Annual Report 2022

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Covestro Group Key Data

 

 

 

 

 

 

 

 

 

2021

 

2022

 

Change

Sales

 

€15,903 million

 

€17,968 million

 

13.0%

Change in sales

 

 

 

 

 

 

Volume

 

6.5%

 

–5.0%

 

 

Price

 

34.7%

 

10.1%

 

 

Currency

 

–0.8%

 

5.9%

 

 

Portfolio

 

8.1%

 

2.0%

 

 

EBITDA1

 

€3,085 million

 

€1,617 million

 

–47.6%

Changes in EBITDA

 

 

 

 

 

 

Volume

 

23.8%

 

–10.0%

 

 

Price

 

252.0%

 

51.8%

 

 

Raw material price

 

–125.3%

 

–95.3%

 

 

Currency

 

–0.1%

 

4.7%

 

 

Other2

 

–40.9%

 

1.2%

 

 

EBIT3

 

€2,262 million

 

€267 million

 

–88.2%

Financial result

 

(€77 million)

 

(€137 million)

 

77.9%

Net income4

 

€1,616 million

 

(€272 million)

 

.

Earnings per share5

 

€8.37

 

(€1.42)

 

.

Cash flows from operating activities6

 

€2,193 million

 

€970 million

 

–55.8%

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

 

€764 million

 

€832 million

 

8.9%

Free operating cash flow7

 

€1,429 million

 

€138 million

 

–90.3%

Net financial debt8, 9

 

€1,405 million

 

€2,434 million

 

73.2%

Return on capital employed (ROCE)10

 

19.5%

 

2.0%

 

 

Weighted average cost of capital (WACC)11

 

6.6%

 

7.0%

 

 

ROCE above WACC10, 11

 

12.9% points

 

–5.0% points

 

 

Employees9, 12

 

17,909 FTE

 

17,985 FTE

 

0.4%

Greenhouse gas emissions (CO2 equivalents)13

 

5.2 million metric tons

 

4.7 million metric tons

 

–9.6%

1

Earnings before interest, taxes, depreciation and amortization (EBITDA): EBIT plus depreciation, amortization, and impairment losses; less impairment loss reversals on intangible assets and property, plant and equipment.

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 for fiscal 2022 was based on 190,933,438 no-par shares (previous year: 193,165,396 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.

8

Excluding provisions for pensions and other post-employment benefits.

9

As of December 31 in each case.

10

Return on capital employed (ROCE): ratio of EBIT after imputed income taxes to capital employed. Since the year 2022, imputed income taxes have been calculated by multiplying an imputed tax rate (previously: effective tax rate) of 25% by EBIT.

11

Weighted average cost of capital (WACC): weighted average cost of capital reflecting the expected return on the company’s equity and debt capital.

12

Employees calculated as full-time equivalents (FTEs).

13

Greenhouse gas (GHG) emissions (Scope 1 and Scope 2, GHG Protocol) at main production sites (responsible for more than 95% of our energy usage).

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