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· Core business sales increased by 3.
0%
0%
· Group sales totaled approximately EUR 2.
8 billion (-12.
7%)
8 billion (-12.
7%)
· EBITDA of EUR 456 million (+7.
3%) driven by cost-cutting measures
3%) driven by cost-cutting measures
· Net profit of EUR 179 million (+21.
8%)
8%)
· Free operating cash flow increased to EUR 361 million (+48.
6%)
6%)
· Raise full-year profit guidance
· Raise full-year profit guidanceNew acquisition plans will make Covestro one of the leading suppliers of sustainable coating resins
New acquisition plans will make Covestro one of the leading suppliers of sustainable coating resinsIn the third quarter of 2020, Covestro's core business volume increased by 3.
0% year-on-year, thanks to a significant improvement in demand
.
Covestro Group Key Figures for the Third Quarter of 2020
Covestro Group Key Figures for the Third Quarter of 2020Dr.
Markus Steilemann, CEO of Covestro, said: "While the coronavirus situation is still creating uncertainty, we responded quickly and took the right measures, and these efforts are paying off
.
Clarify full-year targets; raise earnings guidance
Clarify full-year targets; raise earnings guidanceCovestro confirms adjusted full-year 2020 guidance on October 9, 2020
.
"The level of business recovery under the impact of the coronavirus pandemic was faster than expected so far
.
Acquisition announced: Covestro to become one of the leading suppliers of sustainable coating resins
Acquisition announced: Covestro to become one of the leading suppliers of sustainable coating resinsOn September 30, 2020, Covestro signed an agreement to acquire DSM's Resins and Functional Materials (RFM) business for EUR 1.
61 billion
.
"The newly announced acquisitions will fuel our business growth and represent a major milestone on our path to a circular economy
.
On October 13, 2020, Covestro successfully completed the capital increase plan related to the acquisition, which included the placement of 10.
2 million new ordinary bearer shares of no par to institutional investors through the partial realization of the required share capital
.
Lower cost levels in all business segments; sales growth in the Polyurethanes and Polycarbonates segment
Lower cost levels in all business segments; sales growth in the Polyurethanes and Polycarbonates segmentIn the third quarter of 2020, the core business volume of the polyurethane business segment increased by 4.
3%
.
Covestro's business unit performance in the third quarter of 2020
In the polycarbonate business segment, the core business volume increased by 3.
6% in the third quarter of 2020
.
Sales fell 11.
1 percent to 801 million euros
.
This was mainly attributable to changes in the level of selling prices resulting from the decline in raw material prices
.
EBITDA for the segment increased by 12.
1% to 148 million euros
.
Cost-cutting measures reduced cost levels, which, combined with improved margins, had a positive impact on earnings
.
The Coatings, Adhesives and Specialty Chemicals segment recorded a 6.
9% decline in core business sales in the third quarter of 2020, driven by weaker demand from the automotive, transportation and construction industries
.
Sales in this segment fell by 15.
8% to 495 million euros due to lower total volumes and average selling prices
.
The segment's third-quarter EBITDA fell 10.
8% to 99 million euros
.
Fewer volumes and a small margin decline weighed on earnings
.
While cost-cutting measures have reduced cost levels, these negative impacts have not yet been fully compensated
.
Affected by the epidemic, the data in the first nine months fell year-on-year
Affected by the epidemic, the data in the first nine months fell year-on-yearAfter a challenging first half of 2020, demand from Covestro's key customer industries recovered in the third quarter
.
But overall, the performance of the first three quarters of 2020 is still lower than the same period last year
.
In the first nine months of 2020, sales in the core business fell by 7.
9%, while group sales fell by 19.
4% to about 7.
7 billion euros
.
This was mainly due to lower selling prices and lower total sales volume
.
As a result, EBITDA fell by 37.
0% to EUR 835 million, while net profit was EUR 147 million (-71.
5%)
.
Free operating cash flow fell to EUR 136 million (-4.
9%)
.
