Corona pandemic leads to sharp decline in sales in H1/2020
Sales in H1/2020 amounted to CHF 254.9 million, representing a decline of 39% compared to the previous year. The significant decline in sales resulted in an overall EBIT of CHF -55.0 million in H1/2020 (H1/2019: CHF -1.2 million). The Covid-19 pandemic led to a market situation where demand for the goods and services of all 3 business groups decreased significantly. The Business Group Machines & Systems is affected by the deferral by customers of investments and scheduled deliveries. At the same time, the demand for wear & tear and spare parts declined sharply, due to the suspension of production in many spinning mills around the world. This is reflected in the low order intake and sales of the Business Groups Components and After Sales. Hence, this exceptional market situation gave rise to losses in all 3 business groups in the first half of 2020. With the exception of Turkey, sales in all regions were marked by the corona pandemic. In India, sales declined to CHF 17.7 million due to the lockdown, a fall of 73% compared to the H1/2019. In the Asian countries, China and North and South America, sales decreased by between 44% and 49% compared to the 1st half of 2019.