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●Core business sales decreased by 22.
7%
● Group sales totaled approximately EUR 2.
2 billion (-32.
9%)
● Achieved EBITDA of 125 million euros
●● Net profit was negative 52 million euros
●● Free operating cash flow rose to 24 million euros
●● Insist on crisis management measures to ensure liquidity
●● Accelerating the transition to a circular economy
●Due to the further spread of the new crown pneumonia epidemic in Europe and North America, Covestro's second-quarter results were severely affected as expected
.
"As expected, the global COVID-19 pandemic had a significant impact on our second-quarter results
," said Dr.
The company confirmed its revised full-year financial guidance in April this year
.
Adhere to crisis management and strengthen liquidity
Adhere to crisis management and strengthen liquidityCovestro continued to strengthen its liquidity in the second quarter by taking further financing measures
.
"While Covid-19 has had a significant impact on our performance, our continued actions have
paid off," said Dr.
In view of this exceptional situation, Covestro's Board of Directors, Supervisory Board and employees are also united to help strengthen the company's resilience and resilience in the current environment through their respective contributions
.
New company vision: Accelerating the transition to a circular economy
New company vision: Accelerating the transition to a circular economyIn May 2020, Covestro presented a new long-term vision, which wants to make all areas including production, products and solutions fully compliant with the circular concept in the long term
.
Affected by the new crown epidemic, sales in all business segments fell
Affected by the new crown epidemic, sales in all business segments fellAffected by the epidemic, the sales volume of the polyurethane business segment's core business in the second quarter of 2020 fell sharply by 25.
9% year-on-year (the same period last year: an increase of 0.
7%), and all its major customer industries were also affected
.
In the polycarbonate business segment, the sales volume of the core business in the second quarter decreased by 14.
4% year-on-year (the same period last year: an increase of 4.
4%)
.
While a sharp drop in demand from the automotive and transportation industries led to lower sales, the overall impact was moderated by a slower decline in sales in the electronics, electrical and appliance industries, and an increase in sales in the construction industry
.
Sales in this segment fell to EUR 648 million (-27.
8%) due to lower total volumes and average selling prices
.
As a result, EBITDA fell by 37.
7% to EUR 96 million
.
The core business volume of the Coatings, Adhesives and Specialty Chemicals business segment decreased by 25.
3% year-on-year (previous year: -4.
7%)
.
The Covid-19 pandemic has led to a significant weakening of demand in key customer industries, especially in the automotive and transportation industries
.
Sales in this segment fell by 28.
7% to 443 million euros due to lower total volumes and average selling prices
.
EBITDA decreased by 60.
0% to EUR 60 million due to lower volumes and lower profit margins
.
COVID-19 affects first half of 2020 results
COVID-19 affects first half of 2020 resultsAs expected, the COVID-19 pandemic had a significant impact on the first half of 2020 results
.
In the first half of the year, core business sales fell by 13.
6% year-on-year, while group sales fell by 22.
7% to approximately EUR 4.
9 billion (previous year: EUR 6.
4 billion)
.
This was mainly attributable to lower total sales volume and lower sales price levels
.
As a result, EBITDA fell by 57.
9% to 379 million euros, while net profit was negative 32 million euros (previous year: 368 million euros)
.
Free operating cash flow fell to minus 225 million euros in the first half of 2020 (prior year: minus 100 million euros)
.
