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Outlook

CIR’s performance in 2019 will depend mainly on the performance of the sectors in which it operates its strategic businesses.

KOS expects to see a marginal increase in revenues and margins as far as its current perimeter is concerned and will continue its development activities, particularly in Italy, both externally (acquisitions) and internally (greenfield development projects).

As for Sogefi, sources in the sector expect the market to be in line with 2018, with a decline in production in the first half of the year and a recovery in the second half. It should however be stressed that there is little visibility at the moment as to how the whole year will evolve, and as to market volatility, which remains high.  The evolution of commodity prices is equally uncertain. In this climate, Sogefi is forecasting revenues in line with the market and is committed to recouping profitability, especially in the Suspensions sector.

As far as GEDI is concerned, evidence available today does not allow us to forecast any change in the market that is significantly different from what characterized 2018. In this environment, the group will continue with its commitment to implementing rationalization initiatives to preserve its profitability in a market that is structurally difficult, and will continue to reap further benefits from its merger with the ITEDI group, while strengthening its leadership in digital businesses.