2020 half-year results: Resilience and transformation

An agile, efficient and responsible group to manage an historical drop in worldwide automotive production in the first half-year
– Outperformance of 4.3 pts on worldwide automotive production down 33.8% in the first half of 2020;
– Group anticipation and reactivity: €117 million in cost reductions over the period;
– Protecting cash and liquidities: investments were reduced by €82 million; €560 million of 5-year new credit lines, without any covenants;
– On top of employee protection measures, creation of a dedicated Covid-19 fund.

Reinforced leadership and ambitions in a slowly recovering market
– Outperforming worldwide automotive production by at least 5 points in 2020 and 2021;
– Management hypothesis of a production at 64 million in 2020 and 70 million in 2021 (against 86 million in 2019);
– Strengthening the Group’s profitability with a new plan for annual savings of €240-million by end-2022: digitizing and transforming the organization, and industrial rationalization;
– Consolidating clean and connected mobility technologies based on strong innovative capacity and a sound financial structure with €1.9 billion in liquidities available at June 30, 2020;
– Making CSR a performance accelerator via ambitious programs in terms of carbon neutrality, team diversity and equal opportunities.

”Facing an unprecedented global crisis, we can rely on solid human, industrial, technological and financial fundamentals, which will enable us to maintain our strategic ambitions to be a key player in clean and connected mobility.
The Group is unveiling a far-reaching transformation plan to respond to both the moderate recovery in the global automotive market and the accelerating technological and societal changes.
Plastic Omnium will return to positive results and to significant free cash-flow generation in the second half. Our results will continue to grow in the coming years.
I am convinced that the Group will emerge stronger from this crisis. All Plastic Omnium teams are more mobilized than ever and I thank them for their commitment.“
Laurent Favre, Chief Executive Officer of Compagnie Plastic Omnium SE

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2020 Half-year results presentation2020 interim results report

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