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Resilient Performance in Tough Market Conditions
Revenue decreased by 22,7 % at constant currency, reflecting impact of COVID-19 on customer demand (steel by 22,4 % and Industrial revenue decreased by 23,5 %). A robust adjusted EBITA margin performance of 11,4 % was achieved. The refractory margin was down on 9,1 % in H1 2020 (H1 2019: 9,5 %). But 2,3 % margin contribution was contributed from backward integration, despite further falls in raw material prices. Short term cost savings measures were executed successfully by reducing selling and administrative costs by EUR 25 million in Q2 2020, with a similar level of savings expected in H2 2020. The development of the solutions business model continues to progress. The Group secured a strategic digital partnership with a European customer based on inventory management and the newly launched APO (Automatic Process Optimisation) tool to improve maintenance forecasting at the Group`s customer plants. Whilst customer site access has been restricted by COVID-19 precautions, the Group has continued to take an active approach in its sales strategies, especially its sustainability offering. Specifically, one European customer entered into a cost-per-saving contract where the savings the Group delivers in CO2 emissions per tonne increase the value of the contract.
Digitalization remains a key element of the company‘s growth strategy, particularly underpinning the development of the Group´s solutions model. A strategic partnership with Microsoft has been signed. This partnership will accelerate the digital offering and support new ways of working with customers. Current digitalization initiatives, the Group is working on, include: augmented reality solutions to assist employees on-site service and sales activities and customers increasing self-service; digital supply chain to track raw material through to products at customer site, to better control manufacturing quality and on-site performance; IoT edge solutions to connect machinery at customers‘ sites to enable predictive maintenance; and digital twins modelling to improve energy efficiency and reduce maintenance costs. www.rhimagnesita.com