Quarterly Statement Third Quarter 2023

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Covestro Group Key Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3rd quarter 2022

 

3rd quarter 2023

 

Change

 

1st nine months 2022

 

1st nine months 2023

 

Change

Sales

 

€4,618 million

 

€3,568 million

 

–22.7%

 

€14,004 million

 

€11,031 million

 

–21.2%

Change in sales

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

–5.7%

 

–3.8%

 

 

 

–1.8%

 

–9.5%

 

 

Price

 

5.4%

 

–14.3%

 

 

 

13.5%

 

–9.7%

 

 

Currency

 

7.6%

 

–4.6%

 

 

 

6.7%

 

–2.0%

 

 

Portfolio

 

0.0%

 

0.0%

 

 

 

2.7%

 

0.0%

 

 

EBITDA1

 

€302 million

 

€277 million

 

–8.3%

 

€1,655 million

 

€948 million

 

–42.7%

Changes in EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

–11.4%

 

–7.0%

 

 

 

–4.4%

 

–26.3%

 

 

Price

 

26.8%

 

–218.5%

 

 

 

64.5%

 

–82.1%

 

 

Raw material price

 

–99.4%

 

241.4%

 

 

 

–101.8%

 

59.3%

 

 

Currency

 

5.7%

 

–15.2%

 

 

 

5.8%

 

–3.8%

 

 

Other2

 

13.3%

 

–8.9%

 

 

 

4.2%

 

10.2%

 

 

EBIT3

 

€66 million

 

€71 million

 

7.6%

 

€962 million

 

€276 million

 

–71.3%

Financial result

 

(€40 million)

 

(€35 million)

 

–12.5%

 

(€112 million)

 

(€100 million)

 

–10.7%

Net income4

 

€12 million

 

(€31 million)

 

.

 

€627 million

 

(€11 million)

 

.

Earnings per share5

 

€0.06

 

(0.16)

 

.

 

€3.28

 

(€0.06)

 

.

Cash flows from operating activities6

 

€246 million

 

€490 million

 

99.2%

 

€131 million

 

€620 million

 

373.3%

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

 

€213 million

 

€182 million

 

–14.6%

 

€543 million

 

€461 million

 

–15.1%

Free operating cash flow7

 

€33 million

 

€308 million

 

833.3%

 

(€412 million)

 

€159 million

 

.

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 188,740,330 no-par shares for the third quarter of 2023 (previous year: 189,720,044 no-par shares) and on 189,438,057 no-par shares for the first nine months of 2023 (previous year: 191,298,857 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, equipment and intangible assets.