Key Data Covestro Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3rd quarter 20181

 

3rd quarter 2019

 

Change

 

1st nine months 20181

 

1st nine months 2019

 

Change

 

 

€ million

 

€ million

 

%

 

€ million

 

€ million

 

%

1

Reference information was not restated; see section “Changes in Accounting as a Result of the Initial Application of IFRS 16.”

2

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 in thousand metric tons 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.

3

Reference values calculated on the basis of the definition of the core business effective March 31, 2019.

4

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

5

NAFTA: United States, Canada and Mexico region

6

APAC: Asia and Pacific region

7

EBITDA: EBIT plus the sum of depreciation, amortization, impairment losses and impairment loss reversals

8

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

9

Net income: income after income taxes attributable to the stockholders of Covestro AG

10

Earnings per share: according to IAS 33, 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 191,152,569 no-par shares for the third quarter of 2018 and on 195,524,586 no-par shares for the first nine months of 2018, and on 182,704,602 no-par shares for the third quarter of 2019, and for the first nine months of 2019.

11

Operating cash flows: cash flows from operating activities according to IAS 7

12

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

Core volume growth2, 3

 

+0.2%

 

+5.3%

 

 

 

+1.5%

 

+1.5%

 

 

Sales

 

3,702

 

3,162

 

–14.6

 

11,344

 

9,548

 

–15.8

Change in sales

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

+3.0%

 

+2.1%

 

 

 

+2.1%

 

+1.3%

 

 

Price

 

+3.1%

 

–18.5%

 

 

 

+9.1%

 

–18.5%

 

 

Currency

 

–0.6%

 

+1.9%

 

 

 

–4.1%

 

+2.0%

 

 

Portfolio

 

–0.7%

 

–0.1%

 

 

 

–0.2%

 

–0.6%

 

 

Sales by region

 

 

 

 

 

 

 

 

 

 

 

 

EMLA4

 

1,541

 

1,317

 

–14.5

 

4,897

 

4,110

 

–16.1

NAFTA5

 

896

 

812

 

–9.4

 

2,621

 

2,422

 

–7.6

APAC6

 

1,265

 

1,033

 

–18.3

 

3,826

 

3,016

 

–21.2

EBITDA7

 

859

 

425

 

–50.5

 

2,907

 

1,326

 

–54.4

Changes in EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

of which volume

 

+7.8%

 

+4.9%

 

 

 

+5.8%

 

+2.8%

 

 

of which price

 

+12.6%

 

–79.9%

 

 

 

+37.9%

 

–72.2%

 

 

of which raw material price effect

 

–15.8%

 

+17.3%

 

 

 

–13.8%

 

+9.2%

 

 

of which currency

 

+0.2%

 

+1.0%

 

 

 

–4.0%

 

+1.1%

 

 

EBIT8

 

707

 

221

 

–68.7

 

2,440

 

759

 

–68.9

Financial result

 

(25)

 

(19)

 

–24.0

 

(80)

 

(65)

 

–18.8

Net income9

 

496

 

147

 

–70.4

 

1,744

 

515

 

–70.5

Earnings per share (€)10

 

2.59

 

0.80

 

–69.1

 

8.92

 

2.82

 

–68.4

Operating cash flows11

 

766

 

462

 

–39.7

 

1,735

 

746

 

–57.0

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

 

188

 

219

 

+16.5

 

429

 

603

 

+40.6

Free operating cash flow12

 

578

 

243

 

–58.0

 

1,306

 

143

 

–89.1

Covestro Share at a Glance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3rd quarter 2018

 

3rd quarter 2019

 

1st nine months 2018

 

1st nine months 2019

Covestro closing prices Xetra®; source: Bloomberg

High

 

 

82.36

 

45.40

 

95.00

 

55.32

Low

 

 

68.86

 

37.95

 

68.86

 

37.95

Closing date

 

 

69.86

 

45.40

 

69.86

 

45.40