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

Q4 2023 Covestro AG Earnings Call Transcript

Feb 29, 2024 / 03:00PM GMT

Release Date Price: MXN756.54

Transcript

Ronald Koehler

Covestro AG - Head of IR

You will find the quarterly statement and earnings call presentation at our Investor Relations website, and 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

Thank you, Ronald, and good afternoon and warm welcome also from my side. Looking back to another challenging year. While the effects of the coronavirus were easing significantly during 2023, the ongoing Russian war in the Ukraine is still impacting the economic development of Europe. The weak demand in most of the core industries that Covestro is involved in had a strong impact on our financial performance.

Let me give you an overview of the key financials. In 2023, Covestro achieved sales of EUR 14.4 billion, clearly down versus 2022. This decline was driven by lower prices and lower volumes. The EBITDA also decreased to EUR 1.1 billion, showing the severe demand crisis we are facing. Despite the lower

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