SGL 2020 guidance still E10m better than thought

All,

As expected, SGL are seeing their CFM business deteriorate on Textile Fibres and Industrial Applications. Interestingly, the company points out that the Automotive and Aerospace markets remain intact. Still, its no change to out analysis.

The new 2019 guidance is for ~E30m EBITDA in the CFM division and for ~E125m for the group overall. 2020 guidance was reduced to ~110m, slightly higher than we thought. But we feel no need to change anything.

The group further anticipates taking an impairment charge of E70-80m, which we should have thought of, which then triggers a further write-down of the remaining deferred tax asset.

Wolfgang