Mid-year volume: Cosco's second quarter 2019 results are released

Each outcome,
, is the preludes to the next journey.
despite the market challenges,
Cosco has achieved its goals.
core business sales increased slightly (-1.1%)
Group sales totaled approximately EUR 3.2 billion (-16.9%)
EBITDA was EUR 459 million, in line with expectations (-53.4%)
net profit decreased to 1.2% 8.9 billion euros (-68.7%)
free operating cash flow of minus 55 million euros
confirmed 2019 financial guidance
in the face of the severe competitive pressures and uncertainties of 2019
, Cosco is still confident that down-to-earth to create a new 2019!
2019, Cosco expects
core business sales to grow by a medium to low percentage
free operating cash flow between EUR 300 million and EUR 700 million

EBITDA is expected to be approximately EUR 410 million)
Focus on value-creating investments
In the second quarter, Cosco
made further progress in improving its product portfolio and continued to focus on value-creating investments
:
Product Portfolio Optimization
: Sale of the European Polyurethane Plant business to H.I.G. Capital, which sells for tens of millions of euros,

.
new developments in
: In May, Cosco Ventures laid the foundation stone for a polycarbonate film expansion project at its Domagen site in Germany. Cosco is investing a total of 100 million euros to strengthen its high-margin special film business as part of the plan; at its Tarragona, Spain, site, Cosco plans to begin construction of a chlorine gas production facility by the end of this year dedicated to existing MDI production; and at its Baytown, Texas, site, the company has announced that it will build a world-class MDI plant. Now, a 100-person project team is about to begin detailed technical planning.
three major business units
the polyurethane business
core business sales growth of 0.7%. Sales in the sector fell 24.3 per cent to EUR 1,489 million due to increased competition in the market and lower sales prices. Its EBITDA was also affected by lower sales prices, which fell 70.5 percent to 172 million euros.
the growth of the electrical, electronic and construction sectors, sales of
polycarbonate business and core businesses in the
segment increased by 4.4% year-on-year. However, sales from the automotive industry's core business fell. In the second quarter of 2019, sales in this segment decreased by 15.0% to EUR 898 million. EBITDA in the polycarbonate sector fell 46.0 percent to 154 million euros due to lower sales prices.
, adhesives and specialty chemicals business decreased
4.7% in the core segment. As a result, sales also fell 1.3 per cent to 621 million euros. However, currency changes and Covestro's increased stake in Japan's DIC Covestro Polymer Ltd. had a positive impact on the sector's performance. The increase in its stake in the Japanese joint venture had a non-recurring positive impact on EBITDA, which grew by 7.9% to EUR 150 million in the second quarter of 2019.
outlook for the second half of
2019,
Costron will continue to not forget the first heart, step on the waves,
thank you for the courage to move forward without fear of the wind and waves!