on . Posted in Public Companies.

Brussels, June 24, 2020 – Solvay today provides a trading update for the second quarter, highlighting resilience amid the COVID-19 global pandemic.
As indicated in early May and following the strong performance in the first quarter, market headwinds increased sharply in the second quarter. Businesses related to oil and gas, automotive, and aerospace were the most significantly impacted, with revenues down about 40%, whereas businesses related to construction and mining were down about 20%. Other key markets such as healthcare, agro/food, home & personal care and electronics resisted well and helped to offset some of the challenged markets. Against that backdrop, Group sales were down 20% in aggregate across April and May versus 2019 levels, reflecting the resilience of Solvay’s diversified portfolio. Similar demand trends are expected to continue during the month of June. Decisive actions on structural and temporary cost reduction programs and the focus on cash generation help to ease some of the effects and position the Group for strong growth when markets rebound.“We continue to act decisively to mitigate the effects of COVID-19 and we remain unrelenting in our focus on free cash flow generation, cost reduction, and serving our customers” said Ilham Kadri, Chief Executive Officer. “We are accelerating delivery of our G.R.O.W. strategic programs to deliver superior growth through our leadership positions and innovation.”* Final impairments will depend inter alia on exchange rates and discount rates prevailing at 30 June 2020AttachmentPress release in pdf format

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.