The state-of-the-art 300,000 square foot facility serves regional dealers with stock and emergency orders. It also enables Navistar to deliver parts the next day to over 95% of its dealers’ service locations due to its centralised location and proximity to the FedEx World Hub in Memphis, Tennessee. This helps to assure that Navistar’s International® service network, the largest in North America, will have even more expedited access to parts needed for customer repairs.
“The physical location of our new Memphis PDC allows for industry-leading cutoff times with extremely quick turnaround for next-day parts delivery,” said Josef Kory, senior vice president, Parts, Navistar. “Dealers can order as late as 11 p.m. Eastern time and still have the part arrive the next morning. Quicker parts turnaround means faster maintenance repair times and less downtime for fleets.”
The extended hours of the facility also offer customers more options when members of a fleet go down outside of typical business hours.
Kory adds, “Not every parts service emergency is going to happen during an average 9 a.m. to 5 p.m. workday. Filling the time-sensitive gap of parts delivery is our main goal and Memphis is the key to getting there.”
The Memphis PDC is Navistar’s seventh in the United States and tenth in North America.
| THREE MONTHS ENDED JUNE 30, |
SIX MONTHS ENDED JUNE 30, |
|||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||
| Reported | ||||||||||||
| Sales | $ | 10,126 | $ | 10,280 | $ | 20,717 | $ | 21,072 | ||||
| Income from operations before income taxes | $ | 595 | $ | 819 | $ | 1,963 | $ | 1,670 | ||||
| Net income attributable to Magna International Inc. | $ | 452 | $ | 626 | $ | 1,558 | $ | 1,286 | ||||
| Diluted earnings per share | $ | 1.42 | $ | 1.77 | $ | 4.83 | $ | 3.60 | ||||
| Non-GAAP Financial Measures(1) | ||||||||||||
| Adjusted EBIT | $ | 677 | $ | 803 | $ | 1,397 | $ | 1,678 | ||||
| Adjusted diluted earnings per share | $ | 1.59 | $ | 1.67 | $ | 3.22 | $ | 3.51 | ||||
| All results are reported in millions of U.S. dollars, except per share figures, which are in US dollars. (1) Adjusted EBIT, Adjusted diluted earnings per share and Adjusted EBIT as a percentage of sales are Non-GAAP financial measures that have no standardized meaning under U.S.GAAP, and as a result may not be comparable to the calculation of similar measures by other companies. A reconciliation of these Non-GAAP financial measures is included in the back of this press release. |
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Three months ended June 30, 2019
Magana has stated that, Overall, our results came in slightly ahead of our expectations in the second quarter of 2019, driven by our Body Exteriors & Structures, Power & Vision and Complete Vehicles segments. Our Seating segment was below our expectations mainly due to continued launch costs and inefficiencies at a new facility.
On a consolidated basis, we posted sales of $10.13 billion for the second quarter of 2019, a decrease of 1% from the second quarter of 2018, which compares favourably to global light vehicle production that decreased 6%. Excluding the impact of foreign currency translation and divestitures net of acquisitions, sales increased 5%, and by segment: Complete Vehicles, Seating and Power & Vision increased 49%, 3% and 1%, respectively, while Body Exteriors & Structures decreased 4%.
Adjusted EBIT decreased 16% to $677 million in the second quarter of 2019 resulting in an adjusted EBIT as a percentage of sales of 6.7% in the second quarter of 2019 compared to 7.8% in the second quarter of 2018. This is mainly due to lower margins in our:
Income from operations before income taxes was $595 million for the second quarter of 2019 compared to $819 million in the second quarter of 2018. Included in income from operations before income taxes in the second quarter of 2019 were Other expense, net items totaling $68 million comprised of net unrealized losses on the revaluation of our investments and restructuring costs partially offset by an adjustment to the gain on the sale of our Fluid Pressure & Controls business. Income from operations before income taxes in the second quarter of 2018 included Other income, net items totaling $39 million. Excluding Other expense (income), net from both periods, income from operations before income taxes decreased $117 million in the second quarter of 2019 compared to the second quarter of 2018.
Net income attributable to Magna International Inc. was $452 million for the second quarter of 2019 compared to $626 million in the second quarter of 2018. Included in net income attributable to Magna International Inc. in the second quarter of 2019 were Other expense, net items totaling $57 million after tax. Net income attributable to Magna International Inc. in the second quarter of 2018 included Other income, net items totaling $36 million after tax. Excluding Other expense (income), net from both periods, net income attributable to Magna International Inc. decreased $81 million in the second quarter of 2019 compared to the second quarter of 2018.
Diluted earnings per share decreased to $1.42 in the second quarter of 2019, compared to $1.77 in the comparable period. Adjusted diluted earnings per share decreased 5% to $1.59compared to $1.67 for the second quarter of 2018.
In the second quarter of 2019, we generated cash from operations of $920 million. Investment activities for the second quarter of 2019 were $587 million, including $328 millionin fixed asset additions, $152 million in acquisitions, and a $107 million increase in investments, other assets and intangible assets.
Six months ended June 30, 2019
We posted sales of $20.72 billion for the six months ended June 30, 2019, a decrease of 2% from the six months ended June 30, 2018, which compares favourably with global light vehicle production which decreased 5% in the first six months of 2019 compared to the first six months of 2018. Excluding the impact of foreign currency translation and divestitures net of acquisitions, sales increased 4% and by segment: Complete Vehicles increased 36%, Seating increased 3%, Power & Vision was unchanged and Body Exteriors & Structures decreased 4%; in each case compared to the six months ended June 30, 2018.
During the six months ended June 30, 2019, income from operations before income taxes was $1.96 billion, net income attributable to Magna International Inc. was $1.56 billion and diluted earnings per share was $4.83, increases of $293 million, $272 million and $1.23, respectively, each compared to the first six months of 2018.
During the six months ended June 30, 2019, Adjusted EBIT decreased 17% to $1.40 billion, and Adjusted diluted earnings per share decreased 8% to $3.22, each compared to the six months ended June 30, 2018.
During the six months ended June 30, 2019, we generated cash from operations before changes in operating assets and liabilities of $1.81 billion, and invested $294 million in operating assets and liabilities. Total investment activities for the first six months of 2019 were $920 million, including $579 million in fixed asset additions, $152 million in acquisitions, and $189 million in investments, other assets and intangible assets.
The Schaeffler Group’s revenue amounts to €7.226 million (prior year: €7.193 million) at mid-year. At constant currency, revenue decreased slightly, declining by 0.8% during the period, and dropping by 2% in the second quarter. This trend was driven by declining revenue in both Automotive divisions that was only partially offset by revenue growth in the Industrial division. Of the four regions, the Americas and Asia/Pacific regions contributed constant currency revenue growth of 8.5% and 1.6%, respectively, while revenue declined by 5% and 3.3% in the Greater China and Europe regions, respectively.
The Schaeffler Group generated earnings before financial result, income (loss) from equity-method investees, and income taxes (EBIT) of €483 million (prior year: €773 million) in the first six months. These earnings were affected by special items for the reporting period of €73 million, largely consisting of €55 million in restructuring expenses related to the efficiency programme RACE in the Automotive OEM division. As a result, EBIT before special items amounted to €556 million (prior year: €794 million). This represents an EBIT margin before special items of 7.7% (prior year: 11.0%). The decrease compared to the prior year was primarily attributable to the decrease in gross margin. The margin trend was also hampered by higher selling and administrative expenses. The EBIT margin before special items improved from 7.5% in the first quarter to 7.9% in the second quarter.
Adjusted for currency effects and M&A activities, organic revenue growth stood at -0.3% in the period from April to June. During the same period, ElringKlinger thus managed to outperform - by five percentage points - the global vehicle industry as a whole, which saw aggregate automobile production fall by -5.3%.
More pronounced downturn in market activity
Contrary to market performance in general, ElringKlinger recorded further growth in Group revenues during the second quarter of 2019 in North America, which saw an expansion of 31.1%. The other key sales regions, by contrast, felt the impact of market slowdown. The Rest of Europe, which is ElringKlinger's largest sales market, saw revenue decline by 5.9% year on year in the second quarter. In the region encompassing Asia-Pacific, meanwhile, revenue was down by 7.4%. ElringKlinger also recorded a decline in its home market of Germany, which saw revenues fall by 9.6%.
Earnings affected by high cost base
At EUR 39.0 million, earnings before interest, taxes, depreciation, and amortization (EBITDA) in the second quarter fell short of the figure posted for the same period a year ago (Q2 2018: EUR 49.3 million). This was attributable to the comparatively high cost base, driven primarily by the market downturn in Europe and China, the persistently strong demand in North America as well as commodity prices. Earnings before interest and taxes (EBIT), before write-downs relating to purchase price allocation, amounted to EUR 10.7 million in the second quarter of 2019 (Q2 2018: EUR 26.3 million). Therefore, the EBIT margin before purchase price allocation was 2.5% (Q2 2018: 6.1%). As a result of tax-related effects, the Group recorded earnings per share of EUR -0.14 in the second quarter.
Group-wide programme to optimise cash flow takes effect
The program implemented by the ElringKlinger Group with a view to optimizing its cash flow situation resulted in a visible improvement in liquidity levels during the first six months of 2019. Thanks to a number of different measures - above all the continuous optimization of net working capital and a disciplined approach to investing activities - operating free cash flow increased to EUR 98.6 million in the second quarter of 2019 alone (Q2 2018: EUR -19.0 million). At the end of the first half of 2019, therefore, the figure was up at EUR 79.3 million in total (H1 2018: EUR -42.2 million).
"As figures for the first half indicate, we are on track with measures initiated for the purpose of improving our cash flow," said Dr. Stefan Wolf, CEO of ElringKlinger AG. "We have moved forward considerably with regard to investments and working capital - and we intend to pursue this action plan in a determined manner. Having said that, we are currently operating within a market environment that is proving difficult as a whole."
No palpable recovery of global automobile production in second half
Based on the most recent market projections, the recovery of global vehicle production is likely to be less dynamic in the second half of 2019 than originally expected at the beginning of the year. ElringKlinger now anticipates a global market downturn of between 2% and 4% year on year for 2019 as a whole, rather than the modest growth rate of between 0% and 1% predicted at the beginning of the financial year. Nevertheless, the ElringKlinger Group continues to maintain its fiscal 2019 revenue target of growing organically by 2 to 4 percentage points above the rate of growth in the global market.
Current order backlog remains solid but outlook for new orders less promising
The Group's order book has proven resilient despite the challenging economic situation. With a volume of EUR 1,063.0 million at the end of the second quarter of 2019, its order backlog was up 2.4% year on year (Q2 2018: EUR 1,038.2 million); adjusted for currency effects, it expanded by 1.5%. The downturn in markets, however, was reflected in order intake. Totaling EUR 419.8 million, it was down by 8.5% year on year in the second quarter (Q2 2018: EUR 458.6 million). After adjusting for currency effects, the decrease was 7.8%.
Outlook for fiscal 2019 confirmed
Conditions are likely to remain challenging for the automotive industry, with key markets in China, North America, and Europe set to contract over the full year. Therefore, it would appear likely that market downturn will impact on ElringKlinger's earnings performance. At the same time, the Group is looking to counteract these developments with the help of several measures. In the first half of the year, for example, ElringKlinger launched an extensive internal cost-cutting program that will continue to deliver benefits as the Group moves forward. Additionally, the first exemption refunds are expected with regard to US tariffs. ElringKlinger also anticipates that it will generate income in the high single-digit million-euro range from a real estate sale to be executed by the end of the financial year. Furthermore, cost structures are to be further optimized at the Swiss plant and the North American sites. Overall, as a result of these various factors, the Group will still be looking to achieve an EBIT margin of around 4% to 5% before purchase price allocation despite the more difficult conditions it currently faces. This assumes that no further significant externalities emerge as a drag on earnings and that markets do not weaken any further than already anticipated.
Key Financials for Q2 and H1 of 2019
| EUR million | H1 2019 |
H1 2018 |
∆ abs. | ∆ rel. | Q2 2019 |
Q2 2018 |
∆ abs. | ∆ rel. |
| Order intake | 918.1 | 932.8 | -14.7 | -1.6% | 419.8 | 458.6 | -38.8 | -8.5% |
| Order backlog | 1,063.0 | 1,038.2 | +24.8 | +2.4% | 1,063.0 | 1,038.2 | +24.8 | +2.4% |
| Revenue | 875.2 | 861.5 | +13.7 | +1.6% | 434.1 | 430.8 | +3.3 | +0.8% |
| of which FX effects | +9.9 | +1.1% | +4.4 | +1.0% | ||||
| of which M&A | -6.2 | -0.7% | +0.0 | - | ||||
| of which organic | +10.0 | +1.2% | -1.1 | -0.3% | ||||
| EBITDA | 73.8 | 110.4 | -36.6 | -33.2% | 39.0 | 49.3 | -10.3 | -20.9% |
| EBIT before purchase price allocation | 17.6 | 64.6* | -47.0 | -72.8% | 10.7 | 26.3 | -15.6 | -59.3% |
| EBIT margin before purchase price allocation (in %) | 2.0 | 7.5* | -5.5PP | - | 2.5 | 6.1 | -3.6PP | - |
| Purchase price allocation | 1.0 | 1.9 | -0.9 | -47.4% | 0.5 | 1.0 | - 0.5 | -50.0% |
| EBIT | 16.6 | 62.7* | -46.1 | -73.5% | 10.2 | 25.3 | -15.1 | -59.7% |
| Net finance cost | -9.7 | -10.3 | +0.6 | +5.8% | -8.7 | -5.0 | -3.7 | -74.0% |
| EBT | 6.9 | 52.4* | -45.5 | -86.8% | 1.5 | 20.3 | -18.8 | -92.6% |
| Taxes on income | 16.7 | 16.7 | +0.0 | - | 10.2 | 10.9 | -0.7 | -6.4% |
| Net income (after non-controlling interests) | -10.1 | 34.2* | -44.3 | >-100% | -8.6 | 8.5 | -17.1 | >-100% |
| Earnings per share (in EUR) | -0.16 | 0.54 | -0.70 | >-100% | -0.14 | 0.13 | -0.27 | >-100% |
| Investments (in property, plant, and equipment and investment property) | 49.5 | 67.7 | -18.2 | -26.9% | 20.7 | 38.4 | -17.7 | -46.1% |
| Operating free cash flow | 79.3 | -42.2 | +121.5 | >+100% | 98.6 | -19.0 | +117.6 | >+100% |
| Net working capital | 498.9 | 604.1 | -105.2 | -17.4% | ||||
| Equity ratio (in %) | 40.7 | 42.8 | -2.1PP | - | ||||
| Net financial liabilities | 699.9 | 682.6 | +17.3 | +2.5% | ||||
| Employees (as of June 30) | 10,411 | 9,954 | +457 | +4.6% |
* Incl. gain from sale of Hug subgroup (EUR 21.1 million before taxes)
The awards were presented at the 2019 CAR Management Briefing Seminars Seminars (MBS) in Traverse City, MI.
“The winning products demonstrate the power of innovation and engineering disciplines to reduce vehicle weight and emissions,” said Richard Yen, senior vice-president, strategic solutions team and global automotive business of Altair. “We were thrilled with the entrants and are proud to recognise the winners and runners up.”
Full vehicle, low-volume production category winner
Ferrari’s Portofino, weighing an impressive 80kg lighter, while being 35% stiffer than the outgoing California T that it replaces, was the winner in the Full Vehicle, low-volume production category. The Portofino is designed to be driven daily, and converts in just 14 seconds from an authentic ‘berlinetta’ coupé to a drop-top, thanks to the retractable hard top system. It is significantly lighter than the outgoing model, thanks to the adoption of new components featuring innovative design developed by an extensive use of structural optimisation, innovative aluminium technologies and the use of cutting-edge production techniques.
"Taking the Altair Enlighten Award in the full vehicle category for the Portofino BIW is a fantastic result for Ferrari. We have a dedicated group of engineers who constantly strive to achieve the most ambitious technical objectives the company sets, so this award honours their achievements," said Michael Leiters, CTO, Ferrari.
Full vehicle, high-production category winner
FCA’s 4th generation Jeep Wrangler, eliminated 92kg from the previous generation vehicle. It employs an advanced strategy of lightweight aluminium, sheet moulding compound (SMC) and high-strength steel. Technology highlights of its new design include a lightweight body system that shed 51kg (>12%), by strategically applied advanced lightweight materials to maximise customer value, comfort, safety, and convenience, as well as minimise manufacturing impact to bolster the benefit of lightweight material applications.
“We are immensely proud of the work we did on the one-of-a-kind Jeep Wrangler,” said Rob Wichman, interim head of product development, FCA North America. “We are also grateful to Altair for recognising engineering achievement, in general. Thoughtful, disciplined engineering unlocks innovation. And innovation moves the world forward.”
Module category winner
ZF with its latest knee airbag (KnAB) design replaces the typical metal housing found in existing low mounted knee airbags by a fabric housing. This lightweight “Global Baseline Module” technology is based on a fabric housing and provides high restraint performance capability while allowing significant weight reduction. With a weight reduction of 30%, it is 20% more compact, and a design that can be tailored for all specific customer needs and markets to help meet global safety test requirements and standards.
General Motors & Continental Structural Plastics for the CarbonPro pickup box were the runners up in this category. CarbonPro is the industry-first carbon fibre reinforced thermoplastic pickup box. It saves 62lb of mass and offers the best in class impact-resistant bed which adds unprecedented strength and durability to the truck.
Enabling Category Winner;
Material Sciences won top honours in the Enabling category for MSC Smart Steel, the first-ever spot weldable low-density composite laminate to be used in a body application. MSC Smart Steel is a new multilayer steel laminate engineered as a direct substitute for vehicle body parts stamped from low carbon steel. The concept involves creating a three-layer laminate whereby the outer skins are steel, and the middle layer consists of a low-density conductive polymer core, which allows MSC Smart Steel to be stamped and spot-welded – an industry first!
DSM Engineering Plastics, Inc., Cikautxo Group, General Motors, Henn GmbH & Co KG – 2019 Cadillac XT4 Arnitel Thermoplastic Co for the polyester hot charge air duct, were the runners up for the Enabling Technology category. The all-new Arnitel thermoplastic copolyester (TPC) hot charge air duct for the 2019 Cadillac XT4 engine replaced a thermoset rubber solution, significantly reducing the weight, cost and design complexity of the turbocharging system for the GM CSS 2.0L turbo engine.
The future of lightweighting winner
The award for the Future of Lightweighting went to a feasibility study for #ULTRALEICHTBAUSITZ, a collaborative effort by Alba tooling & engineering, Automotive Management Consulting GmbH, and csi entwicklungstechnik GmbH. #ULTRALEICHTBAUSITZ aims to completely re-think car seat design from scratch through consequent use of cutting-edge generative technologies with the philosophy of “form follows force.” Their goal is to manufacture a comfortable and highly adaptable, yet ultra-lightweight vehicle seat prototype with a mass of about 10 kg.
"We were pleased to once again receive so many outstanding entries this year,” said Carla Bailo, president and CEO at the Centre for Automotive Research. “The entries demonstrate excellence in their unique approaches to meet the challenges for weight reduction through innovative materials and joining technology combined with design simulation. This is critical to the success of light weighting initiatives as the future of mobility including electric and autonomous vehicles continues to develop at a rapid pace.”
REHAU has been supplying its partners in the automotive industry with components from the Jevíčko plant since 2011. In line with the company’s growth strategy for the automotive business segment, a new competence centre for rear spoiler installation has been created.
Construction work started on the project in March 2018. After completion of the assembly hall, the logistics area and the office building, approximately 170 new employees will work there. The assembly hall covers an area of 2,800 square metres and the new logistics hall is 4,000 square metres in size. This investment underlines REHAU’s firm commitment to the plant and towards safeguarding jobs.
The plant extension was officially opened on 19 July 2019 at a special ceremony. “In Jevíčko, all the signs are clearly pointing towards growth,” said plant manager Josef Vokoun.
Continuous expansion
REHAU has been operating in the Czech Republic for 27 years. In 1992, work began on setting up the company’s sales office in Prague. This was followed in 1994 by the first production facility in Moravská Třebová, which celebrates its 25th anniversary this year. The Jevíčko factory was then added to the plant network 17 years later. A lot has happened since then and REHAU has repeatedly made substantial investments in its plants in the Czech Republic. Around 1,000 people are now employed there.
(Pictured, from left to right: Martin Wippermann (Member Automotive Executive Board), Helmut Ansorge (Member Automotive Executive Board) Dr. Uwe Böhlke (COO REHAU Group), Josef Vokoun (Plant Manager Jevíčko), Dušan Pávek (Mayor of the City of Jevíčko), Dr. Martin Netolický (Captain of the Pardubice Region), Markus Grundmann (CEO Automotive) picture courtesy Petra Zapecova)
Textron plans to consider a range of options, including a sale, tax-free spin-off or other transaction. Kautex operates over 30 plants in 14 countries and generated over $2.3 billion in revenue in 2018.
Kautex, headquartered in Bonn, Germany, is a leading developer and manufacturer of blow-moulded plastic fuel systems and advanced fuel systems for cars and light trucks, including pressurised fuel tanks for hybrid applications. The unit also develops and manufactures camera/sensor cleaning solutions for automobiles, selective catalytic reduction systems used to reduce emissions from diesel engines as well as produces cast iron engine camshafts, crankshafts and other engine components.
“Kautex is a leading Tier One supplier to global OEMs. It has a long history of product innovation, world-class operations and strong financial performance,” said Scott C. Donnelly, Textron Chairman and Chief Executive Officer. “We are exploring strategic alternatives to see how we can position Kautex to best serve its customers for ongoing success while simultaneously unlocking potential value for our shareholders.”
No decision has been made and there can be no assurance that the process will result in any transaction being announced or completed in the future. The Company has not set a definitive timetable for completion of its review of strategic alternatives and does not intend to make any further announcements related to its review unless and until its Board of Directors has approved a specific transaction or the Company otherwise determines that further disclosure is appropriate.
Textron has retained Goldman Sachs & Co. LLC as financial advisor to assist in its review.
Currency and portfolio-adjusted sales growth of 5.0%; adjusted EBIT increase by 5.9% to €585 million ($655 million); adjusted EBIT margin improves to 8.4%.
Continuation of established dividend policy; additional payout of special dividend planned
Outlook for fiscal year 2019/2020 reflects high uncertainties in the market environment and therefore decreasing sector development
The currency and portfolio-adjusted consolidated sales increased by 5.0% compared to previous year. In light of the disposal of the wholesale distribution business and taking exchange rate effects into account, reported sales reduced to €7.0 billion (previous year: €7.1 billion).
Based on preliminary figures, the earnings before interest and taxes adjusted for restructuring measures and portfolio effects (adjusted EBIT) improved by 5.9% to €585 million (previous year: €552 million). This corresponds to an adjusted EBIT margin of 8.4% (previous year: 8.3%). The reported earnings before interest and taxes (EBIT) rose to €808 million (previous year: €574 million) primarily, due to the extraordinary gains from the successful sale of the wholesale business. Therefore, the reported EBIT margin is 11.6% (previous year: 8.1%).
“We have faced a demanding fiscal year that was marked by major uncertainties in the overall automotive sector”, said HELLA CEO Dr. Rolf Breidenbach. “Although we have largely compensated for these challenges in the past fiscal year and achieved our targets, we were confronted with a sharp slowdown in growth momentum, particularly in the second half of the fiscal year.”
Continuation of established dividend policy; additional payout of special dividend planned
The management of HELLA GmbH & Co. KGaA will propose to the annual general meeting on 27 September 2019 to pay out a special dividend of €2.30 per share in addition to a regular dividend of €1.05 per share (previous year: €1.05). The special dividend is based on a strong balance sheet performance over the past years and the sale of the wholesale distribution business. The amount of the dividend approximately corresponds to the accounting profit of €255 million that HELLA has realised by disposing the wholesale distribution business or around two thirds of the cash proceeds of this transaction. The total dividend would therefore be at €3.35 per share for the fiscal year 2018/2019.
“With this proposal, we continue our dividend policy that we have established in the previous years, while at the same time we want to involve our shareholders in the successful disposal of our wholesale business”, said HELLA CFO Bernard Schäferbarthold. “Also, after paying out this special dividend, HELLA will continue to have a solid and strong financial basis in order to consistently invest in future technologies, as well as further profitable growth.”
Outlook for fiscal year 2019/2020 reflects high uncertainties in the market environment and therefore decreasing sector development
“Especially due to our strategic alignment along the major automotive market trends, such as autonomous driving and electromobility, we assume that HELLA will still grow stronger in the future”, said Dr. Rolf Breidenbach. “However, the company will not be able to completely withdraw from the general sector development. These markets will continue to decline and to be characterised by a high degree of uncertainties. At the same time, we will still invest significantly in research and development and anticipate further increasing material and labour costs.”
Against this background, HELLA expects currency and portfolio-adjusted sales in the range from €6.5 billion to €7.0 billion (previous year portfolio-adjusted: around €6.8 billion) for the current fiscal year 2019/2020, as well as an adjusted EBIT margin in the range from 6.5 to 7.5% (previous year portfolio-adjusted: 8.4%).
As originally announced, the final results for the fiscal year 2018/2019 will be published in detail on 9 August 2019.
