Business
Inditex returns to profitability and generates €734 million net cash in the second quarter
Inditex Group sales continued to recover during the first half of 2020 (between 1 February and 31 July) to reach €8 billion: the decline for the half was -37%, helped by an improved second quarter (from 1 May to 31 July) when the fall in sales slowed to -31%, from a decline of -44% in the first quarter.
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On August 26th, Sandler formally inaugurated a new production line for nonwovens for face masks. Hubert Aiwanger, Bavarian Minister of Economic Affairs, was personally on site together with other guests from politics and business. In early April, the nonwovens manufacturer from Schwarzenbach/Saale had announced the investment in a new line to increase production of nonwoven filter media for face masks and thereby expand its contribution to the security of supply of these products.
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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.
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In the first half of 2020, the Lenzing Group faced a historically difficult market environment with increased pressure on prices and volumes resulting from the COVID-19 crisis. To counteract that, Lenzing intensified its cooperation with partners along the value chains and adjusted its production volumes and sales prices to market reality. The disciplined implementation of the sCore TEN corporate strategy and the focus on specialty fibers continued to have a positive impact.
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“The past quarter brought unprecedented challenges for our business as large parts of the world were in lockdown. I'm grateful for the relentless and agile efforts of our teams, which enabled us to take the right actions for our consumers, our partners and the company. We addressed the challenges and went after opportunities, as reflected in our e-com business nearly doubling in Q2,” said adidas CEO Kasper Rorsted. “We are now seeing the light at the end of the tunnel as the normalization in the physical business continues, with the vast majority of our stores being operational again.”
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adidas successfully places two bonds in an amount of € 1 billion
adidas successfully placed two bonds in an amount of € 1 billion in total. The 4-year bond of € 500 million matures in September 2024 and has a coupon of 0.00%, while the 15-year bond of € 500 million matures in September 2035 and has a coupon of 0.625%. The bonds will be listed on the Luxemburg Stock Exchange and have denominations of € 100,000 each. The final offering was more than seven times oversubscribed.
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Rieter places bond for a total of CHF 75 Million
Rieter has today placed a bond of CHF 75 million with a term of four years and a coupon of 1.55%.
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Business
Suominen has signed a credit facility agreement linked to sustainability targets
Suominen has entered into a single-currency syndicated revolving credit facility agreement of EUR 100 million with a maturity of three years with two one-year extension options. The lenders for the facility are Danske Bank A/S, Finland Branch and Nordea. The new credit facility includes leverage ratio and gearing as financial covenants.
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Business situation against the backdrop of the COVID-19 pandemic
Due to COVID-19, a large number of spinning mills have stopped production worldwide. Since the end of March 2020, this has led to low demand for spare partsand wear & tear parts and delays in testing programs during the development of new machines. Customers are postponing investment projects or unable to implement them due to restrictions imposed by national governments. This results in low demand for new machines.
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VF Corporation Brands donate nearly USD 55,000 to Outdoor Industry Association
VF Corporation, one of the world’s largest apparel, footwear and accessories companies, today announced that some of its brands, including The North Face®, Timberland®, Icebreaker®, Smartwool®, Eagle Creek®, and Altra® will donate 15 percent of their Outdoor Retailer Summer Market refund to Outdoor Industry Association (OIA). The funds will directly support OIA’s small business members by providing the necessary tools, resources, and advocacy to help them get through the COVID-19 crisis, as well as help sustain OIA’s core mission-driven work.
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Business
The H&M group gives a brief financial update on the ongoing Covid-19 situation
In view of the current situation the H&M group considers it appropriate to provide a brief financial update. The safety of employees and customers is the H&M group’s highest priority. Based on decisions by authorities and local market conditions, around 80 percent of the group’s stores have been closed since mid-March. From the end of April onwards the H&M group started gradually reopening stores in a number of markets.
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Lenzing’s performance impacted by historically difficult market environment
In a historically difficult market environment with increased pressure on prices and volumes resulting from the COVID-19 crisis, the Lenzing Group held its ground well in the first quarter of 2020. Thanks to a diversified business model and its global footprint on the one hand, and the disciplined implementation of the sCore TEN corporate strategy on the other, the effect on the revenue and earnings development was partially offset.
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European Commission grants approval under the EU Merger Regulation
Following the announcement of the offer published in September 2019 for Freudenberg’s planned acquisition of Low & Bonar PLC, the formal application for approval under the EU Merger Regulation (“EUMR”) from the European Commission (“Commission”) was submitted in March 2020 following extensive preliminary discussions and in agreement with the Commission. A decision on the application was received on April 17, 2020.
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