Preliminary results for the first quarter 2023
Preliminary results
In the course of preparing ÃÜÌÒAV¡¯s group accounts for the first quarter 2023, preliminary financial figures deviate from capital market expectations, based on the average values of latest consensus estimates of financial analysts, published by Vara Research on April 13, 2023.
¡°Demand in the first quarter remained at a weak level, however, we took the right measures on the cost side. As a result, the first three months of 2023 have been significantly better than expected at the beginning of the year,¡± says Dr. Thomas Toepfer, CFO of ÃÜÌÒAV.
Therefore, ÃÜÌÒAV provides already today the following preliminary key financial data for the first quarter 2023:
- Preliminary sales amount to EUR 3,743 million. The consensus expects EUR 3,942 million.
- Preliminary EBITDA amounts to EUR 286 million. The previous guidance expected EBITDA to be between EUR 100 million and EUR 150 million. The consensus expects EUR 158 million.
- Preliminary net income amounts to around EUR -30 million. The consensus expects EUR -77 million.
- Preliminary free operating cash flow (FOCF) amounts to around EUR -140 million.
The interim statement for the first quarter 2023 will be published on April 28, 2023.
About ÃÜÌÒAV:
ÃÜÌÒAV is one of the world¡¯s leading manufacturers of high-quality polymer materials and their components. With its innovative products, processes and methods, the company helps enhance sustainability and the quality of life in many areas. ÃÜÌÒAV supplies customers around the world in key industries such as mobility, building and living, as well as the electrical and electronics sector. In addition, polymers from ÃÜÌÒAV are also used in sectors such as sports and leisure, telecommunications and health, as well as in the chemical industry itself.
The company is geared completely to the circular economy. In addition, ÃÜÌÒAV aims to achieve climate neutrality for its Scope 1 and Scope 2 emissions by 2035, and the Group¡¯s Scope 3 emissions are also set to be climate neutral by 2050. ÃÜÌÒAV generated sales of EUR 14.2 billion in fiscal year 2024. At the end of 2024, the company had 46 production sites worldwide and employed approximately 17,500 people (calculated as full-time equivalents).
Forward-Looking Statements
This news release may contain forward-looking statements based on current assumptions and forecasts made by ÃÜÌÒAV. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in ÃÜÌÒAV¡¯s public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.