• Combined sales decreased by 8.0% on a comparable restated basis
• Solid volume growth in Insulation
• Lower volumes in Automotive and Comfort segments and selling price erosion in Insulation and Flexible Foams due to falling MDI and TDI raw material prices.
• Combined net financial debt: EUR 103.6 million (before estimated impact of IFRS 16)

Olivier Chapelle (CEO): “As previously announced, our net sales have decreased in 1Q2019 due to a combination of adverse Automotive and Comfort markets affecting the volumes, and of selling price erosion in the Flexible Foams and Insulation segments as a consequence of falling MDI and TDI raw material prices.

The evolution of our order books points towards progressive volume and net sales increases, and we remain focused on the execution of our innovation and growth plans, among which the ramp-up of our new Insulation factory in Finland.

In parallel of executing our announced industrial footprint reduction in Germany, the Group continues to implement operating cost reductions.

While the process has become more challenging over the last 8 months due to the rapidly changing Automotive market conditions, the Group continues to actively pursue the divestment of its Automotive Interiors division.”

OUTLOOK

In a highly volatile economic and geopolitical environment, we are well positioned to adapt quickly to changing market conditions, and we remain focused on the execution of our plans. Having anticipated an adverse market environment in the first half of 2019, we expect an improvement in the second half of the year, and confirm our guidance of a 2019 Adjusted EBITDA above the level of 2018 on a like-for-like basis.

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