Covestro increases sales

On October 25, Covestro released its third-quarter financial results, saying that despite rising energy and raw material prices due to the energy crisis in Europe, its sales increased by 7.
3% year-on-year to 4.
6 billion euros
.

According to Covestro, the increase in sales was mainly due to currency fluctuations and a significant increase in the level of selling prices in Europe, but the increase in sales due to higher selling prices only partially offset by the large increase
in raw material and energy prices.
As a result, EBITDA declined by 65.
0 percent to EUR 302 million
in the third quarter.
In addition, the company's free operating cash flow decreased by 91.
3% to EUR 33 million in the third quarter; Net profit fell by 97.
5 percent to EUR
12 million.

Covestro said that in view of the European energy crisis and the further weakening of the global economy, Covestro is systematically ensuring the resilience of its economy
.
For example, the company is taking short- to medium-term cost reduction measures, reducing gas demand in Germany through various initiatives, and continues to work on further improving energy efficiency
in its processes.
At the same time, the company's technological optimization measures are helping to improve the energy efficiency
of production.

"Despite further significant weakness in the overall economic situation and significant pressure from extremely high energy and raw material prices, we believe the company is on track to meet the full-year targets
it has set for the full year," said Pengfei Tao, Chief Financial Officer of Covestro.
"Covestro has now narrowed its previously issued full-year 2022 guidance and expects EBITDA to be 1.
7 billion ~ 1.
8 billion euros
.