Segment and Quarterly Overview

Segment Information 4th Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polyurethanes

 

Polycarbonates

 

Coatings, Adhesives, Specialties

 

Others/
consolidation

 

Covestro Group

 

 

4th quarter 2019

 

4th quarter 2020

 

4th quarter 2019

 

4th quarter 2020

 

4th quarter 2019

 

4th quarter 2020

 

4th quarter 2019

 

4th quarter 2020

 

4th quarter 2019

 

4th quarter 2020

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

Sales

 

1,336

 

1,519

 

814

 

803

 

533

 

529

 

181

 

156

 

2,864

 

3,007

Change in sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

–0.2%

 

+2.9%

 

0.0%

 

+7.4%

 

+0.1%

 

+7.5%

 

–9.4%

 

–3.2%

 

–0.7%

 

+4.7%

Price

 

–16.9%

 

+16.2%

 

–13.5%

 

–2.1%

 

–4.2%

 

–4.9%

 

–7.9%

 

–9.8%

 

–13.3%

 

+5.4%

Currency

 

+1.5%

 

–4.8%

 

+1.6%

 

–3.7%

 

+1.9%

 

–3.4%

 

+0.7%

 

–0.8%

 

+1.5%

 

–4.0%

Portfolio

 

–0.7%

 

–0.6%

 

0.0%

 

–3.0%

 

+2.0%

 

0.0%

 

0.0%

 

0.0%

 

0.0%

 

–1.1%

Core volume growth1

 

+3.6%

 

+0.8%

 

+3.5%

 

+3.2%

 

+6.2%

 

+2.8%

 

 

 

 

 

+3.8%

 

+1.7%

Sales by region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMLA

 

546

 

683

 

270

 

244

 

224

 

227

 

139

 

134

 

1,179

 

1,288

NAFTA

 

394

 

365

 

160

 

154

 

129

 

116

 

36

 

19

 

719

 

654

APAC

 

396

 

471

 

384

 

405

 

180

 

186

 

6

 

3

 

966

 

1,065

EBITDA

 

123

 

379

 

95

 

200

 

62

 

52

 

(2)

 

6

 

278

 

637

EBIT

 

24

 

264

 

39

 

143

 

32

 

19

 

(2)

 

6

 

93

 

432

Depreciation, amortization, impairment losses and impairment loss reversals

 

99

 

115

 

56

 

57

 

30

 

33

 

 

 

185

 

205

Operating cash flows

 

282

 

285

 

204

 

178

 

170

 

113

 

(19)

 

59

 

637

 

635

Cash outflows for additions to property, plant, equipment and intangible assets

 

168

 

138

 

84

 

61

 

55

 

43

 

 

(1)

 

307

 

241

Free operating cash flow

 

114

 

147

 

120

 

117

 

115

 

70

 

(19)

 

60

 

330

 

394

Trade working capital2

 

839

 

900

 

580

 

550

 

483

 

444

 

63

 

55

 

1,965

 

1,949

1

Reference values calculated on the basis of the definition of the core business effective March 31, 2020

2

Trade working capital includes inventories plus trade accounts receivable and contract assets, less trade accounts payable, contract liabilities, and refund liabilities as of December 31, 2019/2020. Reference information was restated accordingly, see note 4 “Change in presentation of rebates granted to customers and trade working capital.”

Segment Information Full Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polyurethanes

 

Polycarbonates

 

Coatings, Adhesives, Specialties

 

Others/
consolidation

 

Covestro Group

 

 

2019

 

2020

 

2019

 

2020

 

2019

 

2020

 

2019

 

2020

 

2019

 

2020

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

Sales

 

5,779

 

5,021

 

3,473

 

2,985

 

2,369

 

2,039

 

791

 

661

 

12,412

 

10,706

Change in sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volume

 

+1.5%

 

–5.0%

 

+2.4%

 

–2.3%

 

–2.1%

 

–9.0%

 

–5.4%

 

–7.3%

 

+0.8%

 

–5.1%

Price

 

–24.7%

 

–5.1%

 

–16.5%

 

–7.0%

 

–1.1%

 

–4.2%

 

–1.9%

 

–8.9%

 

–17.3%

 

–5.7%

Currency

 

+1.8%

 

–2.0%

 

+2.0%

 

–1.5%

 

+2.3%

 

–1.0%

 

+1.2%

 

–0.2%

 

+1.9%

 

–1.6%

Portfolio

 

–0.1%

 

–1.0%

 

–2.2%

 

–3.3%

 

+1.2%

 

+0.3%

 

0.0%

 

0.0%

 

–0.5%

 

–1.3%

Core volume growth1

 

+2.3%

 

–6.1%

 

+2.7%

 

–3.0%

 

–1.0%

 

–8.9%

 

 

 

 

 

+2.0%

 

–5.6%

Sales by region

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EMLA

 

2,487

 

2,189

 

1,146

 

942

 

1,052

 

908

 

604

 

561

 

5,289

 

4,600

NAFTA

 

1,680

 

1,389

 

734

 

610

 

562

 

469

 

165

 

86

 

3,141

 

2,554

APAC

 

1,612

 

1,443

 

1,593

 

1,433

 

755

 

662

 

22

 

14

 

3,982

 

3,552

EBITDA

 

648

 

625

 

536

 

553

 

469

 

341

 

(49)

 

(47)

 

1,604

 

1,472

EBIT

 

250

 

197

 

300

 

332

 

352

 

215

 

(50)

 

(48)

 

852

 

696

Depreciation, amortization, impairment losses and impairment loss reversals

 

398

 

428

 

236

 

221

 

117

 

126

 

1

 

1

 

752

 

776

Operating cash flows

 

575

 

423

 

613

 

484

 

349

 

327

 

(154)

 

 

1,383

 

1,234

Cash outflows for additions to property, plant, equipment and intangible assets

 

543

 

409

 

209

 

157

 

158

 

138

 

 

 

910

 

704

Free operating cash flow

 

32

 

14

 

404

 

327

 

191

 

189

 

(154)

 

 

473

 

530

Trade working capital2

 

839

 

900

 

580

 

550

 

483

 

444

 

63

 

55

 

1,965

 

1,949

1

Reference values calculated on the basis of the definition of the core business effective March 31, 2020

2

Trade working capital includes inventories plus trade accounts receivable and contract assets, less trade accounts payable, contract liabilities, and refund liabilities as of December 31, 2019/2020. Reference information was restated accordingly, see note 4 “Change in presentation of rebates granted to customers and trade working capital.”

Quarterly Overview

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st quarter
2019

 

2nd quarter
2019

 

3rd quarter
2019

 

4th quarter
2019

 

1st quarter
2020

 

2nd quarter
2020

 

3rd quarter
2020

 

4th quarter
2020

 

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

 

€ million

Sales

 

3,175

 

3,211

 

3,162

 

2,864

 

2,783

 

2,156

 

2,760

 

3,007

Polyurethanes

 

1,476

 

1,489

 

1,478

 

1,336

 

1,274

 

913

 

1,315

 

1,519

Polycarbonates

 

860

 

898

 

901

 

814

 

733

 

648

 

801

 

803

Coatings, Adhesives, Specialties

 

627

 

621

 

588

 

533

 

572

 

443

 

495

 

529

Core volume growth1

 

–1.8%

 

+1.1%

 

+5.3%

 

+3.8%

 

–4.1%

 

–22.7%

 

+3.0%

 

+1.7%

EBITDA

 

442

 

459

 

425

 

278

 

254

 

125

 

456

 

637

Polyurethanes

 

157

 

172

 

196

 

123

 

50

 

(24)

 

220

 

379

Polycarbonates

 

155

 

154

 

132

 

95

 

109

 

96

 

148

 

200

Coatings, Adhesives, Specialties

 

146

 

150

 

111

 

62

 

130

 

60

 

99

 

52

EBIT

 

264

 

274

 

221

 

93

 

67

 

(68)

 

265

 

432

Polyurethanes

 

57

 

72

 

97

 

24

 

(51)

 

(130)

 

114

 

264

Polycarbonates

 

105

 

99

 

57

 

39

 

54

 

41

 

94

 

143

Coatings, Adhesives, Specialties

 

118

 

120

 

82

 

32

 

100

 

28

 

68

 

19

Financial result

 

(23)

 

(23)

 

(19)

 

(26)

 

(39)

 

(17)

 

(22)

 

(13)

Income before income taxes

 

241

 

251

 

202

 

67

 

28

 

(85)

 

243

 

419

Income after taxes

 

180

 

190

 

149

 

38

 

21

 

(53)

 

180

 

306

Net income

 

179

 

189

 

147

 

37

 

20

 

(52)

 

179

 

312

Operating cash flows

 

120

 

164

 

462

 

637

 

(110)

 

171

 

538

 

635

Cash outflows for additions to property, plant, equipment and intangible assets

 

165

 

219

 

219

 

307

 

139

 

147

 

177

 

241

Free operating cash flow

 

(45)

 

(55)

 

243

 

330

 

(249)

 

24

 

361

 

394

1

Reference values calculated based on the definition of the core business effective March 31, 2020