Annual Report 2023

1. General Information

Covestro AG (registered at the district trade register, or Amtsgericht, for Cologne, number: HRB 85281) is a stock exchange-listed corporation headquartered at Kaiser-Wilhelm-Allee 60, 51373 Leverkusen (Germany), (Covestro AG). The consolidated financial statements of Covestro AG as of December 31, 2023, cover Covestro AG and its subsidiaries, joint arrangements and associated companies. They have been prepared according to the International Financial Reporting Standards (IFRSs) of the International Accounting Standards Board (IASB), London (United Kingdom), as endorsed by the European Union (EU) and in effect at the reporting date, the Interpretations (IFRICs) of the IFRS Interpretations Committee (IFRS IC) and the Interpretations published by the Standing Interpretations Committee (SIC), as well as the additional requirements of German commercial law pursuant to Section 315e (1) of the German Commercial Code (HGB) for the exempting IFRS consolidated financial statements.

The declaration pertaining to the German Corporate Governance Code pursuant to Section 161 of the German Stock Corporation Act (AktG) has been issued and made available to shareholders.

If certain items in the income statement, statement of comprehensive income, statement of financial position, statement of cash flows and statement of changes in equity of the Covestro Group are condensed for the sake of clarity, this is explained in the notes. The income statement has been prepared using the cost-of-sales method. Assets and liabilities are classified by maturity. They are classified as current if they mature or are intended for sale within one year or within the normal business cycle of the Covestro Group. Trade accounts receivable and payable, inventories, and assets held for sale are consistently presented as current. Deferred tax assets, deferred tax liabilities and pension provisions are consistently presented as noncurrent.

The consolidated financial statements are drawn up in euros. Amounts are stated in millions of euros (€ million) unless otherwise noted.

The Board of Management of Covestro AG prepared the consolidated financial statements as of December 31, 2023, on February 23, 2024, submitted the prepared consolidated financial statements to the Audit Committee and the Supervisory Board for examination and approval, and authorized their publication.

Exchange Rates

In the reporting period, the following exchange rates were used for the major currencies of relevance from the Covestro Group’s perspective:

Average rates for major currencies

 

 

 

 

 

 

 

 

 

 

 

Average rates

€1/

 

 

 

2022

 

2023

BRL

 

Brazil

 

5.42

 

5.40

CNY

 

China

 

7.08

 

7.66

HKD

 

Hong Kong1

 

8.23

 

8.46

INR

 

India

 

82.63

 

89.26

JPY

 

Japan

 

137.77

 

151.54

MXN

 

Mexico

 

21.13

 

19.17

USD

 

United States

 

1.05

 

1.08

1

Special Administrative Region (China)

Closing rates for major currencies

 

 

 

 

 

 

 

 

 

 

 

Closing rates

€1/

 

 

 

2022

 

2023

BRL

 

Brazil

 

5.64

 

5.36

CNY

 

China

 

7.37

 

7.87

HKD

 

Hong Kong1

 

8.32

 

8.63

INR

 

India

 

88.17

 

91.90

JPY

 

Japan

 

140.66

 

156.33

MXN

 

Mexico

 

20.86

 

18.72

USD

 

United States

 

1.07

 

1.11

1

Special Administrative Region (China)

AktG/German Stock Corporation Act
Stipulates the legal provisions pertaining to German stock corporations.
GCGC/German Corporate Governance Code
A set of rules on responsible corporate governance drawn up by the Government Commission on the German Corporate Governance Code containing recommendations and suggestions for the management and oversight of publicly traded German companies.
HGB/German Commercial Code
Comprises the majority of German accounting legislation.
IASB/International Accounting Standards Board
The International Accounting Standards Board is an independent, private-sector body that develops and adopts the International Financial Reporting Standards (IFRSs).
IFRSs/ International Financial Reporting Standards
International accounting standards as applicable in the EU or as published by the IASB or the IFRS IC.

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