Comparative Presentation of Annual Changes in Compensation and Earnings
The following is the presentation of the annual changes in compensation awarded and due to current and former Board of Management and Supervisory Board members compared with the company’s earnings performance and the average compensation of employees (FTEs) from fiscal years 2018 to 2022 as required by Section 162, Paragraph 1, Sentence 2, No. 2 AktG.
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2018 |
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2019 |
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2020 |
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2021 |
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2022 |
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% |
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% |
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% |
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% |
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Board of Management members as of December 31, 2022 |
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Dr. Markus Steilemann (Chair) |
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3,458 |
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3,168 |
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–8.4 |
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1,643 |
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–48.1 |
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4,285 |
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160.8 |
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1,691 |
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–60.5 |
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Sucheta Govil |
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– |
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320 |
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693 |
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2,108 |
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204.2 |
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746 |
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–64.6 |
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Dr. Klaus Schäfer |
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1,724 |
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2,462 |
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42.8 |
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985 |
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–60.0 |
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2,236 |
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127.0 |
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864 |
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–61.4 |
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Dr. Thomas Toepfer |
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3,329 |
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1,014 |
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–69.5 |
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849 |
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–16.3 |
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2,719 |
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220.3 |
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1,044 |
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–61.6 |
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Former Board of Management members |
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Patrick Thomas (until May 31, 2018) |
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2,266 |
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3,260 |
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43.9 |
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597 |
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–81.7 |
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202 |
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–66.2 |
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23 |
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–88.6 |
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Frank H. Lutz (until June 2, 2017) |
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– |
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2,111 |
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148 |
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–93.0 |
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Total |
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10,777 |
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12,335 |
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14.5 |
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4,915 |
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–60.2 |
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11,550 |
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135.0 |
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4,368 |
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–62.2 |
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2018 |
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2019 |
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2020 |
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2021 |
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2022 |
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% |
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% |
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% |
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% |
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Supervisory Board members as of December 31, 2022 |
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Dr. Christine Bortenlänger |
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105 |
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106 |
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1.0 |
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111 |
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4.7 |
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126 |
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13.5 |
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174 |
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38.1 |
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Dr. Christoph Gürtler |
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Lise Kingo (since April 2021) |
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84 |
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189 |
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125.0 |
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Petra Kronen (Vice Chair) |
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160 |
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160 |
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0.0 |
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152 |
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–5.0 |
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152 |
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0.0 |
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251 |
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65.1 |
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Irena Küstner |
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134 |
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134 |
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0.0 |
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127 |
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–5.2 |
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127 |
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0.0 |
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174 |
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37.0 |
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Frank Löllgen (since April 2022) |
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Dr. Richard Pott (Chair) |
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310 |
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309 |
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–0.3 |
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302 |
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–2.3 |
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302 |
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0.0 |
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368 |
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21.9 |
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Petra Reinbold-Knape |
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141 |
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147 |
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4.3 |
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190 |
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29.3 |
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Dr. Sven Schneider |
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Regine Stachelhaus |
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125 |
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126 |
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0.8 |
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129 |
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2.4 |
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142 |
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10.1 |
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188 |
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32.4 |
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Marc Stothfang |
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105 |
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106 |
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1.0 |
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101 |
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–4.7 |
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107 |
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5.9 |
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156 |
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45.8 |
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Patrick Thomas (since July 2020) |
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53 |
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132 |
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149.1 |
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225 |
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70.5 |
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Former Supervisory Board members |
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Dr. Ulrich Liman (until April 2022) |
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127 |
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128 |
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0.0 |
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121 |
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–5.5 |
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129 |
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6.6 |
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59 |
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–54.5 |
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Prof. Dr. Rolf Nonnenmacher |
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159 |
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159 |
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0.0 |
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153 |
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–3.8 |
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153 |
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0.0 |
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67 |
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–56.3 |
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Frank Werth (until April 2022) |
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105 |
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106 |
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1.0 |
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101 |
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–4.7 |
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102 |
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1.0 |
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38 |
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–62.3 |
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Ferdinando Falco Beccalli |
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104 |
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106 |
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1.9 |
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102 |
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–3.8 |
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29 |
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–71.6 |
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Johannes Dietsch (until July 2020) |
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155 |
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154 |
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–0.6 |
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86 |
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–44.2 |
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Peter Hausmann |
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153 |
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153 |
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0.0 |
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Total |
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1,742 |
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1,747 |
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0.3 |
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1,679 |
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–3.9 |
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1,732 |
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3.2 |
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2,454 |
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41.7 |
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2018 |
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2019 |
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2020 |
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2021 |
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2022 |
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Net income/(loss) Covestro AG |
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€496 million |
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€623 million |
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25.6% |
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(€45 million) |
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. |
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€648 million |
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. |
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(€316 million) |
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. |
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EBITDA2 |
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€3,200 million |
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€1,604 million |
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–49.9% |
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€1,472 million |
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–8.2% |
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€3,085 million |
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109.6% |
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€1,617 million |
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–47.6% |
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Free operating cash flow3 |
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€1,669 million |
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€473 million |
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–71.7% |
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€530 million |
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12.1% |
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€1,429 million |
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169.6% |
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€138 million |
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–90.3% |
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ROCE above WACC4, 5 |
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22.8% points |
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1.6% points |
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–0.3% points |
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12.9% points |
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–5.0% points |
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Greenhouse gas emissions6 |
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– |
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– |
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– |
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€5 million metric tons |
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€5 million metric tons |
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–9.6% |
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Core volume growth7 |
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1.5% |
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2.0% |
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– 5.6% |
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10.0% |
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In addition to the net income/net loss of Covestro AG (which is legally required to be reported), earnings performance also includes the key figures of the Covestro Group underlying short-term variable compensation (EBITDA, free operating cash flow, ROCE above WACC, absolute annual direct and indirect Scope 1 and Scope 2 GHG emissions (CO2 equivalents), and core volume growth). Since the year 2022, core volume growth has been replaced by EBITDA as a key management indicator.
Employee compensation was calculated by dividing personnel expenses (wages and salaries plus social expenses and expenses for pensions and other benefits) disclosed in the Consolidated Financial Statements for the relevant period by the number of employees expressed as full-time equivalents (FTEs) as of the reporting date.
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2018 |
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2019 |
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2020 |
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2021 |
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2022 |
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Personnel expenses |
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€1,958 million |
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€1,762 million |
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–10.0% |
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€1,723 million |
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–2.2% |
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€2,298 million |
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33.4% |
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€1,995 million |
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–13.2% |
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Employees2 |
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16,770 FTE |
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17,201 FTE |
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2.6% |
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16,501 FTE |
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–4.1% |
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17,909 FTE |
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8.5% |
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17,985 FTE |
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0.4% |
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Personnel expenses per FTE |
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€117 thousand |
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€102 thousand |
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–12.3% |
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€104 thousand |
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1.9% |
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€128 thousand |
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22.9% |
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€111 thousand |
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–13.6% |
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