Segment and Quarterly Overview - Covestro Half-Year Financial Report 2022

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Segment information 2nd quarter

Performance Materials¹

Solutions & Specialties¹

Others/Consolidation¹

Covestro Group

2nd quarter 2021

2nd quarter 2022

2nd quarter 2021

2nd quarter 2022

2nd quarter 2021

2nd quarter 2022

2nd quarter 2021

2nd quarter 2022

€ million

Sales (external)

1,957

2,461

1,951

2,165

48

77

3,956

4,703

Intersegment sales

468

524

6

8

(474)

(532)

–

Sales (total)

2,425

2,985

1,957

2,173

(426)

(455)

3,956

4,703

Change in sales

Volume

19.5%

1.6%

39.1%

–7.3%

18.9%

57.1%

29.0%

–2.1%

Price

71.2%

17.5%

22.4%

11.8%

0.0%

45.9%

14.5%

Currency

–5.2%

6.7%

–5.8%

6.5%

–1.8%

3.3%

–5.4%

6.5%

Portfolio

0.0%

28.4%

0.0%

14.0%

0.0%

Sales by region

EMLA

955

1,255

772

851

38

61

1,765

2,167

NA

445

625

392

563

7

12

844

1,200

APAC

557

581

787

751

3

4

1,347

1,336

EBITDA²

644

367

237

213

(64)

(33)

817

547

EBIT²

502

204

170

139

(65)

(36)

607

307

Depreciation, amortization, impairment losses and impairment loss reversals

142

163

67

74

1

3

210

240

Cash flows from operating activities

498

95

82

(83)

(27)

(284)

553

(272)

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

125

132

53

56

1

2

179

190

Free operating cash flow

373

(37)

29

(139)

(28)

(286)

374

(462)

Trade working capital³

1,278

1,831

1,447

2,010

–

(5)

2,725

3,836

¹	Reference information calculated based on the organizational and reporting structure as of July 1, 2021.
²	The earnings of the Performance Materials and Solutions & Specialties reportable segments include the effect on earnings of intersegment sales.
³	Trade working capital includes inventories plus trade accounts receivable and contract assets, less trade accounts payable, contract liabilities, and refund liabilities as of June 30, 2021/2022.

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Segment information 1st half

Performance Materials¹

Solutions & Specialties¹

Others/Consolidation¹

Covestro Group

1st half 2021

1st half 2022

1st half 2021

1st half 2022

1st half 2021

1st half 2022

1st half 2021

1st half 2022

€ million

Sales (external)

3,697

4,849

3,480

4,387

86

150

7,263

9,386

Intersegment sales

951

1,181

11

17

(962)

(1,198)

–

Sales (total)

4,648

6,030

3,491

4,404

(876)

(1,048)

7,263

9,386

Change in sales

Volume

7.1%

3.5%

23.3%

–4.4%

–12.5%

71.7%

14.6%

0.5%

Price

49.5%

21.7%

14.4%

15.2%

0.0%

31.4%

18.3%

Currency

–5.0%

6.0%

–5.3%

6.3%

–1.5%

2.7%

–5.0%

6.1%

Portfolio

0.0%

12.5%

9.0%

0.0%

6.1%

4.3%

Sales by region

EMLA

1,845

2,397

1,355

1,724

67

120

3,267

4,241

NA

779

1,229

700

1,064

14

23

1,493

2,316

APAC

1,073

1,223

1,425

1,599

5

7

2,503

2,829

EBITDA²

1,274

987

418

437

(132)

(71)

1,560

1,353

EBIT²

991

679

308

291

(136)

(74)

1,163

896

Depreciation, amortization, impairment losses and impairment loss reversals

283

308

110

146

4

3

397

457

Cash flows from operating activities

835

301

125

(184)

21

(232)

981

(115)

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

203

226

85

101

1

3

289

330

Free operating cash flow

632

75

40

(285)

20

(235)

692

(445)

Trade working capital³

1,278

1,831

1,447

2,010

–

(5)

2,725

3,836

¹	Reference information calculated based on the organizational and reporting structure as of July 1, 2021.
²	The earnings of the Performance Materials and Solutions & Specialties reportable segments include the effect on earnings of intersegment sales.
³	Trade working capital includes inventories plus trade accounts receivable and contract assets, less trade accounts payable, contract liabilities, and refund liabilities as of June 30, 2021/2022.

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Quarterly overview

1st quarter 2021¹

2nd quarter 2021¹

3rd quarter 2021¹

4th quarter 2021

1st quarter 2022

2nd quarter 2022

€ million

Sales (external)

3,307

3,956

4,302

4,338

4,683

4,703

Performance Materials

1,740

1,957

2,186

2,259

2,388

2,461

Solutions & Specialties

1,529

1,951

2,069

2,005

2,222

2,165

EBITDA

743

817

862

663

806

547

Performance Materials²

630

644

708

590

620

367

Solutions & Specialties²

181

237

221

112

224

213

EBIT

556

607

654

445

589

307

Performance Materials²

489

502

567

445

475

204

Solutions & Specialties²

138

170

154

41

152

139

Financial result

(29)

(18)

(20)

(10)

(28)

(44)

Income before income taxes

527

589

634

435

561

263

Income after taxes

395

450

473

301

417

198

Net income

393

449

472

302

416

199

Cash flows from operating activities

428

553

564

648

157

(272)

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

110

179

183

292

140

190

Free operating cash flow

318

374

381

356

17

(462)

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