Covestro Group Key Data

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2nd quarter 2020

 

2nd quarter 2021

 

Change

 

1st half
2020

 

1st half
2021

 

Change

 

 

€ million

 

€ million

 

%

 

€ million

 

€ million

 

%

Core volume growth1, 2

 

–22.7%

 

+35.0%

 

 

 

–13.6%

 

+18.9%

 

 

Sales

 

2,156

 

3,956

 

+83.5

 

4,939

 

7,263

 

+47.1

Change in sales

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

–22.3%

 

+29.0%

 

 

 

–12.5%

 

+14.6%

 

 

Price

 

–9.0%

 

+45.9%

 

 

 

–9.1%

 

+31.4%

 

 

Currency

 

–0.1%

 

–5.4%

 

 

 

+0.3%

 

–5.0%

 

 

Portfolio

 

–1.5%

 

+14.0%

 

 

 

–1.4%

 

+6.1%

 

 

Sales by region

 

 

 

 

 

 

 

 

 

 

 

 

EMLA3

 

874

 

1,765

 

>100

 

2,174

 

3,267

 

+50.3

NA4

 

508

 

844

 

+66.1

 

1,252

 

1,493

 

+19.2

APAC5

 

774

 

1,347

 

+74.0

 

1,513

 

2,503

 

+65.4

EBITDA6

 

125

 

817

 

>500

 

379

 

1,560

 

>300

Changes in EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

–72.3%

 

+245.6%

 

 

 

–42.8%

 

+90.8%

 

 

Price

 

–63.2%

 

+791.2%

 

 

 

–64.4%

 

+409.5%

 

 

Raw material price effect

 

+41.4%

 

–320.8%

 

 

 

+36.6%

 

–106.6%

 

 

Currency

 

+1.5%

 

–16.0%

 

 

 

+1.2%

 

–11.3%

 

 

EBIT7

 

(68)

 

607

 

.

 

(1)

 

1,163

 

.

Financial result

 

(17)

 

(18)

 

+5.9

 

(56)

 

(47)

 

–16.1

Net income8

 

(52)

 

449

 

.

 

(32)

 

842

 

.

Earnings per share (€)9

 

(0.28)

 

2.32

 

.

 

(0.17)

 

4.36

 

.

Cash flows from operating activities10

 

171

 

553

 

>200

 

61

 

981

 

.

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

 

147

 

179

 

+21.8

 

286

 

289

 

+1.0

Free operating cash flow11

 

24

 

374

 

.

 

(225)

 

692

 

.

1

Core volume growth refers to the core products in the Polyurethanes, Polycarbonates, and Coatings, Adhesives, Specialties segments. It is calculated as the percentage change in externally sold volumes compared with the prior year. Covestro also takes advantage of business opportunities outside its core business, for example the sale of precursors and by-products such as hydrochloric acid, sodium hydroxide solution and styrene. These transactions are not included in core volume growth.

2

Reference values calculated on the basis of the definition of the core business effective March 31, 2021.

3

EMLA: Europe, Middle East, Latin America (excluding Mexico), Africa region.

4

NA: North America region (United States, Canada, and Mexico).

5

APAC: Asia and Pacific region.

6

EBITDA: EBIT plus depreciation, amortization, and impairment losses; less impairment loss reversals.

7

EBIT: income after income taxes plus financial result and income taxes.

8

Net income: income after income taxes attributable to the shareholders of Covestro AG.

9

Earnings per share: According to IAS 33 (Earnings per Share), earnings per share comprise net income divided by the weighted average number of outstanding no-par voting shares of Covestro AG. The calculation was based on 193,160,544 no-par shares for the second quarter of 2021 (previous year: 182,864,685 no-par shares) and on 193,160,544 no-par shares for the first half of 2021 (previous year: 182,864,685 no-par shares).

10

Cash flows from operating activities according to IAS 7 (Statement of Cash Flows).

11

Free operating cash flow: cash flows from operating activities less cash outflows for additions to property, plant, equipment and intangible assets.