Polygiene reported Q2 net sales of SEK 25.4m (47.5m), which is down over 50% y-o-y accounting for a positive FX effect of 4% in the quarter. This was well below our expectations, as we thought the company would start to see benefits from a re-opening in China. It should be said that the actual sales drop from Polygiene's clients was 30% and the rest was explained by lower sales to distributors and raw material processors. EBIT was SEK -5.3m (11.3m), which was also below ABGSCe. However, a stronger gross margin, cost initiatives and favourable working capital movements decreased to impact on FCF, which was SEK -3.4m in Q2, leading to end of Q2 cash of SEK 47m with close to zero debt
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