Semperit 2Q 20 - Stellar Medical division and resilient Industrial earnings
Semperit clearly exceeded our expectations in 2Q. While all segments outperformed our forecasts (Sempermed margin even higher than expected and industrial units earnings excl. impairment largely flat yoy) in absolute terms the beat was driven by foremost driven by Sempermed and Semperflex. Apart from the reaping the benefits of restructuring and cost cutting measures we point out that raw material costs saw a major decline in 2Q (-16% yoy) on the account of lower butadiene, natural rubber and carbon black prices. Semperits material cost ratio fell below 49% from about 57% both in 1Q 20 and 2Q 19.Semperit is a holding company, engaged in developing, producing and selling specialized rubber and plastic products for the medical and industrial sectors. Co. has 20 production facilities in 12 countries. In addition, Co. operates a distribution network with branches in Asia, Europe and North and South America. Co.'s products are sold to providers in the medical and industrial sectors, who are supplied with specialised rubber and plastic products. Co.'s main product categories include examination and surgical gloves, hydraulic and industrial hoses, conveyor belts, escalator handrails, construction profiles, cable car rings, ski foils and products for railway superstructures.
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