Segment and Quarterly Overview

Segment information 4th quarter1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polyurethanes

 

Polycarbonates

 

Coatings, Adhesives, Specialties

 

Others/consolidation

 

Covestro Group

 

 

4th quarter 2018

 

4th quarter 2019

 

4th quarter 2018

 

4th quarter 2019

 

4th quarter 2018

 

4th quarter 2019

 

4th quarter 2018

 

4th quarter 2019

 

4th quarter 2018

 

4th quarter 2019

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

1

Reference information was not restated, see note 2.1 “Financial reporting standards applied for the first time in the reporting period.”

2

Reference values calculated based on the definition of the core business effective March 31, 2019

3

Working capital includes inventories plus trade receivables less trade payables as of December 31 of the year concerned.

Sales

 

1,597

 

1,336

 

924

 

814

 

534

 

533

 

217

 

181

 

3,272

 

2,864

Change in sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

+2.5%

 

–0.2%

 

+4.2%

 

0.0%

 

+0.3%

 

+0.1%

 

+7.1%

 

–9.4%

 

+2.9%

 

–0.7%

Price

 

–17.6%

 

–16.9%

 

–2.3%

 

–13.5%

 

0.0%

 

–4.2%

 

+14.0%

 

–7.9%

 

–9.3%

 

–13.3%

Currency

 

+0.2%

 

+1.5%

 

+0.3%

 

+1.6%

 

+0.6%

 

+1.9%

 

+0.8%

 

+0.7%

 

+0.3%

 

+1.5%

Portfolio

 

0.0%

 

–0.7%

 

–3.8%

 

0.0%

 

0.0%

 

+2.0%

 

0.0%

 

0.0%

 

–1.0%

 

0.0%

Core volume growth2

 

+2.4%

 

+3.6%

 

+1.6%

 

+3.5%

 

–2.2%

 

+6.2%

 

 

 

 

 

+1.7%

 

+3.8%

Sales by region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMLA

 

678

 

546

 

301

 

270

 

240

 

224

 

168

 

139

 

1,387

 

1,179

NAFTA

 

474

 

394

 

200

 

160

 

129

 

129

 

45

 

36

 

848

 

719

APAC

 

445

 

396

 

423

 

384

 

165

 

180

 

4

 

6

 

1,037

 

966

EBITDA

 

111

 

123

 

133

 

95

 

63

 

62

 

(14)

 

(2)

 

293

 

278

EBIT

 

27

 

24

 

88

 

39

 

39

 

32

 

(14)

 

(2)

 

140

 

93

Depreciation, amortization, impairment losses and impairment loss reversals

 

84

 

99

 

45

 

56

 

24

 

30

 

 

 

153

 

185

Operating cash flows

 

393

 

282

 

235

 

204

 

107

 

170

 

(94)

 

(19)

 

641

 

637

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

 

171

 

168

 

70

 

84

 

36

 

55

 

1

 

 

278

 

307

Free operating cash flow

 

222

 

114

 

165

 

120

 

71

 

115

 

(95)

 

(19)

 

363

 

330

Working capital3

 

1,018

 

860

 

769

 

562

 

500

 

485

 

75

 

63

 

2,362

 

1,970

Segment information full year1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polyurethanes

 

Polycarbonates

 

Coatings, Adhesives, Specialties

 

Others/consolidation

 

Covestro Group

 

 

2018

 

2019

 

2018

 

2019

 

2018

 

2019

 

2018

 

2019

 

2018

 

2019

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

1

Reference information was not restated, see note 2.1 “Financial reporting standards applied for the first time in the reporting period.“

2

Reference values calculated based on the definition of the core business effective March 31, 2019

3

Working capital includes inventories plus trade receivables less trade payables as of December 31 of the year concerned.

Sales

 

7,362

 

5,779

 

4,051

 

3,473

 

2,361

 

2,369

 

842

 

791

 

14,616

 

12,412

Change in sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

+0.9%

 

+1.5%

 

+3.8%

 

+2.4%

 

+3.5%

 

–2.1%

 

+5.6%

 

–5.4%

 

+2.3%

 

+0.8%

Price

 

+1.9%

 

–24.7%

 

+9.7%

 

–16.5%

 

+0.6%

 

–1.1%

 

+18.1%

 

–1.9%

 

+4.5%

 

–17.3%

Currency

 

–3.1%

 

+1.8%

 

–3.4%

 

+2.0%

 

–2.6%

 

+2.3%

 

–1.3%

 

+1.2%

 

–3.0%

 

+1.9%

Portfolio

 

0.0%

 

–0.1%

 

–1.7%

 

–2.2%

 

0.0%

 

+1.2%

 

0.0%

 

0.0%

 

–0.4%

 

–0.5%

Core volume growth2

 

+0.8%

 

+2.3%

 

+3.0%

 

+2.7%

 

+2.3%

 

–1.0%

 

 

 

 

 

+1.5%

 

+2.0%

Sales by region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMLA

 

3,182

 

2,487

 

1,347

 

1,146

 

1,117

 

1,052

 

638

 

604

 

6,284

 

5,289

NAFTA

 

1,947

 

1,680

 

817

 

734

 

519

 

562

 

186

 

165

 

3,469

 

3,141

APAC

 

2,233

 

1,612

 

1,887

 

1,593

 

725

 

755

 

18

 

22

 

4,863

 

3,982

EBITDA

 

1,763

 

648

 

1,036

 

536

 

464

 

469

 

(63)

 

(49)

 

3,200

 

1,604

EBIT

 

1,412

 

250

 

861

 

300

 

371

 

352

 

(64)

 

(50)

 

2,580

 

852

Depreciation, amortization, impairment losses and impairment loss reversals

 

351

 

398

 

175

 

236

 

93

 

117

 

1

 

1

 

620

 

752

Operating cash flows

 

1,386

 

575

 

654

 

613

 

309

 

349

 

27

 

(154)

 

2,376

 

1,383

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

 

414

 

543

 

186

 

209

 

106

 

158

 

1

 

 

707

 

910

Free operating cash flow

 

972

 

32

 

468

 

404

 

203

 

191

 

26

 

(154)

 

1,669

 

473

Working capital3

 

1,018

 

860

 

769

 

562

 

500

 

485

 

75

 

63

 

2,362

 

1,970

Quarterly overview1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st quarter 2018

 

2nd quarter 2018

 

3rd quarter 2018

 

4th quarter 2018

 

1st quarter 2019

 

2nd quarter 2019

 

3rd quarter 2019

 

4th quarter 2019

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

1

Reference information was not restated, see note 2.1 “Financial reporting standards applied for the first time in the reporting period.”

2

Reference values calculated based on the definition of the core business effective March 31, 2019

Sales

 

3,779

 

3,863

 

3,702

 

3,272

 

3,175

 

3,211

 

3,162

 

2,864

Polyurethanes

 

1,950

 

1,966

 

1,849

 

1,597

 

1,476

 

1,489

 

1,478

 

1,336

Polycarbonates

 

1,033

 

1,056

 

1,038

 

924

 

860

 

898

 

901

 

814

Coatings, Adhesives, Specialties

 

592

 

629

 

606

 

534

 

627

 

621

 

588

 

533

Core volume growth2

 

0.0%

 

+4.4%

 

+0.2%

 

+1.7%

 

–1.8%

 

+1.1%

 

+5.3%

 

+3.8%

EBITDA

 

1,063

 

985

 

859

 

293

 

442

 

459

 

425

 

278

Polyurethanes

 

637

 

583

 

432

 

111

 

157

 

172

 

196

 

123

Polycarbonates

 

303

 

285

 

315

 

133

 

155

 

154

 

132

 

95

Coatings, Adhesives, Specialties

 

136

 

139

 

126

 

63

 

146

 

150

 

111

 

62

EBIT

 

907

 

826

 

707

 

140

 

264

 

274

 

221

 

93

Polyurethanes

 

547

 

492

 

346

 

27

 

57

 

72

 

97

 

24

Polycarbonates

 

260

 

241

 

272

 

88

 

105

 

99

 

57

 

39

Coatings, Adhesives, Specialties

 

113

 

116

 

103

 

39

 

118

 

120

 

82

 

32

Financial result

 

(28)

 

(27)

 

(25)

 

(24)

 

(23)

 

(23)

 

(19)

 

(26)

Income before income taxes

 

879

 

799

 

682

 

116

 

241

 

251

 

202

 

67

Income after taxes

 

646

 

606

 

497

 

80

 

180

 

190

 

149

 

38

Net income

 

644

 

604

 

496

 

79

 

179

 

189

 

147

 

37

Operating cash flows

 

452

 

517

 

766

 

641

 

120

 

164

 

462

 

637

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

 

88

 

153

 

188

 

278

 

165

 

219

 

219

 

307

Free operating cash flow

 

364

 

364

 

578

 

363

 

(45)

 

(55)

 

243

 

330