Covestro Full-Year Report 2023

Highlights

• EBIT declined 30.3% to €186 million (previous year: €267 million). The EBIT margin retreated to 1.3% (previous year: 1.5%).
• EBITDA decreased 33.2% year-over-year in the full-year period, declining to €1,080 million (previous year: €1,617 million).
• This was mainly attributable to the 39.4% fall in EBITDA, to €576 million (previous year: €951 million), in the Performance Materials segment.
• EBITDA was down 1.0% to €817 million (previous year: €825 million).
• In the fiscal year under review, the financial result stood at €-113 million (previous year: €-137 million) and largely consisted of net interest expense of €90 million (previous year: €61 million).
• In view of the financial result, income before income taxes went down to €73 million (previous year: €130 million).
• Income tax expense amounted to €275 million (previous year: €411 million).
• It includes impairment losses of €42 million (previous year: €64 million) on deferred tax assets arising from loss carryforwards and temporary differences.