Schindler reports lower revenue and profit for H1 2020; announces cost optimization program Freitag, 24. Juli 2020 - 06:30

Press release

July 24, 2020

Schindler reports lower revenue and profit for H1 2020; announces cost optimization program

Revenue –8.7%, order intake –12.1%, operating profit (EBIT) adjusted –17.7%, net profit –28.2% year-on-year
Strong cash flow from operating activities at CHF 636 million
Announcing cost optimization program, including reducing some 2 000 jobs globally over the next two years

For the first half of 2020, Schindler reports 3.1% lower revenue in local currencies. In Swiss francs, revenue decreased by 8.7% to CHF 4 959 million, as numerous currencies depreciated versus the Swiss franc. With the impact of the global recession induced by the COVID-19 pandemic, order intake in the first half of 2020 contracted 12.1% to CHF 5 355 million (–6.6% in local currencies). To preserve its competitiveness, Schindler announces a cost optimization program that will entail reducing some 2 000 jobs globally.

During the second quarter of 2020, the COVID-19 pandemic negatively impacted every market around the globe, heavily affecting the construction sector. As a result, Schindler saw new installation and modernization markets declining worldwide. The service business continued to be resilient, supporting stable revenues in local currencies, despite the adverse environment.

For further information:

Nicole Wesch, Head Corporate Communications
Tel. +41 41 445 50 90, nicole.wesch@schindler.com

Investor Relations
Tel. +41 41 445 30 61

www.schindler.com

Dial-in details for today’s conference call at 10:00 CET are available at:
www.schindler.com/com/internet/en/investor-relations/conference-call-details.html