Covestro

Key Data – Covestro

 

 

Q1 2015

 

Q1 2016

 

Change

 

 

€ million

 

€ million

 

Reported %

Fx & p adj. %

Fx & p adj. = currency- and portfolio-adjusted; Fx adj. = currency-adjusted

1

For definition see “Calculation of EBIT(DA) Before Special Items.”

2

For definition see “Statements of Cash Flows.”

Sales

 

3,014

 

2,850

 

−5.4

−4.7

Change in sales

 

 

 

 

 

 

 

Volume

 

+2.3%

 

+5.9%

 

 

 

Price

 

−4.4%

 

−10.6%

 

 

 

Currency

 

+9.6%

 

−0.7%

 

 

 

Portfolio

 

0.0%

 

0.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

€ million

 

€ million

 

Reported %

Fx adj. %

Sales by region

 

 

 

 

 

 

 

Europe

 

1,093

 

1,089

 

−0.4

−0.3

North America

 

718

 

683

 

−4.9

−7.1

Asia / Pacific

 

856

 

793

 

−7.4

−6.2

Latin America / Africa / Middle East

 

347

 

285

 

−17.9

−10.1

 

 

 

 

 

 

 

 

EBITDA1

 

403

 

504

 

+25.1

 

Special items

 

(21)

 

 

 

 

EBITDA before special items1

 

424

 

504

 

+18.9

 

EBITDA margin before special items1

 

14.1%

 

17.7%

 

 

 

EBIT

 

219

 

336

 

+53.4

 

Special items

 

(42)

 

 

 

 

EBIT before special items1

 

261

 

336

 

+28.7

 

Gross cash flow2

 

312

 

407

 

+30.4

 

Net cash flow2

 

163

 

169

 

+3.7

 

Sales

Sales of Covestro fell by 4.7% (Fx & portfolio adj.) in the first quarter of 2016 compared with the prior-year period, to €2,850 million. Selling prices were down significantly, due mainly to the raw material price development and primarily at Polyurethanes. Volumes were above the level of the prior-year quarter overall.

Sales by Business Unit

 

 

Q1 2015

 

Q1 2016

 

Change

 

 

€ million

 

€ million

 

Reported %

Fx & p adj. %

Fx & p adj. = currency- and portfolio-adjusted

Polyurethanes

 

1,551

 

1,401

 

−9.7

−8.7

Polycarbonates

 

764

 

786

 

+2.9

+3.5

Coatings, Adhesives, Specialties

 

534

 

512

 

−4.1

−3.9

Other Covestro business

 

165

 

151

 

−8.5

−7.9

Total

 

3,014

 

2,850

 

−5.4

−4.7

Sales by business unit

  • At Polyurethanes, much lower selling prices that were not offset by higher volumes led to an 8.7% (Fx & portfolio adj.) decline in sales to €1,401 million.
  • Polycarbonates improved sales by 3.5% (Fx & portfolio adj.) to €786 million, with higher volumes more than offsetting lower selling prices.
  • Sales at Coatings, Adhesives, Specialties fell by 3.9% (Fx & portfolio adj.) to €512 million, as both volumes and selling prices were down slightly against the prior-year quarter.

Earnings

EBITDA before special items improved by a considerable 18.9% to €504 million in the first quarter of 2016 (Q1 2015: €424 million). Sales volumes expanded. Decreased raw material prices outweighed the lower selling prices to deliver a net increase in earnings.

EBIT of Covestro also rose year on year by a substantial 53.4% to €336 million. There were no special items (Q1 2015: minus €42 million).