The expectations for FY 2020 are:

  • Revenues between ~€4.15÷~€4.25 billion (previous indication ~€4.3÷~€4.4 billion), as a result of exchange rate impacts, now estimated at ~-4% (previous indication ~-2%);
  • adjusted EBIT margin at between ~12%÷~13% (previous indication ~14%÷~15%); the difference compared with the prior estimates is due to:
    • the increase in the cost of raw materials including the impact of exchange rates (impact on adj. EBIT -€10 million including the depreciation of the main currencies of the countries where the group produces; previous indication +€15 million);
    • the greater impact of exchange rates (from ~-2% to ~-4% on revenues);
    • the increase of other costs (from -€50 million to -€70 million) mainly for non-monetary items (provisions for credits and inventories booked in 2Q and other costs linked to the reduction of inventories of finished products beginning from 2Q);
  • Investments confirmed at ~€130 million, mainly for plant management and mix and quality improvements;
  • Net Financial Position confirmed at ~-€3.3 billion, with net cash generation at ~€190÷~€220 million (previous indication ~€230÷~€260 million), assuming dividends are not distributed.

Last revised: 05 Aug 2020