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Strong second quarter for Covestro

科思创Covestro

2016-07-28

导读：Volumes and profitability further increased

Volumes and profitability further increased

Strong second quarter for Covestro

• Core volumes increased by 7.7% year-on-year

• Adjusted EBITDA rose by 8.8% to EUR 542 million

• Net income up 51.3% year-on-year

• Bayer loans repaid in full• Outlook raised for full year 2016

In the period from April to June 2016, the materials manufacturer Covestro continued its successful development from the first quarter of the year. Adjusted EBITDA increased by 8.8% to EUR 542 million year-on-year, mainly driven by higher core volumes in the Polyurethanes and Polycarbonates segments. On the Group level, core volumes (in kilotons) in the second quarter of 2016 increased substantially by 7.7% year-on-year.

“We have recorded strong results in the second quarter and continued the satisfying development of the first quarter. Our plant utilization rates are improving, allowing us to realize higher core volumes and increase profitability,” said CEO Patrick Thomas. “On the back of a positive development in the first half of 2016, we are raising our outlook for the full year.”

The company now expects a mid- to high-single-digit percentage increase in core volumes (previously: mid-single-digit percentage). It predicts that the Free Operating Cash Flow will be at the previous year’s level (previously: at high level, above the average of recent years) and sees ROCE above last year (previously: premium on the cost of capital). EBITDA for the second half of 2016 is expected to be at least at the level of the same period in 2015.

Successful first six months

According to plan, in the second quarter Covestro completely repaid the remaining loan of EUR 810 million from Bayer. Compared with the level of December 31, 2015, the company reduced financial debt significantly from EUR 2.9 billion to EUR 2.2 billion, further improving the company’s financial profile.

Overall, Covestro recorded positive results in the first half of 2016. Core volumes increased by 8.1% over the first half of 2015. Adjusted EBITDA went up by 14.9% to EUR 1.1 billion. Sales decreased by 6.4% to EUR 5.9 billion year-on-year in the first six months due to lower selling price levels in all operating segments. Currency effects had a slight negative effect. The net income of the Covestro Group improved significantly by 54.3% to EUR 412 million.

For more information, please visit www.covestro.com

【声明】内容源于网络

科思创Covestro

科思创专注于聚合物材料的生产制造，以及用于诸多日常生活领域的创新性及可持续性产品解决方案的研发，从而致力于全面推动循环经济发展。主要服务领域涵盖汽车与交通、建筑、家具与木材加工、电子、电气与家电、运动休闲、化妆品、医疗以及化工行业本身。

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科思创Covestro 科思创专注于聚合物材料的生产制造，以及用于诸多日常生活领域的创新性及可持续性产品解决方案的研发，从而致力于全面推动循环经济发展。主要服务领域涵盖汽车与交通、建筑、家具与木材加工、电子、电气与家电、运动休闲、化妆品、医疗以及化工行业本身。

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