Half-Year Financial Report 2023

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Covestro Group Key Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2nd quarter
2022

 

2nd quarter
2023

 

Change

 

1st half
2022

 

1st half
2023

 

Change

Sales

 

€4,703 million

 

€3,720 million

 

–20.9%

 

€9,386 million

 

€7,463 million

 

–20.5%

Change in sales

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

–2.1%

 

–8.0%

 

 

 

0.5%

 

–12.5%

 

 

Price

 

14.5%

 

–11.0%

 

 

 

18.3%

 

–7.4%

 

 

Currency

 

6.5%

 

–1.9%

 

 

 

6.1%

 

–0.6%

 

 

Portfolio

 

0.0%

 

0.0%

 

 

 

4.3%

 

0.0%

 

 

EBITDA1

 

€547 million

 

€385 million

 

–29.6%

 

€1,353 million

 

€671 million

 

–50.4%

Changes in EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

–5.8%

 

–22.5%

 

 

 

–0.5%

 

–30.7%

 

 

Price

 

70.3%

 

–94.5%

 

 

 

85.3%

 

–51.6%

 

 

Raw material price

 

–96.5%

 

63.4%

 

 

 

–103.1%

 

18.6%

 

 

Currency

 

4.9%

 

–3.1%

 

 

 

5.8%

 

–1.3%

 

 

Other2

 

–5.9%

 

27.1%

 

 

 

–0.8%

 

14.6%

 

 

EBIT3

 

€307 million

 

€166 million

 

–45.9%

 

€896 million

 

€205 million

 

–77.1%

Financial result

 

(€44 million)

 

(€36 million)

 

–18.2%

 

(€72 million)

 

(€65 million)

 

–9.7%

Net income4

 

€199 million

 

€46 million

 

–76.9%

 

€615 million

 

€20 million

 

–96.7%

Earnings per share5

 

€1.04

 

€0.24

 

–76.9%

 

€3.20

 

€0.11

 

–96.6%

Cash flows from operating activities6

 

(€272 million)

 

€149 million

 

.

 

(€115 million)

 

€130 million

 

.

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

 

€190 million

 

€159 million

 

–16.3%

 

€330 million

 

€279 million

 

–15.5%

Free operating cash flow7

 

(€462 million)

 

(€10 million)

 

–97.8%

 

(€445 million)

 

(€149 million)

 

–66.5%

1

Earnings before interest, taxes, depreciation and amortization (EBITDA): EBIT plus depreciation, amortization, and impairment losses; less impairment loss reversals on property, plant and equipment and intangible assets.

2

Other changes in EBITDA such as changes in provisions for variable compensation.

3

Earnings before interest and taxes (EBIT): income after income taxes plus financial result and income taxes.

4

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

5

Earnings per share: according to IAS 33 (Earnings per Share), net income divided by the weighted average number of outstanding no-par value voting shares of Covestro AG. The calculation was based on 189,638,752 no-par shares for the second quarter of 2023 (previous year: 191,070,836 no-par shares) and on 189,792,703 no-par shares for the first half of 2023 (previous year: 192,101,348 no-par shares).

6

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

7

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