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Natural Gas (Producer Prices) – Germany
Natural Gas (Producer Prices) - Germany
-40,5 % Dec. 23 vs. Jan. 24
Electricity (Market Price; Producer Prices) – Germany
Electricity (Market Prices; Producer Prices) - Germany
-44,3 % Dec. 23 vs. Jan. 24
Consumer Prices – China
Consumer Prices - China
-1,2 % Dec. 23 vs. Jan. 24
Chemical Manufacturing (Producer Prices) – US
Chemical Manufacturing (Producer Prices) - US
-3,2 % Dec. 23 vs. Jan. 24
Producer Prices – Japan
Producer Prices - Japan
-0,8 % Dec. 23 vs. Jan. 24
Copper (Producer Prices) – Europe
Copper (Producer Prices) - Europe
-6,6 % Dec. 23 vs. Jan. 24
Methanol (Spot) – Europe
Methanol (Spot) - Europe
+1,5 % Dec. 23 vs. Jan. 24
Diesel Fuel – Germany
Diesel Fuel - Germany
-7,3 % Dec. 23 vs. Jan. 24
PET Polyethylene Terephthalate (Producer Prices) – Mexico
PET (Produder Prices) - Mexico
-13,9 % Jan. 23 vs. Jan 24.
Sugar No. 16 (Global Price)
Sugar No. 16 (Global Prices)
+9,4 % Dec. 23 vs. Jan. 24
Labour Costs – Euro Zone
Labour Cost - Euro Zone
+2,2 % Dec. 23 vs. Jan. 24
Energy (Consumer Prices) – Europe
Energy (Consumer Prices) - Europe
-6,2 % Dec. 23 vs. Jan. 24
Labour Costs – Australia
Labour Costs - Australia
+4,1 % Dec. 23 vs. Jan. 24
Natural Gas (Producer Prices) – India
Natural Gas (Producer Prices) - India
-2,5 % Dec. 23 vs. Jan. 24

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Market News

Sakata-INX-logo
February 14, 2024
Sakata INX Full-Year Report 2023

Consolidated Financial Results for the Fiscal Year Ended December 31, 2023 (Million Yen)

  • Net sales 2023 ¥228,311 vs. Net sales 2022 ¥215,531
  • Operating income ¥11,398 2023 vs. Operating income 2022 ¥4,125
  • Ordinary income 2023 ¥13,634 vs. Ordinary income 2022 ¥4,961

Consolidated Financial Position (Million Yen)

  • Total assets 2023 ¥194,087 vs. Total assets 2022 ¥177,403
  • Net assets 2023 ¥105,651 vs. Net assets 2022 ¥92,952

 

 

 

Sappi
February 7, 2024
Select Sappi Q1 Report 2024

Highlights for the quarter

  • EBITDA excluding special items US$156 million (Q1 FY23: US$290 million
  • Net debt of US$1,216 million (Q1 FY23: US$1,241 million)
  • EPS excluding special items 8 US cents (Q1 FY23: 30 US cents)

Within the context of ongoing challenging global macroeconomic conditions and weak paper markets, the group delivered EBITDA excluding special items (EBITDA) of US$156 million, which was in line with guidance provided in the prior quarter. Profitability was negatively impacted by approximately US$45 million due to the lower production volumes associated with the planned maintenance shutdowns at the Saiccor, Ngodwana and Cloquet Mills offset somewhat by a US$26 million positive plantation fair value price adjustment. We recognize that our forestry assets are an integral part of the South African business and we have therefore taken the decision to include the forestry valuation in our EBITDA, thereby aligning with many of our peers.

Panasonic
February 2, 2024
Panasonic Q3 report 2024

For the nine months ended December 31, 2023, the Company’s consolidated sales increased by 1% to 6,300.3 billion yen from a year ago. This is due to increased sales in Automotive, Connect, and automotive batteries as well as the effect of currency translation, despite largely decreased sales in Industry.

Operating profit increased by 37% to 320.3 billion yen and profit before income taxes increased by 44% to 368.8 billion yen from a year ago. This is due mainly to the progress of price revisions and rationalization, the effect of exchange rates, as well as recording of tax credit under the Inflation Reduction Act in the U.S. (the “US IRA Tax Credit”), despite increased fixed costs mainly related to strategic investments and the impact of price hikes in raw materials.

Net profit attributable to Panasonic Holdings Corporation stockholders considerably increased by 145% to 399.2 billion yen from a year ago. This is due to the above-mentioned factors as well as a decrease in income taxes with the liquidation of Panasonic Liquid Crystal Display Co., Ltd. (through “Special Liquidation” defined in the Japanese Companies Act) and its debt waiver (for further details, please refer to Note 1 of “Notes to consolidated financial statement”).

NGK
January 31, 2024
NGK Q3 Report 2023

net sales in the nine months ended December 31, 2023, increased 1.8% year-on-year to ¥422,527 million, due to the positive effect of the depreciation of the yen and an increase in sales of the automotive-related products, despite a decrease shipment of components for semiconductor manufacturing equipment. With regard to profits, operating income decreased 12.6% year on year to ¥50,317 million due to a decrease shipment of components for semiconductor manufacturing equipment and the impact of rising labor costs and others despite increase shipments of the automotiv related products. Ordinary income decreased 15.6% year on year to ¥47,447 million due to a decline in operating income and foreign exchange losses. Quarterly net income attributable to owners of the parent decreased 34.4% year on year to ¥33,876 million due to a decline in ordinary income and recorded the income taxes-refund and others in the same period of the previous fiscal year.

By segment, net sales increased 15.4% year on year in the Environment Business to ¥267,754 million, and operating income increased 23.3% year on year to ¥49,440 million. In the Digital Society Business, net sales decreased 21.6% year on year to ¥102,066 million. Operating income decreased 91.6% year on year to ¥1,567 million. In the Energy & Industry Business, net sales decreased 0.9% year on year to ¥54,224 million and operating loss was ¥704 million (operating loss of ¥1,208 million in the same period of the previous fiscal year)

 

pfizer-logo
January 29, 2024
Pfizer Full-Year Report 2023

QUARTERLY FINANCIAL HIGHLIGHTS (Fourth-Quarter 2023 vs. Fourth-Quarter 2022)

Fourth-quarter 2023 revenues totaled $14.2 billion, a decrease of $10.0 billion, or 41%, compared to the prior- year quarter, reflecting an operational decline of $10.1 billion, or 42%, primarily due to a significant decrease in Comirnaty1) and Paxlovid revenues globally, as well as a de minimis impact of foreign exchange. Excluding contributions from Comirnaty and Paxlovid, company revenues grew $934 million, or 8%, operationally.

Fourth-quarter 2023 Comirnaty” revenues declined $6.1 billion, or 54%, operationally compared with the prior- year quarter, largely driven by lower U.S. government contracted deliveries following the transition to traditional U.S. commercial market sales, which began in September 2023, and by lower contracted deliveries and demand in international markets.

Fourth-quarter 2023 Paxlovid revenues declined $5.0 billion, to $(3.1) billion, compared with the prior-year quarter, primarily driven by a non-cash revenue reversal of $3.5 billion recorded in the fourth quarter of 2023, of which a portion was associated with sales recorded in 2022, related to the expected return of an estimated 6.5 million treatment courses of Emergency Use Authorization (EUA)-labeled U.S. government inventory; partially offset by sales under traditional commercial markets following transition, primarily in the U.S.

Excluding contributions from Comirnaty and Paxlovid, fourth-quarter 2023 operational revenue growth was primarily driven by:

  • Abrysvo, which contributed $515 million in global revenues, driven primarily by launch of the older adult indication in the U.S. in July 2023;
  • Vyndaqel family (Vyndaqel, Vyndamax, Vynmac) globally, up 39% operationally, driven largely by continued strong uptake of the transthyretin amyloid cardiomyopathy (ATTR-CM) indication, primarily in the U.S. and developed Europe; and
  • Eliquis globally, up 9% operationally, driven primarily by continued oral anti-coagulant adoption and market share gains in the non-valvular atrial fibrillation indication in the U.S. and certain markets in Europe, partially offset by declines due to loss of exclusivity and generic competition in certain international markets;
Saica flex
January 25, 2024
Saica Flex launches new high barrier, metallised mono-material structure for food and non-food products

• The Saica Group’s flexible packaging division has successfully developed a new metallised MonoPE triplex structure; a mono-material pack, with a premium metallised appearance, high barrier, versatile, and adapted to customer needs.

• The product is already available in the market and suitable for different types of products, including “Food” and “Non-Food”

Saica Flex, Saica Group’s division for flexible packaging, has successfully developed a new mono-material, metallised structure. This cutting-edge development is designed to cater to a wide variety of products, a strong example of the firm’s commitment to innovation and to finding solutions to meet consumers changing needs across diverse sectors .
The structure is composed of three layers (triplex), all of which are made of polyethylene (PE), thus creating a monomaterial, which is in great demand in today’s market. Saica Flex’s new product, which is already present in the market,  provides a premium metallised appearance, with high barrier which provide maximum protection to the product in the package.
The middle layer of the packaging, a metallised PE, can be used with medium barrier levels, which prioritizes the metallised appearance; or with very high barrier levels, which aids capturing and retaining humidity, oxygen and odours, suitable for products that require a very high level of protection.
These developments result in a versatile product and concept which is highly adaptable to the products, specific needs and circumstances of clients at any given time. The new packaging solution can be used in different sectors and markets, whether food or non-food products. Its high barriers to water vapour, oxygen, and light, reinforce the protection of the contained product.
In addition, the structural performance of this design is exceptional, allowing it to achieve the maximum packaging speeds comparable to conventional multi-material designs. Most importantly, this does not compromise printing quality, instead, it raises the quality to the highest level, providing a premium look in a lightweight package.
Atlas Copco
January 25, 2024
Atlas Copco Full-Year Report 2023

Fourth quarter

  • Orders received increased 2% to MSEK 36 843 (36 148), organic increase of 1%
  • Revenues increased 12% to MSEK 44 954 (40 054), organic growth of 10%
  • Operating profit reached MSEK 9 086 (7 810), corresponding to a margin of 20.2% (19.5)
    – Adjusted operating profit, excluding items affecting comparability, was MSEK 9 956 (8 029),
    corresponding to a margin of 22.1% (20.0)
  • Profit before tax amounted to MSEK 8 833 (7 620)
  • Basic earnings per share were SEK 1.39 (1.24)
  • Operating cash flow at MSEK 8 799 (5 930)
  • Return on capital employed was 30% (29)

Market development

The overall demand for the Atlas Copco Group’s equipment and services was basically unchanged compared to the previous year but weaker than in the third quarter. Year-on-year, the service business grew in all business areas while the order intake for equipment was mixed.

Order volumes for industrial compressors increased while orders for gas and process compressors did not reach the previous year’s level. The order intake for vacuum equipment decreased due to weaker demand from industrial and scientific vacuum customers. Order volumes for vacuum equipment to the
semiconductor and flat panel display industry were largely unchanged. The order intake for industrial assembly and vision solutions increased somewhat, while orders for power and flow equipment decreased.

netflix
January 23, 2024
Netflix Full-Year Report 2023

 

Revenue in Q4 grew 12% year over year, or 13% on a foreign exchange (F/X) neutral basis. Our healthy top line growth reflects the benefits of paid sharing, our recent price changes and the strength of our underlying business driven by a strong slate. Revenue was $0.1B (2%) above our October forecast due to favorable F/X movement and stronger than anticipated membership growth. Paid net additions totaled 13.1M in Q4’23 vs. 7.7M in Q4’22 — our largest Q4 ever. ARM was up 1% year over year on both a reported and F/X neutral basis. This was in-line with our expectations of “roughly flat year-over-year” ARM due to limited price increases over the last 18 months, as well as price reductions in some countries early in 2023, which were partially offset by price rises in the US, UK and France in Q4’23.

In Q4’23, operating income amounted to $1.5B, up from $0.5B in the year ago period, while operating
margin improved to 17% vs. 7% in the year ago quarter. We under-forecasted both operating income and
operating margin (forecast of $1.2B and 13%, respectively) due to the revenue upside in the quarter and
lower-than-planned spending. For 2023, we generated $7B of operating income, up 23% year over year.
Operating margin for 2023 was 21% (both reported and using F/X rates at the beginning of 2023) —
ahead of our 18%-20% beginning-of-year forecast.

EPS for the fourth quarter was $2.11 compared with $0.12 last year and our forecast of $2.15. EPS
includes a $239 million non-cash unrealized loss from F/X remeasurement on our Euro denominated
debt (due to the intra-quarter depreciation of the US dollar against most currencies).

As a reminder, the quarterly guidance we provide is our actual internal forecast at the time we report.
Our primary financial metrics are revenue for growth and operating margin for profitability. Our goals are to sustain healthy revenue growth, expand operating margin and deliver growing free cash flow.

We seek to provide a range of prices and plans to meet a wide range of needs, including highly competitive starting prices. As we invest in and improve Netflix, we’ll occasionally ask our members to pay a little extra to reflect those improvements, which in turn helps drive the positive flywheel of additional investment to further improve and grow our service.

 

logo-Tesco
January 11, 2024
Tesco Q3 Report 2023

UK: Continuing to outperform the market, with stronger than expected volume growth 

  • Strong market share performance, up +15bps to 27.9% in the four weeks to Christmas, with net switching gains for ten consecutive periods
  • Six-week Christmas like-for-like sales increase of 6.8% includes growth of 9.2% in the four weeks to Christmas
  • Consistent volume growth across the period; particular strength in fresh food supported by market-leading availability
  • Now consistently the cheapest full-line grocer for over 14 months; continuing to inflate less than all key competitors
  • Prices cut on nearly 2,700 products with savings of c.10%, alongside unrivalled value proposition of Aldi Price Match, Low Everyday Prices & Clubcard Prices; further 150 Price Cuts and double Clubcard points announced this week
  • Continued investment in innovation and quality with over 550 new and improved festive products, including the launch of our ‘Finest Chef’s Collection’ festive food to order range; quality perception up +91bps YoY vs market decline; won 35 Christmas food awards

ROI: Sales and volume growth driving strongest market share in nine years

  • Market share growth, up +73bps to 24.5%; switching gains for 12 consecutive periods & strongest share since 2015
  • Particularly strong performance in fresh food driven by consistently strong volumes
  • Value proposition further strengthened by market-leading Clubcard Prices deals on festive favourites; Clubcard sales penetration up 10ppts YoY to 85%
m&sFood-Logo
January 11, 2024
M&S claims Christmas crown as food and clothing sales beat forecasts
  • Reports better-than-expected 8.1% rise in sales over 13 weeks
  • Like-for-like food sales rose 9.9% vs consensus forecast 6.6%
  • Clothing and home up 4.8% vs consensus forecast 2.8%
  • Shares down 4.5% having doubled over last year
British retailer Marks & Spencer (MKS.L), opens new tab on Thursday reported a better-than-expected 8.1% rise in sales over the Christmas trading period, driven by market-leading growth in food and a strong performance in womenswear.
The company said the strong performance – its 11th successive quarter of growth – underpinned its confidence about profits this year, but it sounded a note of caution on economic uncertainty and pressure from wage and business rates inflation.
Despite beating expectations, M&S did not upgrade its profit expectations. Its shares, which have doubled over the past year, fell 4.5%. Commenting on the share price reaction and his cautious outlook, Machin noted M&S’s strong trading had been anticipated after recent strong industry data.
M&S said like-for-like food sales rose 9.9% in the 13 weeks to Dec. 30, ahead of the most optimistic analyst forecasts and a consensus of 6.6%, while clothing and home growth of 4.8% also soundly beat expectations of a 2.8% rise.
In food, M&S said it outperformed the rest of the grocery market, noting that volume sales were up 7%, while clothing and home also grew ahead of the market.
Machin said both Christmas food, which featured more than 350 new and upgraded products, and staples like salads sold strongly. It sold nearly 1 million turkeys, he said. M&S traditionally punches above its weight over Christmas, as customers switch from other food retailers. Britain’s much bigger supermarket Tesco sold over 1 million fresh turkeys, turkey crowns and joints, it said on Thursday. Industry data published this week had pointed to a strong Christmas food performance, with M&S’s total sales growth only topped by discounter Lidl GB.
Investors have growing conviction that Machin’s strategy to turn around the 140-year old group after years of false dawns is gathering momentum. He said a decision not to discount clothing in unseasonably warm weather in November had paid off later in the season.
After two years of higher inflation in the wider retail market, M&S did not intend to increase clothing and home prices this year, he added. The group is finally reaping the rewards of investments to improve the value and quality of its clothing and food, upgrade technology and e-commerce, and overhaul its store estate.
M&S said it was confident its results for the year to end-March would be consistent with market expectations. Analysts expect adjusted pretax profit of 663 million pounds ($846 million), up from 482 million pounds in 2022/23.
Sainsburys-logo
January 10, 2024
Sainsburys Q3 Report 2023

Trading Highlights

More customers are doing more of their grocery shopping at Sainsbury’s. We have outperformed the market every week of this financial year and delivered volume growth ahead of the market for a fourth consecutive Christmas. This reflects consistently great value and service, a positive customer response to our first Nectar Prices Christmas and customers trading up to Taste the Difference. While Argos outperformed a weak and highly promotional general merchandise market, sales declined ahead of Christmas against an exceptionally strong performance last year.

  • Q3 Grocery sales up 9.3%, Christmas Grocery sales up 8.6%, with stronger volume growth offsetting lower inflation
  • Q3 General Merchandise sales down (0.6)%, up 1.5% excluding impact of Argos closure in the Republic of Ireland
  • Christmas General Merchandise sales down (3.7)%, (1.3)% excluding impact of Argos closure in the Republic of Ireland, reflecting significant benefit to sales last year from the postal strike and strong demand for energy saving products
  • Q3 Clothing sales down (1.7%), Christmas Clothing sales (6.0)%
  • Q3 retail (exc. fuel) sales up 6.5%. Like-for-like sales growth up 7.4%. Inc. fuel retail sales up 4.4% with fuel sales down (7.2)%
  • Outlook: We continue to expect underlying profit before tax in 2023/24 of between £670 million and £700 million, with a strong Grocery performance offsetting weaker General Merchandise and Financial Services contributions. We continue to expect to generate retail free cash flow in 2023/24 of at least £600 million

Simon Roberts, Chief Executive of J Sainsbury plc, said:

“We’ve worked hard to really deliver for our customers this quarter and have grown grocery volumes ahead of the market for the fourth Christmas in a row. More customers are choosing to shop at Sainsbury’s, recognising our determined focus on value, product innovation and service.

“This was our first Christmas powered by Nectar Prices, helping customers save an average of £16 on an £80 Christmas shop. We delivered our best ever value Christmas roast and customers bought record numbers of pigs in blankets, mince pies and sparkling wine. Taste the Difference sales grew ahead of the market as families treated themselves.

BG_Standard_Logo_Clearance_RGB_2022
January 2, 2024
Have British Gas energy prices risen in 2024?

To date in 2024, British Gas’s energy prices have risen once in line with the energy price cap.

Like most energy suppliers in the UK, British Gas standard variable tariffs have been subject to Ofgem’s energy price cap since its introduction at the beginning of 2019. This cap sets the maximum price suppliers can charge for their standard variable tariffs, which are typically the most expensive tariffs on offer. It does this by monitoring wholesale energy prices, which dictate the cost for suppliers to buy energy, and caps the amount they can then charge for it via unit rates. Fixed deals have historically been cheaper than standard variable tariffs, so most customers have regularly switched and fixed. British Gas has tended to price its standard variable tariff at around the level of the price cap since its introduction.

For most of the cap’s lifetime, its level didn’t change significantly in either direction as wholesale energy prices remained fairly stable. However, in the autumn of 2021, prices rocketed, and ultimately so did the level of the price cap.

Over time, customers’ fixed deals ended but because suppliers weren’t offering new fixes to switch to, they were rolling on to the standard variable tariff, which was becoming prohibitively expensive. The government therefore introduced the Energy Price Guarantee, which effectively worked as a proxy price cap set at £2,500 per year for average use households paying by direct debit. However, when the price cap lowered to £2,074, it began to set the unit rates of standard variable tariffs again. After dropping to £1,834, it is currently set at £1,928 until 31 March 2024.

logo_sp_sq
January 2, 2024
ScottishPower price changes in 2024

As a result of the energy price cap increasing, ScottishPower energy prices have also risen once in 2024.

All energy suppliers operating in the UK are subject to Ofgem’s energy price cap, and ScottishPower is no exception. The cap rate sets the maximum price suppliers can charge for average use on their standard variable tariffs. This hasn’t been something that the majority of customers have needed to worry about because most people used to fix and switch to avoid being put onto a standard variable tariff.

However, when wholesale energy prices rose significantly towards the end of 2021, leading to a rise in the level of the price cap, suppliers withdrew fixed deals from the market. This meant that gradually, as customers’ fixed deals ended, there wasn’t anything to switch to, so there are still millions of households on standard variable tariffs.

The government therefore introduced the Energy Price Guarantee, which effectively worked as a proxy price cap set at £2,500 per year for average use households paying by direct debit. However, when the price cap level lowered to £2,074, it began setting the unit rates of standard variable tariffs again. After dropping to £1,834 between October and December 2023, it is currently set at £1,928 until 31 March 2024

arla foods
December 29, 2023
Milk price for January 2024 will increase by 3.0 €c/kg for conventional and organic milk

From 1st January 2024, the Arla on-account price for conventional and organic milk will increase by 3.0 €c/kg. However, in Central Europe, the organic on-account milk price will increase by 5.0 €c/kg.

Arla Foods amba board director, and Arla farmer, Arthur Fearnall, said: “This is a good start to the new year. Retail sales continue to pick up after the turnaround in quarter three in 2023. Global commodity prices continue to recover as well. However, they are slightly weakened after seasonal demands are fulfilled. In Central Europe, the increase for organic is driven by the transition of the certification scheme to the organic association Naturland and following the increased profitability from retail positions. The outlook is stable.”

Paul Savage, Agriculture Director for Arla UK continues: “Both conventional and organic markets are coming back to growth and our retail branded sales continue to improve. With a stable outlook, this latest and significant increase should give confidence to our farmer owners as we begin the start of a new year.”

stiebel-eltron-vector-logo
December 23, 2023
Stiebel Eltron boss calls for electricity price adjustment

The difference between the price of electricity and gas should be adjusted, according to the head of heat pump manufacturer Stiebel Eltron. Either electricity should be cheaper or gas should be more expensive, said Kai Schiefelbein at the company’s headquarters in Holzminden. This could then also boost sales of heat pumps and the heat transition aimed for by the German government. In his view, the current pricing structure is the cardinal error in energy policy.

According to the Federal Statistical Office, private households in Germany paid an average of 12.26 cents per kilowatt hour for natural gas in the first half of 2023. Electricity cost consumers an average of 42.29 cents per kilowatt hour, i.e. around 3.45 times as much. Schiefelbein advocates a factor of around 2.5, as is common in most other European countries. Germany could, for example, reduce taxes on electricity.

In retrospect, the debate surrounding the Heating Act also damaged the heating transition. “I don’t think that was a highlight for democracy,” said Schiefelbein. Myths also got caught up in it – for example, “that heat pumps don’t work for many buildings. That’s simply not true,” said Schiefelbein. “That really is a thing of the past.” Modern systems can be installed in practically any building.

The aim of the Heating Act is to make heating in Germany more climate-friendly by gradually replacing oil and gas heating systems with heat pumps, for example. Essentially, it stipulates that in future, every newly installed heating system should be operated on the basis of 65% renewable energy. It is due to come into force at the beginning of 2024, but will initially only apply to new-build areas. For existing buildings, a municipal heating plan is to be used as a basis for owners to decide what to do.

Hornbach
December 19, 2023
Hornbach Q3 Report 2023

The third quarter (Q3) of 2023/24 (September 1 to November 30, 2023) was characterized on the one hand by a slight decline in the sales performance due to lower average purchases and customer hesitation as to larger-scale DIY projects. On the other hand, thanks to lower procurement prices the company was able to improve its gross margin in the third quarter. Fur- thermore, despite higher levels of pay HORNBACH’s successful cost management enabled it to slightly reduce its overall store operation and administration expenses.

The € 61.1 million reduction in third-quarter sales was largely offset by the increase in the gross margin [→ Brief Glos- sary on Page 8] by one percentage point (33.4%; 2022/23: 32.4%) due to lower procurement prices. As a result, gross profit decreased by just 0.9% to € 495.8 million (2022/23: € 500.5 million).

Volvo
December 14, 2023
 Volvo joins other luxury carmakers to announce price hike from New Year

Volvo will join other luxury carmakers in India to hike prices of its cars from next month. The Swedish auto giant has announced that it will increase the prices of models across its lineup from the first day of the New Year. Volvo Car India has said that the price of its models will be increased by up to two per cent from January 1. According to the carmaker, the decision to hike the prices became necessary due to rising input costs as well as volatile foreign exchange rates.

Volvo is the fourth luxury carmaker after Mercedes Benz, Audi and BMW to announce price hike from next month. Almost all carmakers in India have made similar announcements for the same reason. Jyoti Malhotra, Managing Director at Volvo Car India, said, “The decision to adjust prices is in response to evolving market dynamics, forex exchange rate fluctuations, and rising input costs. This move aims to maintain a crucial balance, ensuring the continued delivery of high standards and best driving experiences, reaffirming our commitment to uncompromised quality and safety.”

 

Saica flex
December 13, 2023
Saica Group invests more than 100 million euros in a new corrugated board plant in Barcelona

• It will combine the operations of Saica Pack El Prat and Saica Pack Barcelona

• The project aims to increase the combined production of the factories by up to 45%

• The factory will start operations in spring 2025

Work has begun on Saica Group’s new corrugated board factory in Barcelona, which will start operating in the spring of 2025. Located in the municipality of Sant Esteve Sesrovires, the plant will combine the operations currently carried out at Saica Pack El Prat and Saica Pack Barcelona. The new project involves an investment of more than 100 million euros and aims to increase the current joint production of the two factories by up to 45%.
This facility not only signifies a pivotal benchmark for innovation and sustainable packaging solutions, but it also addresses the evolving market demands and spatial constraints of our existing facilities. Additionally, this investment underscores Saica Group’s long-term commitment to the southern European packaging market and will ensure Saica can support its customers’ plans for growth.
The new factory will be equipped with the latest technology, seamlessly combining flexography and offset processes. It will offer significant advances through the digitalisation of customer services, enabling Saica to deliver the high-quality standards and service that set them apart from the market.
The company, a specialist in packaging solutions based on recycled paper, acquired the land in 2010 and actively participated in the development of the industrial estate, which is now occupied by a number of major companies. In 2018, it also built and opened a finished product warehouse on the industrial estate.
Saica Group’s Chairman, Ramón Alejandro, stressed that “this investment will allow us to have the latest digital technology. We will be able to increase our production capacity and also improve the service we provide to our customers”.
The current facilities in Barcelona and El Prat will continue to operate until the new factory opens. Subsequently, they will gradually transfer their production to the new facility, ensuring seamless continuity of service. The workers at both plants (194 and 100 workers respectively) and their representatives are involved in this transition process, and all of them will be offered the opportunity to transfer.

 

DS Smith
December 7, 2023
DS Smith Half-Year Report 2023
  • Robust adjusted operating profit of £365m (£418m H1 FY22/23) in challenging environment
  • Decline in like for like box volumes of 4.7% in H1, with sequential quarter-on-quarter improvement and H2 expected to show continued positive momentum
  • Pricing has been resilient, underpinned by strong customer relationships, innovation and high service levels, with downward pressure offset by lower input costs and productivity initiatives
  • Strong financial position: 1.7x net debt/EBITDA (FY22/23: 1.3x)
  • Continued capital and operational investment to support our customers and improve productivity and environmental efficiency
  • Full year trading in line with management expectations

For the six month period, revenue declined to £3,513 million, down 18 per cent on a constant currency and reported basis driven by declines in box volumes (£142 million) and lower selling prices (£615 million) across the Group. Packaging prices were down £273 million, approximately 9 per cent, with the balance reflecting lower external paper, recyclate and energy sales. Packaging prices have been more resilient than expected reflecting our strong customer relationships, ongoing innovation and continued focus on high service levels.

Coveris_Logo
December 6, 2023
Coveris Unveils New Recyclable MonoFlex Thermoform Packaging

Coveris has made a breakthrough in thermoforming film packaging with the development of its recyclable solution, MonoFlex Thermoform. Coveris’ MonoFlex Thermoform innovation provides a sustainable alternative to non-recyclable materials currently used for thermoforming packaging in food sectors.

Delivering an innovative and recyclable solution, Coveris’ MonoFlex Thermoform films are developed from high performance monomaterials, enabling the switch from non-recyclable, mixed material thermoforming substrates, which achieves a carbon footprint reduction.

Aligned with Coveris’ sustainability strategy, No Waste, the recyclable MonoFlex Thermoform solutions are produced from polyethylene (PE) or polypropylene (PP) and are fully nylon-free (PA). Manufactured at Coveris plants in Germany and the United Kingdom, MonoFlex Thermoform can be produced from single substrate co-extruded or laminated films dependent on the product application and print requirements.

MonoFlex Thermoform offers advanced EVOH barrier properties for product protection and shelf-life, which is also supported by its strong puncture resistance. Coveris’ Film Science Lab expertise and Pack Innovation Centre testing capabilities were instrumental in the innovation process, from the development of the films’ formulations to the validation of their performance, including barrier features.

Developed with a wide operating window, MonoFlex Thermoform maintains packing speeds previously attained and allows a seamless switch from alternative substrates. Suitable products for MonoFlex Thermoform include a range of bakery items and other applications in meat, fish, poultry and dairy sectors.

MonoFlex Thermoform is available fully unprinted or with a printed top film. The top film is available with conventional and HD flexographic or rotogravure print including matte, gloss and tactile lacquer finishing options for consumer appeal, attractive on-shelf presentation and the communication of product information. Product communication can also be achieved on unprinted films as a secondary process with Coveris’ leading labeling solutions.

 

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