With its companies combined in EMS-CHEMIE HOLDING AG and with global activities in the business areas Performance Polymers and Fine Chemicals / Engineering, the EMS Group achieved net sales of CHF 837 million (783) and a net operating income (EBIT) of CHF 136 million (134) in the first half of 2008.
Consolidated net sales rose by 6.9% to CHF 837 million (783) with the same scope of consolidation net sales would have increased by 2.7%. Weaker foreign currencies - in particular the US dollar and Asian currencies - had a negative impact on sales in Swiss francs.
Main area Performance Polymers was expanded further in spite of the observed slow-down of the global economy. Particularly positive developments resulted from the automotive business of EMS-TOGO and the introduction of new plastic products for metal replacement.
Net operating income (EBIT) increased by 1.7% to CHF 136 million (134), EBITDA rose by 1.1% to CHF 163 million (162). This disproportionate increase of the net operating income must be attributed to the negative currency effects and the change to the scope of consolidation*).
EMS expects an increased worsening of the economy with continuing unfavourable currency exchange conditions. For 2008, net sales slightly above the previous year are expected. Due to the influence of currency exchange rates and the change to the scope of consolidation, net operating income (EBIT) will develop under-proportionally to sales and presumably will close slightly below the previous year.
