In our Q1 2020 reporting, we announced that we have initiated decisive measures to mitigate the impact of market disruptions triggered by the Covid-19 pandemic. They included CAPEX and OPEX cuts of CHF 60m each, and a resizing of our activities serving the energy sector with details to be announced.

We expect most of these energy-related measures to be announced and provided for in the first half of the year. Our H1 2020 results should therefore include provisions for restructuring-related cost of around CHF 60m, leading to a significantly lower net profit for this period than for the same period last year.

The actions are expected to lead to savings fully realized over the next two years in the same order of magnitude, in line with our recently concluded SFP plan (cost-to-savings ratio of 1.2x). Further details will be communicated with our H1 2020 results on July 24, 2020.