In 2022, the plastics group Covestro was surprisingly torn into the red by high depreciation. According to preliminary figures, the bottom line is a loss of 300 million euros, the Dax group announced on Friday evening in Leverkusen. Analysts interviewed by the service provider Vara had expected an average profit of 420 million euros, it said.
Covestro cited depreciation on fixed assets of 470 million euros and value adjustments on tax receivables of 250 million euros as the reason for the loss. Covestro also performed worse than expected in day-to-day business.
At almost 18 billion euros, sales were slightly below the average analyst estimate. At a good 1.6 billion euros, earnings before interest, taxes, depreciation and amortization (Ebitda) fell short of both market expectations and the targets of the Executive Board. In October, Covestro had already reduced its expectations to between EUR 1.7 billion and EUR 1.8 billion. However, the free operating cash inflow of around EUR 130 million is expected to exceed both the company forecast and the expectations of experts.
Covestro intends to publish the annual report on March 2nd.