Covestro

Key Data – Covestro

 

 

Q1 2016

 

Q1 2017

 

Change

 

 

€ million

 

€ million

 

Reported %

Fx & p adj. %

2016 figures restated; Fx & p adj. = currency- and portfolio-adjusted; Fx adj. = currency-adjusted

1

For definition see Annual Report 2016, Chapter “Alternative Performance Measures Used by the Bayer Group.”

Sales

 

2,850

 

3,564

 

+25.1

+23.6

Change in sales1

 

 

 

 

 

 

 

Volume

 

+5.9%

 

+10.3%

 

 

 

Price

 

−10.6%

 

+13.3%

 

 

 

Currency

 

−0.7%

 

+1.5%

 

 

 

Portfolio

 

0.0%

 

0.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

€ million

 

€ million

 

Reported %

Fx adj. %

Sales by region

 

 

 

 

 

 

 

Europe / Middle East / Africa

 

1,210

 

1,413

 

+16.8

+16.6

North America

 

683

 

761

 

+11.4

+7.8

Asia / Pacific

 

793

 

1,182

 

+49.1

+47.3

Latin America

 

164

 

208

 

+26.8

+26.2

EBITDA1

 

504

 

847

 

+68.1

 

Special items1

 

 

8

 

 

 

EBITDA before special items1

 

504

 

839

 

+66.5

 

EBITDA margin before special items1

 

17.7%

 

23.5%

 

 

 

EBIT1

 

336

 

689

 

+105.1

 

Special items1

 

 

17

 

 

 

EBIT before special items1

 

336

 

672

 

+100.0

 

Net cash provided by operating activities

 

169

 

275

 

+62.7

 

First quarter of 2017

Sales

Sales of Covestro increased by 23.6% (Fx & portfolio adj.) in the first quarter of 2017 compared with the prior-year period, to €3,564 million. Selling prices were much higher overall, especially at Polyurethanes, while volumes increased substantially in all business units.

Sales by Business Unit

 

 

Q1 2016

 

Q1 2017

 

Change

 

 

€ million

 

€ million

 

Reported %

Fx & p adj.1 %

1

Fx adj. = currency-adjusted; for definition see Annual Report 2016, Chapter “Alternative Performance Measures Used by the Bayer Group.”

Polyurethanes

 

1,401

 

1,894

 

+35.2

+33.5

Polycarbonates

 

786

 

954

 

+21.4

+20.0

Coatings, Adhesives, Specialties

 

512

 

564

 

+10.2

+8.8

Other Covestro business

 

151

 

152

 

+0.7

0.0

Total

 

2,850

 

3,564

 

+25.1

+23.6

Sales by business unit

  • Polyurethanes saw sales increase by 33.5% (Fx & portfolio adj.) to €1,894 million, due to significantly higher selling prices and much higher volumes.
  • Polycarbonates grew sales by 20.0% (Fx & portfolio adj.) to €954 million, largely thanks to a strong increase in volumes. Selling prices were also up compared with the prior-year period.
  • Sales of Coatings, Adhesives, Specialties rose by 8.8% to €564 million due to a significant increase in volumes, while selling prices remained almost stable.

Earnings

EBITDA before special items of Covestro improved by 66.5% to €839 million in the first quarter of 2017 (Q1 2016: €504 million). Substantially higher selling prices more than offset the effect of a slight increase in raw material prices. In addition, higher volumes had a positive effect on earnings.

EBIT more than doubled year on year, rising by 105.1% to €689 million. A special gain of €17 million (Q1 2016: €0 million) resulted from the decision to postpone the closure of a production facility until further notice.

Special Items1 Covestro

 

 

EBIT
Q1 2016

EBIT
Q1 2017

 

EBITDA Q1 2016

EBITDA Q1 2017

 

 

€ million

€ million

 

€ million

€ million

1

For definition see Annual Report 2016, Chapter “Alternative Performance Measures Used by the Bayer Group.”

Restructuring

 

17

 

8

Total special items

 

17

 

8