Both the Transportation and Life Sciences & Environment segments contributed to this positive development, according to the company. Despite challenging conditions resulting from Brexit, the trade conflict and the mobility transition, among other things, earnings before interest and taxes (EBIT) in 2019 were significantly higher than in the previous financial year. EBIT increased by 59.7 million euros or 63.9% to 153.3 million euros. Expenses for severance payments of 44.9 million euros were incurred in connection with the 2019 restructuring program. Adjusted for these expenses, the operating result amounted to 198.2 million euros. In 2018, sales revenue amounted to 3.9 billion euros with an EBIT of 93.6 million euros.

"2019 was a challenging year for Mann+Hummel, but we closed it with a very positive operating result. 2020 will certainly not be easy due to the economic impact of Covid-19, but we are in a solid financial position. We will do everything we can to secure the future viability of the company and at the same time expand our market leadership in the filtration sector," said Kurk Wilks, Chairman of the Management Board.

Stability with continued high investments
The Group continued to invest in future profitable growth in the past financial year. Among other things, the company built another production site for the Life Sciences & Environment business unit. The largest plant of the Life Sciences & Environment business unit in Asia, which also develops the well-known filter cubes for reducing air pollutants, has been located in Kunshan, China, not far from Shanghai, since the end of 2019.

"We consistently reduced our costs last year through process improvements. We made good progress with the global restructuring, which enabled us to achieve positive effects on earnings as early as 2019," said Emese Weissenbacher, Deputy Chairwoman of the Management Board and Chief Financial Officer. In February 2019, Mann+Hummel launched a comprehensive cost-cutting program aimed at saving around EUR 100 million worldwide.

Outlook for 2020
The company believes that the 2020 financial year will be significantly impacted by the economic crisis in the wake of the Covid-19 pandemic. "However, we do not currently see any liquidity bottlenecks or other risks that could jeopardize the company as a going concern as a result of the crisis. Mann+Hummel will continue its transformation strategy and continue to invest in restructuring, new business areas, research & development in the field of highly innovative filtration solutions and digitalization," says Emese Weissenbacher.

Mann+Hummel has had a new Management Board since the beginning of 2020: the Supervisory Board has appointed Kurk Wilks as the new Chairman of the Management Board. Kurk Wilks manages the Group together with Deputy CEO and Managing Director Finance Emese Weissenbacher and Chief Operating Officer Nic Zerbst. as