13.3 Covestro

Key Data – Covestro

 

 

4th Quarter 2014

4th Quarter 2015

Change

 

Full Year 2014

Full Year 2015

Change

 

 

€ million

€ million

%

Fx & p adj. %

 

€ million

€ million

%

Fx & p adj. %

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

1

For definition see Chapter 14.2 “Calculation of EBIT(DA) Before Special Items.”

2

For definition see Chapter 14.5 “Liquidity and Capital Expenditures of the Bayer Group.”

Sales

 

2,948

2,774

−5.9

−10.6

 

11,651

11,982

+2.8

−5.1

Change in sales

 

 

 

 

 

 

 

 

 

 

Volume

 

+5.7%

+1.8%

 

 

 

+6.3%

+2.6%

 

 

Price

 

−0.2%

−12.4%

 

 

 

−1.5%

−7.7%

 

 

Currency

 

+4.1%

+4.7%

 

 

 

−0.8%

+7.9%

 

 

Portfolio

 

0.0%

0.0%

 

 

 

−0.3%

0.0%

 

 

Sales

 

 

 

 

 

 

 

 

 

 

Polyurethanes

 

1,591

1,382

−13.1

−17.3

 

6,285

6,084

−3.2

−10.5

Polycarbonates

 

741

759

+2.4

−3.9

 

2,820

3,169

+12.4

+2.0

Coatings, Adhesives, Specialties

 

460

477

+3.7

−1.3

 

1,915

2,092

+9.2

+1.5

Other Covestro business

 

156

156

0.0

−2.6

 

631

637

+1.0

−2.7

Sales by region

 

 

 

 

 

 

 

 

 

 

Europe

 

1,036

1,014

−2.1

−2.0

 

4,441

4,395

−1.0

−0.9

North America

 

673

672

−0.1

−12.5

 

2,593

2,885

+11.3

−7.0

Asia / Pacific

 

885

798

−9.8

−18.2

 

3,245

3,377

+4.1

−10.5

Latin America / Africa / Middle East

 

354

290

−18.1

−13.3

 

1,372

1,325

−3.4

−2.0

 

 

 

 

 

 

 

 

 

 

 

EBIT

 

43

(79)

.

 

 

555

635

+14.4

 

Special items

 

(22)

(144)

 

 

 

(43)

(332)

 

 

EBIT before special items1

 

65

65

0.0

 

 

598

967

+61.7

 

EBITDA1

 

196

129

−34.2

 

 

1,149

1,368

+19.1

 

Special items

 

(21)

(128)

 

 

 

(38)

(291)

 

 

EBITDA before special items1

 

217

257

+18.4

 

 

1,187

1,659

+39.8

 

EBITDA margin before special items1

 

7.4%

9.3%

 

 

 

10.2%

13.8%

 

 

Gross cash flow2

 

201

132

−34.3

 

 

961

1,113

+15.8

 

Net cash flow2

 

517

603

+16.6

 

 

880

1,452

+65.0

 

Covestro registered a 5.1% (Fx & portfolio adj.) decline in sales in 2015, to €11,982 million (reported: +2.8%). This decline resulted from lower selling prices in all business units, particularly Polyurethanes. On the other hand, Covestro expanded volumes in all business units.

Covestro Quarterly Sales

Covestro Quarterly Sales (bar chart)Covestro Quarterly Sales (bar chart)

The Polyurethanes business unit saw sales fall by 10.5% (Fx & portfolio adj.) to €6,084 million. This decline resulted from much lower selling prices for the three product groups toluene diisocyanate (TDI), diphenylmethane diisocyanate (MDI) and polyether polyols (PET). Volumes came in slightly above the prior-year level overall.

The Polycarbonates business unit raised sales by 2.0% (Fx & portfolio adj.) to €3,169 million. This growth was due to positive volume development, while selling prices were down only slightly.

Sales in the Coatings, Adhesives, Specialties business unit moved forward by 1.5% (Fx & portfolio adj.) to €2,092 million. Slightly higher volumes more than offset the effect of modestly lower selling prices.

Covestro
Quarterly EBIT

Covestro – Quarterly EBIT (bar chart)Covestro – Quarterly EBIT (bar chart)

Covestro
Quarterly EBITDA Before Special Items

Covestro – Quarterly EBITDA Before Special Items (bar chart)Covestro – Quarterly EBITDA Before Special Items (bar chart)

EBIT Income after income taxes, plus income taxes, plus financial result; EBIT is not defined in the International Financial Reporting Standards. of Covestro climbed by 14.4% in 2015 to €635 million (2014: €555 million). This figure reflected special charges of €332 million (2014: €43 million) for restructuring measures, chiefly for the carve-out and stock market flotation of Covestro and for the consolidation of production sites. EBIT before special items EBIT plus special charges, minus special gains; this indicator is not defined in the International Financial Reporting Standards. climbed by a substantial 61.7% to €967 million. EBITDA before special items EBITDA plus special charges, minus special gains; this indicator is not defined in the International Financial Reporting Standards. also clearly improved by 39.8% to €1,659 million. Considerably lower raw material prices more than offset the decline in selling prices. This was due to a more advantageous supply and demand situation, particularly at Polycarbonates. We also expanded volumes. Furthermore, earnings were buoyed by positive currency effects of about €240 million.