Quarterly Statement First Quarter 2023

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Employees and Pension Obligations

As of March 31, 2023, Covestro had 17,825 employees worldwide (December 31, 2022: 17,985). Personnel expenses were down by €7 million from the prior-year quarter to €565 million in the first quarter of 2023 (previous year: €572 million).

Employees by division1

 

 

 

 

 

 

 

Dec. 31, 2022

 

Mar. 31, 2023

Production

 

11,760

 

11,969

Marketing and distribution

 

3,261

 

2,966

Research and development

 

1,477

 

1,428

General administration

 

1,487

 

1,462

Total

 

17,985

 

17,825

1

The number of employees on either permanent or temporary contracts is stated in full-time equivalents (FTE). Part-time employees are included on a pro-rated basis in line with their contractual working hours. Employees in vocational training are not included.

Provisions for pensions and other post-employment benefits decreased to €462 million as of March 31, 2023 (December 31, 2022: €486 million). This is mainly attributable to the return on plan assets.

Discount rate for pension obligations

 

 

 

 

 

 

 

Dec. 31, 2022

 

Mar. 31, 2023

 

 

%

 

%

Germany

 

3.70

 

3.70

United States

 

4.90

 

4.60