Comparative Presentation of Annual Changes in Compensation and Earnings
The following is the presentation of the annual changes in compensation awarded and due to current and former Board of Management and Supervisory Board members compared with the company’s earnings performance and the average compensation of employees (FTEs) from fiscal years 2019 to 2023 as required by Section 162, Paragraph 1, Sentence 2, No. 2 AktG.
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2019 |
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2020 |
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2021 |
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2022 |
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2023 |
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€ thousand |
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€ thousand |
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% |
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€ thousand |
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% |
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€ thousand |
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% |
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€ thousand |
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% |
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Board of Management members as of December 31, 2022 |
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Dr. Markus Steilemann (Chair) |
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3,168 |
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1,643 |
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–48.1 |
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4,285 |
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160.8 |
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1,691 |
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–60.5 |
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3,857 |
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128.1 |
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Christian Baier |
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320 |
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Dr. Thorsten Dreier |
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593 |
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Sucheta Govil |
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320 |
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693 |
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116.6 |
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2,108 |
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204.2 |
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746 |
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–64.6 |
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1,957 |
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162.3 |
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Former Board of Management members |
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Dr. Thomas Toepfer |
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1,014 |
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849 |
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–16.3 |
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2,719 |
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220.3 |
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1,044 |
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–61.6 |
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808 |
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–22.6 |
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Dr. Klaus Schäfer |
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2,462 |
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985 |
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–60.0 |
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2,236 |
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127.0 |
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864 |
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–61.4 |
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1,570 |
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81.7 |
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Patrick Thomas |
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3,260 |
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597 |
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–81.7 |
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202 |
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–66.2 |
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23 |
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–88.6 |
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284 |
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Frank H. Lutz |
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2,111 |
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148 |
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Total |
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12,335 |
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4,915 |
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–60.2 |
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11,550 |
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135.0 |
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4,368 |
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–62.2 |
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9,389 |
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114.9 |
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2019 |
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2020 |
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2021 |
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2022 |
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2023 |
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€ thousand |
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€ thousand |
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% |
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€ thousand |
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% |
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€ thousand |
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% |
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€ thousand |
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% |
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Supervisory Board members as of December 31, 2023 |
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Dr. Christine Bortenlänger |
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106 |
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111 |
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4.7 |
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126 |
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13.5 |
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174 |
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38.1 |
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177 |
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1.7 |
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Dr. Christoph Gürtler |
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134 |
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197 |
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47.3 |
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Lise Kingo |
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84 |
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189 |
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125.0 |
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194 |
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2.6 |
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Petra Kronen (Vice Chair) |
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160 |
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152 |
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–5.0 |
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152 |
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0.0 |
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251 |
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65.1 |
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261 |
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4.0 |
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Irena Küstner |
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134 |
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127 |
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–5.2 |
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127 |
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0.0 |
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174 |
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37.0 |
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177 |
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1.7 |
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Frank Löllgen |
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88 |
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128 |
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45.7 |
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Dr. Richard Pott (Chair) |
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309 |
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302 |
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–2.3 |
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302 |
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0.0 |
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368 |
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21.9 |
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378 |
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2.7 |
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Petra Reinbold-Knape |
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141 |
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147 |
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4.3 |
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190 |
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29.3 |
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198 |
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4.2 |
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Dr. Sven Schneider |
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154 |
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221 |
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43.8 |
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Regine Stachelhaus |
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126 |
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129 |
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2.4 |
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142 |
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10.1 |
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188 |
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32.4 |
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196 |
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4.3 |
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Marc Stothfang |
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106 |
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101 |
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–4.7 |
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107 |
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5.9 |
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156 |
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45.8 |
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162 |
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3.8 |
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Patrick Thomas |
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53 |
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132 |
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149.1 |
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225 |
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70.5 |
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226 |
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0.4 |
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Former Supervisory Board members |
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Dr. Ulrich Liman |
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128 |
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121 |
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–5.5 |
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129 |
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6.6 |
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59 |
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–54.5 |
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Prof. Dr. Rolf Nonnenmacher |
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159 |
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153 |
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–3.8 |
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153 |
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0.0 |
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67 |
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–56.3 |
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Frank Werth |
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106 |
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101 |
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–4.7 |
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102 |
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1.0 |
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38 |
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–62.3 |
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Ferdinando Falco Beccalli |
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106 |
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102 |
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–3.8 |
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29 |
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–71.6 |
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Johannes Dietsch |
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154 |
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86 |
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–44.2 |
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Peter Hausmann |
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153 |
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– |
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Total |
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1,747 |
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1,679 |
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–3.9 |
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1,732 |
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3.2 |
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2,454 |
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41.7 |
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2,515 |
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2.5 |
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2019 |
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2020 |
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2021 |
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2022 |
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2023 |
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Net income/(loss) Covestro AG |
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€623 million |
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(€45 million) |
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. |
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€648 million |
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(€316 million) |
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(€124 million) |
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–60.8% |
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EBITDA2 |
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€1,604 million |
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€1,472 million |
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–8.2% |
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€3,085 million |
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109.6% |
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€1,617 million |
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–47.6% |
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€1,080 million |
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–33.2% |
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Free operating cash flow3 |
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€473 million |
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€530 million |
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12.1% |
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€1,429 million |
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169.6% |
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€138 million |
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–90.3% |
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€232 million |
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68.1% |
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ROCE4 above WACC5 |
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1.6% points |
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–0.3% points |
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12.9% points |
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–5.0% points |
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–6.1% points |
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Greenhouse gas emissions6 |
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- |
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- |
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5.2 million metric tons |
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4.7 million metric tons |
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–9.6% |
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4.9 million metric tons |
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4.3% |
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Core volume growth7 |
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2.0% |
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–5.6% |
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10.0% |
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In addition to the net income/net loss of Covestro AG (which is legally required to be reported), earnings performance also includes the key figures of the Covestro Group underlying short-term variable compensation (EBITDA, free operating cash flow, ROCE above WACC, absolute annual direct and indirect Scope 1 and Scope 2 GHG emissions (CO2 equivalents), and core volume growth). Since the year 2022, core volume growth has been replaced by EBITDA as a key management indicator.
Employee compensation was calculated by dividing personnel expenses (wages and salaries plus social expenses and expenses for pensions and other benefits) disclosed in the Consolidated Financial Statements for the relevant period by the number of employees expressed as full-time equivalents (FTEs) as of the reporting date.
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2019 |
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2020 |
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2021 |
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2022 |
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2023 |
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Personnel expenses |
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€1,762 million |
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€1,723 million |
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–2.2% |
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€2,298 million |
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33.4% |
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€1,995 million |
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–13.2% |
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€2,141 million |
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7.3% |
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Employees2 |
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17,201 FTE |
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16,501 FTE |
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–4.1% |
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17,909 FTE |
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8.5% |
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17,985 FTE |
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0.4% |
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17,520 FTE |
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–2.6% |
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Personnel expenses per FTE |
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€102 thousand |
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€104 thousand |
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1.9% |
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€128 thousand |
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22.9% |
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€111 thousand |
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–13.6% |
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€122 thousand |
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10.2% |
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