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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Clariant AG    CLN   CH0012142631

CLARIANT AG

(CLN)
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Clariant says happy with ownership, weathering COVID hit

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07/30/2020 | 02:43am EDT

* Chairman "absolutely" happy with current shareholder structure

* Sees continued hit from pandemic in Q3 but not sharp decline

* Focus on mitigating impact, generating cash

ZURICH, July 30 (Reuters) - Clariant Chairman Hariolf Kottmann is happy with the Swiss speciality chemical maker's shareholder structure, he said on Thursday, playing down a report the company could seek to dilute the control of Saudi investors.

The Tages-Anzeiger paper said this month Clariant was in talks with four potential partners -- with discussions with one group especially advanced -- in search of a "face-saving solution for the Saudis".

Saudi Aramco owns a 31.5% Clariant stake it got when it acquired Saudi Basic Industries (SABIC).

Kottmann told reporters he could not comment on rumours and newspaper headlines, but when asked if he was happy with the current ownership structure, he said:

"Absolutely, absolutely. As you may remember it was our initiative to ask SABIC to buy the share package owned by (activist investors) and it was always our strategic intention to have an anchor shareholder in addition to the Bavarian families, therefore our shareholder structure is a very positive one."

Kottmann had to step in as interim CEO last year when former CEO Ernesto Occhiello quit suddenly. He said the company would decide on a new CEO within months.

Based on continuing operations, Clariant posted a first-half net profit of 75 million Swiss francs ($82.2 million) as sales fell 5% in local currency to 1.95 billion francs. Sales in the second quarter fell 4% to 926 million.

It said sales and profitability would suffer from the COVID-19 pandemic in the third quarter as well, but business was unlikely to contract sharply.

"Clariant's three core speciality business areas are executing performance programmes to generate resilient results during these times and to achieve above-market growth, higher profitability and stronger cash generation in the mid-term," it said.

Clariant is in the midst of a massive sell-off process that will divest businesses that made up one-third of sales. ($1 = 0.9129 Swiss francs) (Reporting by Michael Shields and John Miller, editing Uttaresh.V and Keith Weir)


Stocks mentioned in the article
ChangeLast1st jan.
CLARIANT AG 0.61% 17.22 Delayed Quote.-20.28%
SAUDI ARABIAN OIL COMPANY -2.27% 34.5 End-of-day quote.-2.13%
SAUDI BASIC INDUSTRIES CORPORATION -4.51% 93.2 End-of-day quote.-0.75%
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Financials
Sales 2020 3 880 M 4 287 M 4 287 M
Net income 2020 181 M 200 M 200 M
Net Debt 2020 784 M 866 M 866 M
P/E ratio 2020 34,6x
Yield 2020 19,4%
Capitalization 5 671 M 6 260 M 6 267 M
EV / Sales 2020 1,66x
EV / Sales 2021 1,42x
Nbr of Employees 17 007
Free-Float 64,1%
Chart CLARIANT AG
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Technical analysis trends CLARIANT AG
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Average target price 19,19 CHF
Last Close Price 17,22 CHF
Spread / Highest target 68,4%
Spread / Average Target 11,4%
Spread / Lowest Target -16,4%
EPS Revisions
Managers
NameTitle
Hariolf Kottmann Executive Chairman & Chief Executive Officer
Hans Bohnen Chief Operating Officer
Stephan Lynen Chief Financial Officer & Executive Vice President
Günter von Au Non-Executive Director
Konstantin Alfred Winterstein Non-Executive Director
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