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Archive: July 31, 2024

KL Rahul Bets Big on Fitness: Invests in Boldfit

31st July 2024: In an exciting new development for the fitness world, Indian cricket sensation KL Rahul has partnered with Boldfit, one of India’s largest D2C fitness brands. This collaboration transcends typical celebrity endorsements, positioning Rahul as both a strategic investor and a brand ambassador for our sports footwear, apparel, and fitness equipment.

kl rahul

Boldfit, founded by Pallav Bihani, has quickly become a prominent name in the Indian fitness scene with its wide range of high-quality activewear, accessories, and fitness equipment. The brand’s focus on innovation and quality has earned it a loyal customer base, serving over 1 crore customers annually.

KL Rahul, known for his cricketing excellence and dedication to fitness, is a great match for Boldfit’s goals of performance and innovation. His decision to invest in Boldfit shows his belief in the brand’s vision and its potential to inspire fitness enthusiasts across the country.

“Being a part of Boldfit feels like coming home. As a Bengaluru boy, I’m proud to join forces with a brand that shares my love for fitness and my hometown. I look forward to contributing to Boldfit’s journey and inspiring others to lead healthier lives,” said Rahul.

Pallav Bihani, the founder of Boldfit, is equally excited about the partnership. “Having KL Rahul on board is a huge moment for us. His dedication and drive perfectly match our brand’s values. Together, we aim to start a fitness revolution across the nation.”

While the brand aims to cross ₹500 crores in FY26, this collaboration is a strategic move for Boldfit, leveraging Rahul’s wide fanbase and influence to strengthen its market position. With a solid foundation and ambitious goals, Boldfit aims to reach new heights, tapping into India’s growing interest in fitness. The partnership is expected to drive significant growth, with plans to expand product lines and enhance customer engagement through innovative campaigns and community-building efforts.

Additionally, Boldfit’s partnerships with top IPL teams such as Royal Challengers Bengaluru (RCB), Chennai Super Kings (CSK), and Mumbai Indians (MI) highlight its strong presence in the sports and fitness industry. Together with KL Rahul, Boldfit is set to establish new standards in the fitness industry and inspire a healthier, fitter India.

10-Year-Old Road Accident victim gets a second life post life-saving surgery at Fortis Bannerghatta Road

Bangalore, 31 July 2024: Fortis Hospital Bannerghatta Road, Bengaluru, gave a new lease of life to a 10-year-old road accident victim from Anantapur. The road accident had resulted in serious injuries to the boy’s intestines with multiple holes, necessitating an immediate removal of the damaged part. The surgical intervention was conducted under the guidance of Dr Yogesh Kumar Gupta, Consultant – Paediatrician and Intensivist, Fortis Hospital, Bannerghatta Road and Dr Sreedhara Murthy, Consultant – Paediatric Surgery, Fortis Hospital, Bannerghatta Road, Bengaluru. The young patient has recovered well and was discharged within a week.

Dr Yogesh & Dr Sreedhara

A month ago, Patient Mohan (Name changed), sustained severe injuries when a vehicle ran over him in Anantapur, and he was immediately rushed to a local city hospital. After receiving initial first-aid care, he was discharged but he continued to experience severe abdominal pain and multiple episodes of vomiting for almost a week. He was subsequently brought to Fortis Bannerghatta Road for further evaluation and treatment. Upon detailed admission, Doctors at Fortis Bannerghatta Road conducted a comprehensive evaluation, which included an X-ray, revealing air and liquid trapped in the intestines. Recognising the situation’s urgency, the team of doctors recommended immediate surgery to address the obstruction in the small intestine.

Explaining the procedure Dr. Sreedhara Murthy, Consultant – Paediatric Surgery, Fortis Bannerghatta Road, Bengaluru, said “During the surgery, we found scar tissue, known as adhesions (organs and tissues stuck together), that had formed due to the serious road accident in Anantapur. These adhesions were causing a blockage in his small intestine, leading to severe pain and constant vomiting. Additionally, the patient had serious injuries to the small intestine with multiple holes which required removal of the damaged part of the intestine and surgical anastomosis (joining of two body structures that are not currently connected). This complex abdominal surgery was crucial to restore the patient’s normal digestion and ease his abdominal pain. The patient tolerated the procedure well and recovered without any complications.”

Dr Yogesh Kumar Gupta, Consultant Paediatrician and Intensivist, Fortis Hospital, Bannerghatta Road, Bengaluru said “Watching Mohan’s progress from his critical condition to full recovery has been incredible. Early intervention, careful monitoring, and thorough post-surgery care were crucial in his remarkable improvement. Multidisciplinary expertise, including PMICU, played a vital role in the patient’s treatment. It is indeed an impressive recovery, for the young patient.”

Mr. Akshay Oleti, Business Head, Fortis Hospitals, Bengaluru, said, ” Seeing the young boy recover so well has brought us immense happiness. Our team of paediatricians and surgeons at Fortis Hospital, Bannerghatta Road, demonstrated their expertise and implemented timely interventions to ensure his successful recovery. It’s truly gratifying to witness such positive outcomes, knowing that our efforts have made a meaningful difference in his life. This reinforces our commitment to providing compassionate and state-of-the-art care to every patient, especially in critical situations like Mohan’s, where our focus remains on delivering the best possible medical outcomes.”

Heritage Xperiential Learning School now in Noida

Noida, 31st July 2024 – The Heritage Xperiential Group of Schools is proud to announce an exciting new chapter for The Heritage School, Noida. Effective immediately, The Heritage School Noida will be transitioning to become a fully integrated member of the Heritage Xperiential Group of Schools.

The school will now be called The Heritage Xperiential Learning School, Noida (HXLS Noida), and will be led by the core Heritage Xperiential Leadership team. This transition will significantly strengthen the school’s experiential learning pedagogy and curriculum, as well as increase sharing of best practices between HXLS Noida and the Heritage Xperiential Learning Schools in Gurgaon.

Students will benefit from immersive, real-world experiences that are at the heart of the Heritage Xperiential Learning Schools in Gurgaon, and this immersive learning environment will foster deep engagement, critical thinking, and essential skills for success in today’s dynamic world.

The state-of-the art campus in Noida is a blend of collaborative and individual learning, offering curated academic and co-curricular infrastructure for learners across different ages. This transition will further strengthen the school’s focus on areas such as experiential learning, literacy, numeracy, design thinking, maker-centred learning, and social emotional learning.

“Heritage Xperiential Learning School continues to lead the way in innovation in education, empowering students to become global citizens equipped for the opportunities and challenges of the future. Our experiential learning methodology was created over two decades ago, and we have been at the forefront of project-based, expeditionary pedagogy in India, ever since. Our vision is to create a learning community where each child is free to be and grow towards the realization of their highest human potential. Keeping child-centricity as our focus, our schools aim to provide our students with an environment where they can thrive academically, socially, and emotionally.” said Raman Bajaj, CEO of Heritage Xperiential Group of Schools.

Details by KAZO Expands Retail Footprint with Grand Opening of New Store in Udaipur

New Delhi, July 31st, 2024 – KAZO, the iconic fashion brand, renowned for its versatile designs and exceptional quality, proudly announces the grand opening of Details by KAZO’s new store in Udaipur, at Nexus Celebration Mall. The announcement is a strategic move to elevate its brand presence and resonate deeply with fashion-forward consumers seeking stylish, trendy, and elegant accessories.

DETAIL

Details by KAZO continues its strategic expansion across India, marking significant milestones with the opening of multiple new exclusive brand outlets. Starting with its inaugural store in Kamla Nagar, Delhi, the brand has since expanded to Rajouri Garden, Delhi; Airia Mall in Gurgaon; and Mall of India in Noida. Details by KAZO’s newly opened store in Udaipur city cover an expansive area, boasting a spacious layout crafted to elevate the in-store shopping experience. The thoughtfully crafted interior optimizes space utilization with two side-view walls that draw customers deeper into the store, effectively highlighting the latest collections. This design not only provides an appealing aesthetic but also creates a welcoming environment for customers to explore the new collection with ease.

Mr. Deepak Aggarwal, Founder & CEO at KAZO, sharing his excitement about the new store launch said “We are thrilled about the launch of our new Details by KAZO store. This opening marks a significant milestone in our journey to bring cutting-edge fashion to our valued customers. Our store in Udaipur reflects our commitment to expanding our reach and offering a wide range of trendy yet chic accessories. At KAZO, we believe that fashion is not just about special occasions but a daily celebration of individual expression. With Details by KAZO, we aim to provide unique and versatile accessories that resonate with fashion enthusiasts. We are confident that our new store will be warmly embraced by consumers and will soon become the preferred destination for those seeking contemporary accessories.”

As the premier destination for fashion accessories catering to women aged 16-45, Details by KAZO offers a diverse array of categories under one roof. Looking ahead, the brand plans to open more than five stores in the coming year, reinforcing its commitment to providing high-quality accessories and exceptional shopping experiences nationwide. Ensuring accessibility and convenience for discerning customers, Details by KAZO products are available at KAZO exclusive brand outlets (EBOs) and shop-in-shop counters (SIS) in 70+ cities pan India, as well as through the meticulously crafted online platforms. Explore the various offerings seamlessly via the user-friendly website www.kazo.com, dedicated mobile app, and on popular multi-channel platforms including Myntra, Ajio, Nykaa Fashion, Amazon, Tata Cliq, Flipkart, Shoppers Stop, and more.

The brand is committed to providing unmatched convenience and accessibility for valued customers, both online and offline. Explore the latest trends in accessories and experience the art of everyday glamour firsthand. Discover how Details by KAZO can elevate your style and complement your wardrobe effortlessly.

Zanotta introduces a fresh chapter of spearheading Italian culinary mastery

Gurugram 2024: Exemplifying the spirit of Italian culinary artistry, Zanotta, the classic Italian restaurant at The Leela Ambience Gurugram Hotel & Residences, proudly announces the launch of an all-new menu under the guidance of Chef Daniele Di Sacco. With his rich experience from Italy, Chef Daniele promises to showcase the best of Italian gastronomy, using locally-sourced ingredients to recreate the intrinsic value of Italian cooking.

 Aiming to sculpt with ingredients, the chef has expertly curated a menu that exhibits the essence of traditional Italian flavors. With over 30 years of Italian culinary artistry etched into his hands, the expert chef brings a treasure trove of wisdom to Zanotta’s kitchen. His journey reads through Italy’s finest establishments, from the aromatic kitchens of Ristorante Mandarino to the innovative offerings of La Voglia Matta and the romantic ambiance of Don Quichotte.

 Get your food passport stamped with Zanotta’s new menu, as the restaurant offers you a lavish spread of uniquely crafted Italian delicacies. Begin with the gluten-free Burrata su carponata di verdure, a rich amalgamation of Burrata nestled atop a vibrant vegetable medley. A unique compressed Risotto oro e zafferano awakens the palate, while creamy Gnocchi alla crema di tartufo nero e fungi offers a heavenly combination of black truffle and mushrooms. Experience the delightful fusion of delicate Polenta al forno con salsa alla puttanesca, baked to perfection and topped with a zesty sauce. Cap off your experience with the reimagined Parmigiana di melanzane, presenting layers of eggplant, cheese, and tomato sauce in a classic Italian favourite.

 The Leela Ambience Gurugram Hotel & Residences invites you to experience a true Italian affair at Zanotta. Guests can anticipate an unforgettable dining experience as Chef Daniele Di Sacco brings his visionary approach to the heart of Gurugram. Each dish promises to teleport you to the streets of Italy.

Sofia Tilbury Crafts Celine Dion’s Ethereal Paris Olympics Look with Charlotte Tilbury Beauty

SOFIA TILBURY JOINED THE ICONIC CELINE DION TO CREATE A MAGICAL MAKEUP LOOK FOR HER RETURN TO THE STAGE AT THE 2024 PARIS OLYMPIC OPENING CEREMONY HELD ON THE SEINE ON FRIDAY 26TH JULY 2024.

SOFIA

CHARLOTTE TILBURY MBE SAYS, “I AM SO THRILLED THAT MY INSPIRATIONAL FRIEND CELINE TRUSTED SOFIA FOR HER MAKEUP TODAY! I LOVE THE BEAUTIFUL, ETHEREAL LOOK THEY CREATED TOGETHER; IT IS TIMELESS, CHIC, AND ELEGANT! CELINE IS A ONCE IN A LIFETIME VOICE, AND HER STRENGTH, BRAVERY, AND POWER THESE PAST YEARS WERE ON FULL DISPLAY TODAY. SUCH AN ICONIC MOMENT THAT WILL BE REMEMBERED FOREVER!”

SOFIA TILBURY SAYS “COLLABORATING WITH CELINE WAS A DREAM COME TRUE – SHE IS THE MOST INCREDIBLE AND INSPIRING PERSON INSIDE AND OUT! CELINE AND I WANTED THE MAKEUP TO COMPLEMENT THE DIOR DRESS—TO FEEL ETHEREAL AND MAGICAL, DRAWING ON HER BEAUTY AND MATCHING THE MOOD OF THIS INCREDIBLE NIGHT. THE LOOK IS ALL ABOUT FLAWLESS, RADIANT, UNREAL SKIN, WITH SOFT CONTOUR, QUEEN OF GLOW ON THE EYE, A NUDE LIP, AND A PILLOW TALK CHEEK.”

Air India Express Launches Dhaka as 15th International Destination

 31 July 2024, National: Continuing its rapid growth, Air India Express announces the expansion of its operations to Dhaka. From 3rd September 2024, the airline will operate six weekly flights each connecting Dhaka to Kolkata and Chennai, enhancing connectivity, and fostering economic growth between India and Bangladesh. Air India Express flights to and from Dhaka are open for booking on the airline’s award-winning website, mobile app, and other major booking channels, with attractive introductory Xpress Lite fares available on the airline’s website.

Scheduled from September 3, 2024
Departure Arrival Departure Time Arrival Time Frequency
Kolkata Dhaka 11:55 13:30 Tuesday to Sunday
Dhaka Kolkata 23:10 23:45 Tuesday to Sunday
Chennai Dhaka 19:00 22:10 Tuesday to Sunday
Dhakka Chennai 14:30 16:50 Tuesday to Sunday

Commenting on the launch, Aloke Singh, Managing Director, Air India Express, said, “With the introduction of direct flights to Dhaka from Kolkata and Chennai, Air India Express continues to enhance connectivity across the Indian sub-continent. These new routes are a significant step towards providing more convenient travel experiences infused with the warmth of Indian hospitality, further strengthening regional ties, and fostering greater accessibility within the sub-continent. Apart from trade and tourism, these flights will also help guests from Bangladesh travelling for medical treatments at speciality hospitals in Chennai and Kolkata. The services will also provide connections to Air India Express flights to the Gulf region, as also to Air India long-haul international flights.”

Guests from cities such as Bagdogra, Bengaluru, Bhubaneswar, Guwahati, Hyderabad, Kochi, Imphal, Jaipur, Surat, and Varanasi will now benefit from convenient one-stop connectivity to Dhaka. Guests from Dhaka can also now easily travel to these cities via Kolkata or Chennai.

With this expansion of its network to Dhaka, Kolkata has become the third-largest station for Air India Express, offering 158 weekly flights that connect the City of Joy to 13 destinations directly and 20 destinations through one-stop itineraries.

From Chennai, Air India Express operates over 85 weekly flights, connecting 13 destinations directly and 24 destinations through one-stop itineraries.

Last week, Air India Express announced the addition of Agartala as its 32nd domestic destination, with daily direct flights connecting the capital city of Tripura to Kolkata and Guwahati.

Loyalty members booking on the airline’s website and mobile app get additional rewards and benefits, including exclusive discounts and special deals, up to 8% NeuCoins, and complimentary Xpress Ahead priority check-in, boarding and baggage services. In addition to loyalty members, students, senior citizens, SMEs, and dependents and members of the Indian armed forces can book special fares. Guests can also book special cabin baggage only fares, Xpress Lite, available on the airline’s website.

Special Silverstone restarts the MotoGP season

Britain, July 31 2024: Donning a special vintage livery to celebrate 75 years of Grand Prix motorcycling at the British GP, the Repsol Honda Team are ready to return after the summer break.

MotoGP is well and truly back after the second in-season break, Silverstone the first of 11 races in 16 weeks to see out the year. This British GP weekend will be like no other as the entire MotoGP grid will run in special vintage liveries to celebrate the 75th anniversary of Grand Prix motorcycling – all set to be revealed on Thursday before being run in the Grand Prix on Sunday.

Joan Mir arrives fresh from signing a two-year contract extension with HRC, the #36 set to stay inside the factory team for both the 2025 and 2026 seasons. After a run of complicated weekends during the middle of the year, the objective is to get his speed and consistency back. Silverstone represents a challenge that is a world apart from that of Sachsenring, the tight and technical nature of the German track replaced with the long, fast and flowing layout of the former airfield.

The last GP before the break, the German GP, saw Luca Marini take his first point of the season to cap off a strong weekend where he consistently challenged the other Honda riders. Continuing this development will be key during the British GP weekend and to build as the remaining part of the season continues. Marini has scored points at his three previous premier class visits to Silverstone with a best finish of seventh, taken in 2023.

All the vintage liveries will be unveiled at 14:00 Local Time on Thursday, August 01. Don’t miss out on seeing the new look before they do battle on Sunday at 13:00 Local Time in the 20-lap British GP.

Luca Marini

“We’ve had a good break with a little time to relax and lots of time to train and prepare for the second part of the season. I’m very pleased to have my future with HRC confirmed and it’s another boost as we enter this intense push until the end of the season. Silverstone this year will be amazing with all the special liveries, I have to say our one is probably the most beautiful MotoGP I have seen! But what really matters is the progress we make, the focus and objectives remain the same as always.”

Joan Mir

“I am looking forward to getting back with the team at Silverstone, to see what has been done during the break and what the plan is for the upcoming races. Silverstone is a complex track, very long with many different sections – a good way to assess ourselves. It will be special with the 75th anniversary, I’m really excited to wear the colours we have designed and I hope we can put in a good performance and build on our races before the summer.”

Rider standings

Pos. Rider Num Nation Points Team Constructor
1 BAGNAIA FRANCESCO 1 ITA 25 Ducati Lenovo Team Ducati
1 BAGNAIA FRANCESCO 1 ITA 222 Ducati Lenovo Team Ducati
2 MARTIN JORGE 89 SPA 212 Pramac Racing Ducati
3 MARQUEZ MARC 93 SPA 166 Team Gresini Racing MotoGP Ducati
4 BASTIANINI ENEA 23 ITA 155 Ducati Lenovo Team Ducati
5 VINALES MAVERICK 12 SPA 125 Aprilia Racing Aprilia
6 ACOSTA PEDRO 31 SPA 110 Red Bull GASGAS Tech 3 KTM
7 BINDER BRAD 33 RSA 108 Red Bull KTM Factory Racing KTM
8 DI GIANNANTONIO FABIO 49 ITA 92 Pertamina Enduro VR46 Racing Team Ducati
9 ESPARGARO ALEIX 41 SPA 82 Aprilia Racing Aprilia
10 MARQUEZ ALEX 73 SPA 79 Team Gresini Racing MotoGP Ducati
11 MORBIDELLI FRANCO 21 ITA 55 Pramac Racing Ducati
12 BEZZECCHI MARCO 72 ITA 53 Pertamina Enduro VR46 Racing Team Ducati
13 OLIVEIRA MIGUEL 88 POR 51 Trackhouse Racing Aprilia
14 FERNANDEZ RAUL 25 SPA 46 Trackhouse Racing Aprilia
15 QUARTARARO FABIO 20 FRA 44 Monster Energy Yamaha MotoGP Yamaha
16 MILLER JACK 43 AUS 35 Red Bull KTM Factory Racing KTM
17 FERNANDEZ AUGUSTO 37 SPA 15 Red Bull GASGAS Tech 3 KTM
18 MIR JOAN 36 SPA 13 Repsol Honda Team Honda
19 ZARCO JOHANN 5 FRA 12 LCR Honda Honda
20 NAKAGAMI TAKAAKI 30 JPN 10 LCR Honda Honda
21 RINS ALEX 42 SPA 8 Monster Energy Yamaha MotoGP Yamaha
22 PEDROSA DANI 26 SPA 7 KTM Test Team KTM
23 MARINI LUCA 10 ITA 1 Repsol Honda Team Honda
24 ESPARGARO POL 44 SPA 0 KTM Test Team KTM
25 SAVADORI LORENZO 32 ITA 0 Trackhouse Racing Aprilia
26 BRADL STEFAN 6 GER 0 HRC Test Team Honda
27 GARDNER REMY 87 AUS 0 Monster Energy Yamaha MotoGP Yamaha

Covestro: Q2 2024: Stable sales despite falling sales prices

Covestro increased its volumes sold, in particular in the APAC and EMLA regions, year on year in the second quarter of 2024. Group sales remained stable at EUR 3.7 billion (previous year: EUR 3.7 billion) due to the fact that selling price levels were lower for demand-related reasons. EBITDA at Group level fell by 16.9 percent to EUR 320 million (previous year: EUR 385 million), corresponding to the middle of the previously forecast range of between EUR 270 million and EUR 370 million. Lower raw material prices only partially offset the demand-related decline in average sales prices. Net loss in the second quarter of 2024 was EUR 72 million (previous year: net income of EUR 46 million), while the free operating cash flow (FOCF) was
EUR –147 million (previous year: EUR –10 million).

“The market environment remains very challenging,” says Dr. Markus Steilemann, CEO of Covestro. “Our sharp rise in volumes sold shows that we’re prepared for the market recovery. In addition, our transformation program STRONG is creating the necessary conditions for us to further expand our leading position in the global market and secure our competitiveness.”

In view of a rapidly changing market environment, Covestro launched the global transformation program STRONG in June 2024. The Group is therefore making itself even more effective and efficient and is systematically driving its digitalization. As part of STRONG, Covestro is planning to realize global annual savings in material and personnel costs of EUR 400 million by 2028, of which EUR 190 million will be in Germany.

Full-year 2024: Earnings guidance narrowed

Covestro continues to expect challenging economic conditions in the remainder of the year. Covestro has therefore narrowed its guidance for EBITDA and ROCE above WACC and adjusted its forecast for the free operating cash flow for fiscal 2024. The company now anticipates EBITDA between EUR 1 billion and EUR 1.4 billion (previously: between EUR 1 billion and EUR 1.6 billion). Covestro now expects a free operating cash flow of between EUR –100 million and Covestro increased its volumes sold, in particular in the APAC and EMLA regions, year on year in the second quarter of 2024. Group sales remained stable at EUR 3.7 billion (previous year: EUR 3.7 billion) due to the fact that selling price levels were lower for demand-related reasons. EBITDA at Group level fell by 16.9 percent to EUR 320 million (previous year: EUR 385 million), corresponding to the middle of the previously forecast range of between EUR 270 million and EUR 370 million. Lower raw material prices only partially offset the demand-related decline in average sales prices. Net loss in the second quarter of 2024 was EUR 72 million (previous year: net income of EUR 46 million), while the free operating cash flow (FOCF) was

EUR –147 million (previous year: EUR –10 million).

“The market environment remains very challenging,” says Dr. Markus Steilemann, CEO of Covestro. “Our sharp rise in volumes sold shows that we’re prepared for the market recovery. In addition, our transformation program STRONG is creating the necessary conditions for us to further expand our leading position in the global market and secure our competitiveness.”

In view of a rapidly changing market environment, Covestro launched the global transformation program STRONG in June 2024. The Group is therefore making itself even more effective and efficient and is systematically driving its digitalization. As part of STRONG, Covestro is planning to realize global annual savings in material and personnel costs of EUR 400 million by 2028, of which EUR 190 million will be in Germany.

Full-year 2024: Earnings guidance narrowed

Covestro continues to expect challenging economic conditions in the remainder of the year. Covestro has therefore narrowed its guidance for EBITDA and ROCE above WACC and adjusted its forecast for the free operating cash flow for fiscal 2024. The company now anticipates EBITDA between EUR 1 billion and EUR 1.4 billion (previously: between EUR 1 billion and EUR 1.6 billion). Covestro now expects a free operating cash flow of between EUR –100 million and
EUR 100 million (previously: between EUR 0 million and EUR 300 million). For ROCE above WACC, Covestro now anticipates a range between –7.0 percentage points and –4.0 percentage points (previously: between –7.0 percentage points and –2.0 percentage points). Covestro projects that GHG emissions measured as CO2 equivalents will still be between 4.4 million metric tons and 5.0 million metric tons. The Group anticipates EBITDA for the third quarter of 2024 will be EUR 250 million to EUR 350 million.

“We were able to keep our sales stable in the second quarter and reached the middle of our EBITDA guidance. That’s positive news and proof of our resilience,” says Christian Baier, CFO of Covestro. “In view of the continuing challenging economic environment, we have narrowed our earnings guidance for the year as a whole accordingly.”

Confirmatory due diligence with ADNOC has started

Based on the open-ended talks held up to then with the Abu Dhabi National Oil Company (ADNOC), the Board of Management of Covestro resolved in June 2024 to enter into concrete negotiations about a possible transaction and the possible conclusion of an investment agreement and to enable an adequate exchange of corporate information to confirm assumptions (confirmatory due diligence). The starting point for the negotiations is a potential offer price of EUR 62 per Covestro share indicated to Covestro by ADNOC, which is subject to, among other things, the results of the confirmatory due diligence as well as agreement on the content of an investment agreement.

Covestro systematically advances its aim to become fully circular

In May 2024, Covestro announced its authorization as a waste trader at IFAT, the world’s leading trade fair for the waste and disposal industry. The Group has created the legal conditions to become a purchaser and recycler of plastic waste itself, thereby securing independent access to the valuable resource of waste. Covestro has secured further access to recycled materials through a partnership announced in June 2024 with Neste and Borealis to enable the recycling of discarded tires into high-quality plastics for automotive applications.

With the aim of continuously enhancing chemical recycling, Covestro also invested a mid single-digit million euro amount in the Dutch company BioBTX in June 2024. With this partnership, Covestro is enabling construction of the world’s first demonstration plant for an innovative technology that makes it possible to produce valuable chemicals such as benzene, toluene and xylene from organic and mixed plastic waste and then use them in plastics production.

Increase in volumes sold in both segments

In the Performance Materials segment, Covestro significantly increased volumes sold despite the difficult market situation in the second quarter of 2024, in particular in the EMLA and APAC regions. Sales thus have increased year on year by 2.5 percent to EUR 1.83 billion (previous year: EUR 1.79 billion). At the same time, lower raw material prices only partially offset the demand-related decline in selling prices, with the result that EBITDA fell by 35.1 percent year on year to EUR 196 million (previous year: EUR 302 million). The free operating cash flow was EUR –89 million (previous year: EUR –77 million).

Covestro has also increased volumes sold in the Solutions & Specialties segment in the second quarter of 2024, especially in the APAC region. Again, this increase only partially offset the lower selling prices, meaning that sales declined by 3.3 percent year on year to EUR 1.81 billion (previous year: EUR 1.88 billion). EBITDA fell by 21.3 percent to EUR 174 million (previous year: EUR 221 million). This decline is attributable in particular to a non-recurring positive effect from the sale of the additive manufacturing business in the second quarter of 2023, which had increased earnings by EUR 35 million. In addition, expenses in connection with implementation of the transformation program STRONG had a negative impact in the low double-digit million euro range in the second quarter of 2024. The free operating cash flow in the past quarter was EUR 36 million (previous year: EUR 150 million), with the fall being the consequence of higher funds tied up in working capital and a decline in EBITDA.

Covestro increased its volumes sold, in particular in the APAC and EMLA regions, year on year in the second quarter of 2024. Group sales remained stable at EUR 3.7 billion (previous year: EUR 3.7 billion) due to the fact that selling price levels were lower for demand-related reasons. EBITDA at Group level fell by 16.9 percent to EUR 320 million (previous year: EUR 385 million), corresponding to the middle of the previously forecast range of between EUR 270 million and EUR 370 million. Lower raw material prices only partially offset the demand-related decline in average sales prices. Net loss in the second quarter of 2024 was EUR 72 million (previous year: net income of EUR 46 million), while the free operating cash flow (FOCF) was
EUR –147 million (previous year: EUR –10 million).

“The market environment remains very challenging,” says Dr. Markus Steilemann, CEO of Covestro. “Our sharp rise in volumes sold shows that we’re prepared for the market recovery. In addition, our transformation program STRONG is creating the necessary conditions for us to further expand our leading position in the global market and secure our competitiveness.”

In view of a rapidly changing market environment, Covestro launched the global transformation program STRONG in June 2024. The Group is therefore making itself even more effective and efficient and is systematically driving its digitalization. As part of STRONG, Covestro is planning to realize global annual savings in material and personnel costs of EUR 400 million by 2028, of which EUR 190 million will be in Germany.

Full-year 2024: Earnings guidance narrowed

Covestro continues to expect challenging economic conditions in the remainder of the year. Covestro has therefore narrowed its guidance for EBITDA and ROCE above WACC and adjusted its forecast for the free operating cash flow for fiscal 2024. The company now anticipates EBITDA between EUR 1 billion and EUR 1.4 billion (previously: between EUR 1 billion and EUR 1.6 billion). Covestro now expects a free operating cash flow of between EUR –100 million and
EUR 100 million (previously: between EUR 0 million and EUR 300 million). For ROCE above WACC, Covestro now anticipates a range between –7.0 percentage points and –4.0 percentage points (previously: between –7.0 percentage points and –2.0 percentage points). Covestro projects that GHG emissions measured as CO2 equivalents will still be between 4.4 million metric tons and 5.0 million metric tons. The Group anticipates EBITDA for the third quarter of 2024 will be EUR 250 million to EUR 350 million.

“We were able to keep our sales stable in the second quarter and reached the middle of our EBITDA guidance. That’s positive news and proof of our resilience,” says Christian Baier, CFO of Covestro. “In view of the continuing challenging economic environment, we have narrowed our earnings guidance for the year as a whole accordingly.”

Confirmatory due diligence with ADNOC has started

Based on the open-ended talks held up to then with the Abu Dhabi National Oil Company (ADNOC), the Board of Management of Covestro resolved in June 2024 to enter into concrete negotiations about a possible transaction and the possible conclusion of an investment agreement and to enable an adequate exchange of corporate information to confirm assumptions (confirmatory due diligence). The starting point for the negotiations is a potential offer price of EUR 62 per Covestro share indicated to Covestro by ADNOC, which is subject to, among other things, the results of the confirmatory due diligence as well as agreement on the content of an investment agreement.

Covestro systematically advances its aim to become fully circular

In May 2024, Covestro announced its authorization as a waste trader at IFAT, the world’s leading trade fair for the waste and disposal industry. The Group has created the legal conditions to become a purchaser and recycler of plastic waste itself, thereby securing independent access to the valuable resource of waste. Covestro has secured further access to recycled materials through a partnership announced in June 2024 with Neste and Borealis to enable the recycling of discarded tires into high-quality plastics for automotive applications.

With the aim of continuously enhancing chemical recycling, Covestro also invested a mid single-digit million euro amount in the Dutch company BioBTX in June 2024. With this partnership, Covestro is enabling construction of the world’s first demonstration plant for an innovative technology that makes it possible to produce valuable chemicals such as benzene, toluene and xylene from organic and mixed plastic waste and then use them in plastics production.

Increase in volumes sold in both segments

In the Performance Materials segment, Covestro significantly increased volumes sold despite the difficult market situation in the second quarter of 2024, in particular in the EMLA and APAC regions. Sales thus have increased year on year by 2.5 percent to EUR 1.83 billion (previous year: EUR 1.79 billion). At the same time, lower raw material prices only partially offset the demand-related decline in selling prices, with the result that EBITDA fell by 35.1 percent year on year to EUR 196 million (previous year: EUR 302 million). The free operating cash flow was EUR –89 million (previous year: EUR –77 million).

Covestro has also increased volumes sold in the Solutions & Specialties segment in the second quarter of 2024, especially in the APAC region. Again, this increase only partially offset the lower selling prices, meaning that sales declined by 3.3 percent year on year to EUR 1.81 billion (previous year: EUR 1.88 billion). EBITDA fell by 21.3 percent to EUR 174 million (previous year: EUR 221 million). This decline is attributable in particular to a non-recurring positive effect from the sale of the additive manufacturing business in the second quarter of 2023, which had increased earnings by EUR 35 million. In addition, expenses in connection with implementation of the transformation program STRONG had a negative impact in the low double-digit million euro range in the second quarter of 2024. The free operating cash flow in the past quarter was EUR 36 million (previous year: EUR 150 million), with the fall being the consequence of higher funds tied up in working capital and a decline in EBITDA.

First half of the year impacted overall by low sales prices

Group sales in the first half of the current fiscal year 2024 declined by 3.5 percent to EUR 7.2 billion (previous year: EUR 7.5 billion). The Group’s EBITDA fell by 11.6 percent to EUR 593 million in the first half of the year compared to the first six months of 2023 (previous year: EUR 671 million). The free operating cash flow in the first half of the year was at EUR –276 million (previous year: EUR –149 million), while net loss fell to EUR 107 million (previous year: net income of EUR 20 million).