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The chemical company Ems Group is also feeling the effects of the challenging economic environment. Net sales fell slightly from 1,284 to 1,183 million francs (-7.9 percent) in the first half of 2023, as reported by the company’s majority shareholder and politician Magdalena Martullo-Blocher (53). The operating result (EBIT) fell from 324 to 280 million francs, a net decrease of 13.6 percent. EBITDA margin fell from 27.5 percent to 25.9 percent.
High core inflation, unresolved energy problems and geopolitical uncertainties in particular depress consumer and buyer sentiment in Europe. In Germany, Europe’s most important industrialized country, confidence in the processing industry and retail fell again in June. Meanwhile, consumer sentiment in China is only slowly recovering after Covid-19. American consumption will also be increasingly affected by higher interest rates, according to Ems Group. Ems has adjusted to a weaker market development.
The effect of weakening foreign currencies against the Swiss franc also weighed on the result. Sales in local currencies decreased by 1.9 percent compared to the previous year. The planned new business was successfully implemented and sales in local currencies were 0.5 percent higher than the previous year, but the specialty chemicals subsidiary, which operates mainly in Europe, recorded a -21.3 decrease in sales in local currencies. percent compared to the previous year
Weaker full year expected
EMS expects net sales and a year-on-year operating result (EBIT) for the full year 2023 due to the weak global economy and unfavorable currency conditions.
The ordinary General Assembly of Ems-Chemie Holding AG on 12 August 2023 will convene previous Board members Bernhard Merki (as Chairman of the Board and member of the Compensation Committee), Magdalena Martullo (as a Board Member) and Dr. Joachim Streu (as member of the Board and Remuneration Committee) for another year. Former Board Member Christoph Mäder has decided not to stay in office for another term. The Board of Directors proposes that Rainer Roten be elected for a one-year term.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
