Segment and Quarterly Overview

Segment Information 4th Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polyurethanes1

 

Polycarbonates

 

Coatings, Adhesives, Specialties1

 

Others/Consolidation

 

Covestro Group

 

 

4th
quarter
2017

 

4th
quarter
2018

 

4th
quarter
2017

 

4th
quarter
2018

 

4th
quarter
2017

 

4th
quarter
2018

 

4th
quarter
2017

 

4th
quarter
2018

 

4th
quarter
2017

 

4th
quarter
2018

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

1 All prior-year figures have been adjusted to reflect the transfer of the specialty elastomers business from the Polyurethanes segment to the Coatings, Adhesives, Specialties segment as of January 1, 2018.

2 Reference values calculated based on the definition of the core business effective March 31, 2018

Sales

 

1,876

 

1,597

 

939

 

924

 

529

 

534

 

178

 

217

 

3,522

 

3,272

Change in sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

+6.9%

 

+2.5%

 

+5.2%

 

+4.2%

 

–2.1%

 

+0.3%

 

+3.8%

 

+7.1%

 

+4.6%

 

+2.9%

Price

 

+26.2%

 

–17.6%

 

+13.1%

 

–2.3%

 

+3.1%

 

0.0%

 

+7.6%

 

+14.0%

 

+17.4%

 

–9.3%

Currency

 

–5.8%

 

+0.2%

 

–5.6%

 

+0.3%

 

–4.3%

 

+0.6%

 

–2.2%

 

+0.8%

 

–5.3%

 

+0.3%

Portfolio

 

0.0%

 

0.0%

 

0.0%

 

–3.8%

 

0.0%

 

0.0%

 

0.0%

 

0.0%

 

0.0%

 

–1.0%

Core volume growth2

 

+5.3%

 

+2.3%

 

+3.7%

 

+1.6%

 

–1.0%

 

–1.8%

 

 

 

 

 

+4.2%

 

+1.7%

Sales by region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMLA

 

787

 

678

 

315

 

301

 

241

 

240

 

132

 

168

 

1,475

 

1,387

NAFTA

 

442

 

474

 

206

 

200

 

111

 

129

 

42

 

45

 

801

 

848

APAC

 

647

 

445

 

418

 

423

 

177

 

165

 

4

 

4

 

1,246

 

1,037

EBITDA

 

612

 

111

 

213

 

133

 

80

 

63

 

(26)

 

(14)

 

879

 

293

EBIT

 

529

 

27

 

169

 

88

 

56

 

39

 

(26)

 

(14)

 

728

 

140

Depreciation, amortization, impairment losses and impairment loss reversals

 

83

 

84

 

44

 

45

 

24

 

24

 

 

 

151

 

153

Operating cash flows

 

595

 

393

 

245

 

235

 

142

 

107

 

(92)

 

(94)

 

890

 

641

Cash outflows for additions to property, plant, equipment and intangible assets

 

126

 

171

 

74

 

70

 

37

 

36

 

(2)

 

1

 

235

 

278

Free operating cash flow

 

469

 

222

 

171

 

165

 

105

 

71

 

(90)

 

(95)

 

655

 

363

Segment Information Full Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polyurethanes1

 

Polycarbonates

 

Coatings, Adhesives, Specialties1

 

Others/Consolidation

 

Covestro Group

 

 

2017

 

2018

 

2017

 

2018

 

2017

 

2018

 

2017

 

2018

 

2017

 

2018

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

1 All prior-year figures have been adjusted to reflect the transfer of the specialty elastomers business from the Polyurethanes segment to the Coatings, Adhesives, Specialties segment as of January 1, 2018.

2 Reference values calculated based on the definition of the core business effective March 31, 2018

Sales

 

7,386

 

7,362

 

3,737

 

4,051

 

2,327

 

2,361

 

688

 

842

 

14,138

 

14,616

Change in sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

+3.5%

 

+0.9%

 

+7.1%

 

+3.8%

 

+1.8%

 

+3.5%

 

+4.1%

 

+5.6%

 

+4.3%

 

+2.3%

Price

 

+28.2%

 

+1.9%

 

+8.0%

 

+9.7%

 

+1.3%

 

+0.6%

 

+4.2%

 

+18.1%

 

+16.1%

 

+4.5%

Currency

 

–1.8%

 

–3.1%

 

–1.8%

 

–3.4%

 

–1.1%

 

–2.6%

 

–0.6%

 

–1.3%

 

–1.6%

 

–3.0%

Portfolio

 

0.0%

 

0.0%

 

0.0%

 

–1.7%

 

0.0%

 

0.0%

 

0.0%

 

0.0%

 

0.0%

 

–0.4%

Core volume growth2

 

+3.1%

 

+0.8%

 

+5.0%

 

+3.0%

 

+1.5%

 

+2.5%

 

 

 

 

 

+3.4%

 

+1.6%

Sales by region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMLA

 

3,147

 

3,182

 

1,241

 

1,347

 

1,085

 

1,117

 

524

 

638

 

5,997

 

6,284

NAFTA

 

1,868

 

1,947

 

874

 

817

 

510

 

519

 

146

 

186

 

3,398

 

3,469

APAC

 

2,371

 

2,233

 

1,622

 

1,887

 

732

 

725

 

18

 

18

 

4,743

 

4,863

EBITDA

 

2,179

 

1,763

 

853

 

1,036

 

486

 

464

 

(83)

 

(63)

 

3,435

 

3,200

EBIT

 

1,826

 

1,412

 

672

 

861

 

396

 

371

 

(86)

 

(64)

 

2,808

 

2,580

Depreciation, amortization, impairment losses and impairment loss reversals

 

353

 

351

 

181

 

175

 

90

 

93

 

3

 

1

 

627

 

620

Operating cash flows

 

1,352

 

1,386

 

476

 

654

 

336

 

309

 

197

 

27

 

2,361

 

2,376

Cash outflows for additions to property, plant, equipment and intangible assets

 

276

 

414

 

155

 

186

 

87

 

106

 

 

1

 

518

 

707

Free operating cash flow

 

1,076

 

972

 

321

 

468

 

249

 

203

 

197

 

26

 

1,843

 

1,669

Quarterly Overview

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st quarter 2017

 

2nd quarter 2017

 

3rd quarter 2017

 

4th quarter 2017

 

1st quarter 2018

 

2nd quarter 2018

 

3rd quarter 2018

 

4th quarter 2018

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

1 All prior-year figures have been adjusted to reflect the transfer of the specialty elastomers business from the Polyurethanes segment to the Coatings, Adhesives, Specialties segment as of January 1, 2018.

2 Reference values calculated based on the definition of the core business effective March 31, 2018

Sales

 

3,586

 

3,498

 

3,532

 

3,522

 

3,779

 

3,863

 

3,702

 

3,272

Polyurethanes1

 

1,821

 

1,818

 

1,871

 

1,876

 

1,950

 

1,966

 

1,849

 

1,597

Polycarbonates

 

954

 

911

 

933

 

939

 

1,033

 

1,056

 

1,038

 

924

Coatings, Adhesives, Specialties1

 

637

 

604

 

557

 

529

 

592

 

629

 

606

 

534

Core volume growth2

 

+8.9%

 

–1.7%

 

+2.6%

 

+4.2%

 

0.0%

 

+4.4%

 

+0.2%

 

+1.7%

EBITDA

 

846

 

848

 

862

 

879

 

1,063

 

985

 

859

 

293

Polyurethanes1

 

468

 

549

 

550

 

612

 

637

 

583

 

432

 

111

Polycarbonates

 

232

 

197

 

211

 

213

 

303

 

285

 

315

 

133

Coatings, Adhesives, Specialties1

 

160

 

121

 

125

 

80

 

136

 

139

 

126

 

63

EBIT

 

688

 

687

 

705

 

728

 

907

 

826

 

707

 

140

Polyurethanes1

 

383

 

454

 

460

 

529

 

547

 

492

 

346

 

27

Polycarbonates

 

184

 

152

 

167

 

169

 

260

 

241

 

272

 

88

Coatings, Adhesives, Specialties1

 

136

 

101

 

103

 

56

 

113

 

116

 

103

 

39

Financial result

 

(54)

 

(34)

 

(35)

 

(27)

 

(28)

 

(27)

 

(25)

 

(24)

Income before income taxes

 

634

 

653

 

670

 

701

 

879

 

799

 

682

 

116

Income after taxes

 

469

 

486

 

493

 

569

 

646

 

606

 

497

 

80

Net income

 

468

 

484

 

491

 

566

 

644

 

604

 

496

 

79

Operating cash flows

 

285

 

411

 

775

 

890

 

452

 

517

 

766

 

641

Cash outflows for additions to property, plant, equipment and intangible assets

 

74

 

92

 

117

 

235

 

88

 

153

 

188

 

278

Free operating cash flow

 

211

 

319

 

658

 

655

 

364

 

364

 

578

 

363