Covestro AG (MEX:1COV)

MXN 756.54 0 (0%) Market Cap: 234.15 Bil Enterprise Value: 293.16 Bil PE Ratio: 0 PB Ratio: 1.63 GF Score: 70/100

Q2 2023 Covestro AG Earnings Call Transcript

Aug 01, 2023 / 01:00PM GMT

Release Date Price: MXN756.54

Transcript

Operator

Welcome to the Covestro Earnings Call Second Quarter Results. The company is represented by Markus Steilemann, CEO; and Thomas Toepfer, CFO. (Operator Instructions) You will find the quarterly statement and earnings call presentation on our IR website. I assume you have read the safe harbor statement. With that, I would now like to turn the conference over to Markus.

Markus Steilemann

Covestro AG - CEO & Chairman of Management Board

Hello, and a warm welcome also from my side to our second quarter call. We are still operating in a challenging environment characterized by weak demand, destocking and industry-wide price pressure. Consequently, our sales were significantly down year-on-year to EUR 3.7 billion. In line with our guidance, we achieved a second quarter EBITDA of EUR 385 million. Free operating cash flow strongly improved year-on-year and was minus EUR 10 million, only slightly negative in a seasonal weak quarter. This was supported by our rigorous working capital management.

For full year 2023, we confirm our guidance for all KPIs.

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