Quarterly Statement Third Quarter 2023

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Employees and Pension Obligations

As of September 30, 2023, Covestro had 17,536 employees worldwide (December 31, 2022: 17,985). In the third quarter of 2023, personnel expenses were up €74 million on the prior-year quarter, increasing to €526 million (previous year: €452 million), largely due to higher expenses for short- and long-term variable compensation.

Employees by division1

 

 

 

 

 

 

 

Dec. 31, 2022

 

Sep. 30, 2023

Production

 

11,760

 

11,954

Marketing and distribution

 

3,261

 

2,847

Research and development

 

1,477

 

1,352

General administration

 

1,487

 

1,383

Total

 

17,985

 

17,536

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 €340 million as of September 30, 2023 (December 31, 2022: €486 million). This was mainly due to a reduction in the measurement of obligations as a result of higher discount rates.

Discount rate for pension obligations

 

 

 

 

 

 

 

Dec. 31, 2022

 

Sep. 30, 2023

 

 

%

 

%

Germany

 

3.70

 

4.20

United States

 

4.90

 

5.60