The existing rating is confirmed at A, and the outlook is raised from negative to stable.
In the 2020 financial year, sales revenue amounted to EUR 3.27 billion after EUR 3.12 billion in the previous year. EBIT was EUR 124.6 million (previous year EUR 133.7 million), slightly below the previous year but above plan and overall still at a good level despite the general economic turmoil due to the COVID 19 pandemic. Thanks to a good cash flow, also due to efficiency improvements in working capital, a noticeable reduction in debt was achieved. The business development for the first four months of the current financial year 2021 also continues to be stable to positive. Nevertheless, risks - especially in connection with the still ongoing Covid 19 pandemic - remain in our view for the time being.