Segment and Quarterly Overview

Segment information 4th quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Materials

 

Solutions & Specialties

 

Others/Consolidation

 

Covestro Group

 

 

4th quarter 20201, 2

 

4th quarter 2021

 

4th quarter 20201, 2

 

4th quarter 2021

 

4th quarter 20201, 2

 

4th quarter 2021

 

4th quarter 2020

 

4th quarter 2021

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

Sales (external)

 

1,594

 

2,259

 

1,371

 

2,005

 

42

 

74

 

3,007

 

4,338

Intersegment sales

 

257

 

596

 

6

 

8

 

(263)

 

(604)

 

 

Sales (total)

 

1,851

 

2,855

 

1,377

 

2,013

 

(221)

 

(530)

 

3,007

 

4,338

Change in sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

 

 

+0.5%

 

 

 

–3.4%

 

 

 

+75.3%

 

+4.7%

 

–0.2%

Price

 

 

 

+37.6%

 

 

 

+25.6%

 

 

 

0.0%

 

+5.4%

 

+31.6%

Currency

 

 

 

+3.6%

 

 

 

+4.1%

 

 

 

+0.9%

 

–4.0%

 

+3.8%

Portfolio

 

 

 

0.0%

 

 

 

+19.9%

 

 

 

0.0%

 

–1.1%

 

+9.1%

Core volume growth3

 

 

 

–0.8%

 

 

 

+13.0%

 

 

 

 

 

+1.7%

 

+4.6%

Sales by region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMLA

 

759

 

1,039

 

499

 

722

 

30

 

61

 

1,288

 

1,822

NA

 

340

 

582

 

305

 

457

 

9

 

10

 

654

 

1,049

APAC

 

495

 

638

 

567

 

826

 

3

 

3

 

1,065

 

1,467

EBITDA4

 

465

 

590

 

194

 

112

 

(22)

 

(39)

 

637

 

663

EBIT4

 

321

 

445

 

133

 

41

 

(22)

 

(41)

 

432

 

445

Depreciation, amortization, impairment losses and impairment loss reversals

 

144

 

145

 

61

 

71

 

 

2

 

205

 

218

Cash flows from operating activities

 

327

 

665

 

284

 

175

 

24

 

(192)

 

635

 

648

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

 

169

 

168

 

70

 

122

 

2

 

2

 

241

 

292

Free operating cash flow

 

158

 

497

 

214

 

53

 

22

 

(194)

 

394

 

356

Trade working capital5

 

970

 

1,392

 

978

 

1,560

 

1

 

 

1,949

 

2,952

1

Reference information for the segments based on fiscal 2019 is not presented here due to the new organizational structure.

2

The values were recalculated retroactively as of October 1, 2021, based on a change in the underlying market prices for compensation for transactions between the Performance Materials and Solutions & Specialties segments and the reference information restated accordingly.

3

Calculated on the basis of the definition of the core business effective March 31, 2021.

4

The earnings of the Performance Materials and Solutions & Specialties reportable segments include the effect on earnings of intersegment sales.

5

Trade working capital includes inventories plus trade accounts receivable and contract assets, less trade accounts payable, contract liabilities, and refund liabilities as of December 31, 2020/2021.

Segment information full year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Materials

 

Solutions & Specialties

 

Others/Consolidation

 

Covestro Group

 

 

20201, 2

 

20212

 

20201, 2

 

20212

 

20201, 2

 

20212

 

2020

 

2021

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

Sales (external)

 

5,468

 

8,142

 

5,060

 

7,554

 

178

 

207

 

10,706

 

15,903

Intersegment sales

 

947

 

2,195

 

23

 

27

 

(970)

 

(2,222)

 

 

Sales (total)

 

6,415

 

10,337

 

5,083

 

7,581

 

(792)

 

(2,015)

 

10,706

 

15,903

Change in sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

 

 

+1.6%

 

 

 

+11.8%

 

 

 

+17.0%

 

–5.1%

 

+6.5%

Price

 

 

 

+48.1%

 

 

 

+21.3%

 

 

 

0.0%

 

–5.7%

 

+34.7%

Currency

 

 

 

–0.8%

 

 

 

–0.9%

 

 

 

–0.7%

 

–1.6%

 

–0.8%

Portfolio

 

 

 

0.0%

 

 

 

+17.1%

 

 

 

0.0%

 

–1.3%

 

+8.1%

Core volume growth3

 

 

 

+0.3%

 

 

 

+26.0%

 

 

 

 

 

–5.6%

 

+10.0%

Sales by region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMLA

 

2,572

 

3,878

 

1,894

 

2,835

 

134

 

163

 

4,600

 

6,876

NA

 

1,347

 

1,926

 

1,175

 

1,594

 

32

 

33

 

2,554

 

3,553

APAC

 

1,549

 

2,338

 

1,991

 

3,125

 

12

 

11

 

3,552

 

5,474

EBITDA4

 

896

 

2,572

 

743

 

751

 

(167)

 

(238)

 

1,472

 

3,085

EBIT4

 

323

 

2,003

 

545

 

503

 

(172)

 

(244)

 

696

 

2,262

Depreciation, amortization, impairment losses and impairment loss reversals

 

573

 

569

 

198

 

248

 

5

 

6

 

776

 

823

Cash flows from operating activities

 

674

 

1,875

 

649

 

418

 

(89)

 

(100)

 

1,234

 

2,193

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

 

498

 

488

 

203

 

273

 

3

 

3

 

704

 

764

Free operating cash flow

 

176

 

1,387

 

446

 

145

 

(92)

 

(103)

 

530

 

1,429

Trade working capital5

 

970

 

1,392

 

978

 

1,560

 

1

 

 

1,949

 

2,952

1

Reference information for the segments based on fiscal 2019 is not presented here due to the new organizational structure.

2

The values were recalculated retroactively as of October 1, 2021, based on a change in the underlying market prices for compensation for transactions between the Performance Materials and Solutions & Specialties segments and the reference information restated accordingly.

3

Calculated on the basis of the definition of the core business effective March 31, 2021.

4

The earnings of the Performance Materials and Solutions & Specialties reportable segments include the effect on earnings of intersegment sales.

5

Trade working capital includes inventories plus trade accounts receivable and contract assets, less trade accounts payable, contract liabilities, and refund liabilities as of December 31, 2020/2021.

Quarterly Overview

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st
quarter
2020
1

 

2nd
quarter
2020
1

 

3rd
quarter
2020
1

 

4th
quarter
2020
1

 

1st
quarter
2021
1

 

2nd
quarter
2021
1

 

3rd
quarter
2021
1

 

4th
quarter
2021

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

Sales (external)

 

2,783

 

2,156

 

2,760

 

3,007

 

3,307

 

3,956

 

4,302

 

4,338

Performance Materials

 

1,383

 

1,055

 

1,436

 

1,594

 

1,740

 

1,957

 

2,186

 

2,259

Solutions & Specialties

 

1,341

 

1,060

 

1,288

 

1,371

 

1,529

 

1,951

 

2,069

 

2,005

Core volume growth2

 

–4.1%

 

–22.7%

 

+2.9%

 

+1.7%

 

+5.3%

 

+35.0%

 

+0.8%

 

+4.6%

EBITDA

 

254

 

125

 

456

 

637

 

743

 

817

 

862

 

663

Performance Materials3

 

115

 

37

 

279

 

465

 

630

 

644

 

708

 

590

Solutions & Specialties3

 

209

 

123

 

217

 

194

 

181

 

237

 

221

 

112

EBIT

 

67

 

(68)

 

265

 

432

 

556

 

607

 

654

 

445

Performance Materials3

 

(26)

 

(107)

 

135

 

321

 

489

 

502

 

567

 

445

Solutions & Specialties3

 

165

 

75

 

172

 

133

 

138

 

170

 

154

 

41

Financial result

 

(39)

 

(17)

 

(22)

 

(13)

 

(29)

 

(18)

 

(20)

 

(10)

Income before income taxes

 

28

 

(85)

 

243

 

419

 

527

 

589

 

634

 

435

Income after taxes

 

21

 

(53)

 

180

 

306

 

395

 

450

 

473

 

301

Net income

 

20

 

(52)

 

179

 

312

 

393

 

449

 

472

 

302

Cash flows from operating activities

 

(110)

 

171

 

538

 

635

 

428

 

553

 

564

 

648

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

 

139

 

147

 

177

 

241

 

110

 

179

 

183

 

292

Free operating cash flow

 

(249)

 

24

 

361

 

394

 

318

 

374

 

381

 

356

1

The values were recalculated retroactively as of October 1, 2021, based on a change in the underlying market prices for compensation for transactions between the Performance Materials and Solutions & Specialties segments and the reference information restated accordingly.

2

Calculated on the basis of the definition of the core business effective March 31, 2021.

3

The earnings of the Performance Materials and Solutions & Specialties reportable segments include the effect on earnings of intersegment sales.