(News Bulletin 247) – The turnover of the Covestro group increased by 13.0% to reach 18.0 billion euros (compared to 15.9 billion euros the previous year). This figure is the highest in the group’s history.
‘One of the key factors of this growth is the significantly higher level of selling prices’, specifies the group.
High energy and raw material prices and the slowdown in demand during the year had an impact on the group’s EBITDA. Over the whole of 2022, it fell by 47.6% compared to the previous year to 1.6 billion euros (previous year: 3.1 billion euros).
The net result fell to -272 million euros (previous year: 1.6 billion euros), mainly due to exceptional impairments of non-current assets for a total amount of 463 million euros and losses impairment on deferred tax assets arising from tax loss carryforwards for a total amount of 255 million euros.
Despite the challenging economic environment, Covestro achieved a positive operating free cash flow (FOCF) of €138 million.
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