Key Data Covestro Group

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2019

 

2020

 

Change

 

 

€ million

 

€ million

 

%

Core volume growth1, 2

 

+2.0%

 

–5.6%

 

 

Sales

 

12,412

 

10,706

 

–13.7

Change in sales

 

 

 

 

 

 

Volume

 

+0.8%

 

–5.1%

 

 

Price

 

–17.3%

 

–5.7%

 

 

Currency

 

+1.9%

 

–1.6%

 

 

Portfolio

 

–0.5%

 

–1.3%

 

 

Sales by region

 

 

 

 

 

 

EMLA3

 

5,289

 

4,600

 

–13.0

NAFTA4

 

3,141

 

2,554

 

–18.7

APAC5

 

3,982

 

3,552

 

–10.8

EBITDA6

 

1,604

 

1,472

 

–8.2

Changes in EBITDA

 

 

 

 

 

 

of which volume

 

+2.3%

 

–24.9%

 

 

of which price

 

–79.2%

 

–44.2%

 

 

of which raw material price effect

 

+15.1%

 

+52.4%

 

 

of which currency

 

+1.3%

 

–1.6%

 

 

EBIT7

 

852

 

696

 

–18.3

Financial result

 

(91)

 

(91)

 

0.0

Net income8

 

552

 

459

 

–16.8

Earnings per share (€)9

 

3.02

 

2.48

 

–17.9

Operating cash flows10

 

1,383

 

1,234

 

–10.8

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

 

910

 

704

 

–22.6

Free operating cash flow11

 

473

 

530

 

+12.1

Net financial debt12, 13

 

989

 

356

 

–64.0

ROCE14

 

+8.4%

 

+7.0%

 

 

Employees (in FTE)13, 15

 

17,201

 

16,501

 

–4.1

1

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 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.

2

Reference values calculated on the basis of the definition of the core business effective March 31, 2020.

3

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

4

NAFTA: United States, Canada, and Mexico region.

5

APAC: Asia and Pacific region.

6

EBITDA: EBIT plus depreciation, amortization, and impairment losses; less impairment loss reversals.

7

EBIT: income after income taxes plus financial result and income tax expense.

8

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

9

Earnings per share: according to IAS 33, net income divided by the weighted average number of outstanding no-par value voting shares of Covestro AG. The calculation was based on 184,912,207 no-par value shares (previous year: 182,728,724 no-par value shares).

10

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

11

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

12

Excluding provisions for pensions and other post-employment benefits.

13

As of December 31, 2020 compared with December 31, 2019.

14

ROCE: The return on capital employed is calculated as the ratio of EBIT after taxes to capital employed. Capital employed is the capital used by the company. It is the sum of noncurrent and current assets less noninterest-bearing liabilities such as trade accounts payable.

15

Employees calculated as full-time equivalents (FTE).