Half Year 2020 SFS Group AG Earnings Call Transcript
Good morning and welcome to the presentation of our first half 2020 results. Today's speakers are Rolf Frei, CFO; and myself, Jens Breu, CEO of the SFS Group.
The agenda over the next 60 minutes will be key takeaways, development by segment, development of key financials, updated guidance 2020 and group priorities, Q&A before closing.
I will start with the key takeaways, first half 2020, which can be best summarized as defended profitability despite a difficult Q2. The priorities of first half 2020 were driven by the COVID-19 pandemic, turning attention to employee safety, balancing manufacturing capacity and focusing on cost management while maintaining innovation activity.
After a solid first quarter 2020, the financial development was significantly impacted by the pandemic due to decline in gross sales by minus 10.8% versus first half 2019, organic, minus 10.4%, mitigated by balanced exposure to different regions and end markets but also by the first-time consolidation of TFC, Triangle Fastener
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