Cash flow Covestro AG

Equities

1COV

DE0006062144

Commodity Chemicals

Market Closed - Xetra Other stock markets 11:35:21 2024-09-13 EDT			5-day change	1st Jan Change
56.36 ^EUR	+0.71%		+1.95%	+6.99%

09-13	Berenberg rates Covestro at 'Hold' - Target 58 euros	DP
09-13	COVESTRO : Berenberg gives a Neutral rating	ZD

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Published financial data: COVESTRO AG

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	12.41B	10.71B	15.9B	17.97B	14.38B
Total Revenues	12.41B	10.71B	15.9B	17.97B	14.38B
Cost of Goods Sold, Total	9.66B	8.21B	11.48B	15.05B	12.05B
Gross Profit	2.75B	2.5B	4.43B	2.92B	2.33B
Selling General & Admin Expenses, Total	1.78B	1.53B	1.86B	1.93B	1.86B
R&D Expenses	266M	262M	341M	361M	374M
Other Operating Expenses	-1M	15M	34M	-68M	-43M
Other Operating Expenses, Total	2.05B	1.81B	2.24B	2.22B	2.2B
Operating Income	706M	693M	2.19B	697M	134M
Interest Expense, Total	-85M	-73M	-79M	-148M	-160M
Interest And Investment Income	44M	31M	43M	69M	77M
Net Interest Expenses	-41M	-42M	-36M	-79M	-83M
Income (Loss) On Equity Invest.	-20M	-12M	-13M	-15M	-19M
Currency Exchange Gains (Loss)	5M	3M	1M	-9M	7M
Other Non Operating Income (Expenses)	-4M	-16M	-11M	-16M	-2M
EBT, Excl. Unusual Items	646M	626M	2.13B	578M	37M
Restructuring Charges	-	-	-	-	-
Merger & Related Restructuring Charges	-	-32M	-3M	-	-
Impairment of Goodwill	-	-	-	-33M	-7M
Gain (Loss) On Sale Of Investments	19M	-	-	-	-
Gain (Loss) On Sale Of Assets	34M	-1M	-	-	35M
Asset Writedown	-1M	-9M	2M	-415M	8M
Insurance Settlements	63M	21M	20M	-	75M
Legal Settlements	-	-	-	-	-
Other Unusual Items	-	0	33M	-	-75M
EBT, Incl. Unusual Items	761M	605M	2.18B	130M	73M
Income Tax Expense	204M	151M	566M	411M	275M
Earnings From Continuing Operations	557M	454M	1.62B	-281M	-202M
Net Income to Company	557M	454M	1.62B	-281M	-202M
Minority Interest	-5M	5M	-3M	9M	4M
Net Income - (IS)	552M	459M	1.62B	-272M	-198M
Net Income to Common Incl Extra Items	552M	459M	1.62B	-272M	-198M
Net Income to Common Excl. Extra Items	552M	459M	1.62B	-272M	-198M
Per Share Items
Net EPS - Basic	3.02	2.48	8.37	-1.42	-1.05
Basic EPS - Continuing Operations	3.02	2.48	8.37	-1.42	-1.05
Basic Weighted Average Shares Outstanding	183M	185M	193M	191M	189M
Net EPS - Diluted	3.02	2.48	8.37	-1.42	-1.05
Diluted EPS - Continuing Operations	3.02	2.48	8.37	-1.42	-1.05
Diluted Weighted Average Shares Outstanding	183M	185M	193M	191M	189M
Normalized Basic EPS	2.18	2.14	6.89	1.94	0.14
Normalized Diluted EPS	2.18	2.14	6.89	1.94	0.14
Dividend Per Share	1.2	1.3	3.4	-	-
Payout Ratio	79.53	47.71	15.53	-240.44	-2.02
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	1.3B	1.28B	3B	1.58B	806M
EBITA	720M	707M	2.25B	764M	193M
EBIT	706M	693M	2.19B	697M	134M
EBITDAR	1.32B	1.3B	3.02B	1.6B	824M
Effective Tax Rate - (Ratio)	26.81	24.96	25.9	316.15	376.71
Total Current Taxes	126M	199M	628M	383M	299M
Total Deferred Taxes	78M	-48M	-62M	28M	-24M
Normalized Net Income	399M	396M	1.33B	370M	27.12M
Interest Capitalized	6M	8M	3M	3M	12M
Interest on Long-Term Debt	33M	28M	26M	25M	74M
Non-Cash Pension Expense	32M	32M	19M	22M	15M
Supplemental Operating Expense Items
Selling and Marketing Expenses	1.38B	1.2B	1.43B	1.56B	1.49B
General and Administrative Expenses	372M	310M	415M	353M	360M
Research And Development Expense From Footnotes	266M	262M	341M	361M	374M
Net Rental Expense, Total	20M	16M	18M	21M	18M
Imputed Operating Lease Interest Expense	9.85M	4.48M	4.36M	8.14M	7.03M
Imputed Operating Lease Depreciation	10.15M	11.52M	13.64M	12.86M	10.97M
Stock-Based Comp., Other (Total)	16M	23M	17M	9M	57M
Total Stock-Based Compensation	16M	23M	17M	9M	57M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	748M	1.4B	649M	1.2B	625M
Short Term Investments	-	771M	65M	-	-
Total Cash And Short Term Investments	748M	2.18B	714M	1.2B	625M
Accounts Receivable, Total	1.6B	1.64B	2.4B	2.07B	1.96B
Other Receivables	350M	232M	410M	504M	534M
Notes Receivable	11M	360M	394M	17M	279M
Total Receivables	1.96B	2.23B	3.21B	2.59B	2.78B
Inventory	1.92B	1.66B	2.91B	2.81B	2.46B
Other Current Assets, Total	98M	124M	124M	63M	32M
Total Current Assets	4.73B	6.19B	6.96B	6.67B	5.89B
Gross Property Plant And Equipment	17.24B	17.3B	19.22B	20.03B	20.22B
Accumulated Depreciation	-11.95B	-12.12B	-13.18B	-14.23B	-14.43B
Net Property Plant And Equipment	5.29B	5.18B	6.03B	5.8B	5.8B
Long-term Investments	205M	187M	199M	209M	204M
Goodwill	264M	255M	757M	729M	711M
Other Intangibles, Total	78M	75M	657M	545M	477M
Accounts Receivable Long-Term	8M	8M	8M	8M	11M
Loans Receivable Long-Term	5M	5M	8M	111M	73M
Deferred Tax Assets Long-Term	851M	925M	818M	345M	316M
Deferred Charges Long-Term	5M	6M	9M	-	-
Other Long-Term Assets, Total	89M	98M	122M	168M	159M
Total Assets	11.52B	12.92B	15.57B	14.58B	13.64B
Liabilities
Accounts Payable, Total	1.51B	1.24B	2.21B	2.02B	1.9B
Accrued Expenses, Total	294M	224M	689M	283M	390M
Current Portion of Long-Term Debt	10M	502M	51M	186M	542M
Current Portion of Leases	131M	111M	130M	135M	110M
Current Income Taxes Payable	69M	74M	239M	149M	48M
Unearned Revenue Current, Total	23M	37M	63M	85M	79M
Other Current Liabilities	101M	175M	220M	201M	234M
Total Current Liabilities	2.14B	2.36B	3.61B	3.06B	3.3B
Long-Term Debt	997M	1.72B	1.72B	2.76B	2.11B
Long-Term Leases	604M	561M	631M	611M	633M
Unearned Revenue Non Current	7M	9M	12M	16M	20M
Pension & Other Post Retirement Benefits	1.96B	2.12B	1.2B	486M	464M
Deferred Tax Liability Non Current	206M	179M	300M	312M	256M
Other Non Current Liabilities	350M	328M	343M	226M	241M
Total Liabilities	6.26B	7.28B	7.81B	7.46B	7.02B
Common Stock, Total	183M	193M	193M	190M	189M
Additional Paid In Capital	-	-	-	-	-
Retained Earnings	1.12B	1.28B	3B	2.48B	2.29B
Comprehensive Income and Other	3.9B	4.13B	4.5B	4.42B	4.11B
Total Common Equity	5.21B	5.61B	7.7B	7.09B	6.59B
Minority Interest	47M	37M	66M	36M	28M
Total Equity	5.25B	5.64B	7.76B	7.12B	6.62B
Total Liabilities And Equity	11.52B	12.92B	15.57B	14.58B	13.64B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	183M	193M	193M	190M	189M
ECS Total Common Shares Outstanding	183M	193M	193M	190M	189M
Book Value / Share	28.47	29.03	39.83	37.3	34.92
Tangible Book Value	4.86B	5.28B	6.28B	5.81B	5.4B
Tangible Book Value Per Share	26.6	27.32	32.52	30.6	28.62
Total Debt	1.74B	2.89B	2.53B	3.69B	3.39B
Net Debt	994M	715M	1.82B	2.49B	2.77B
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.81B	1.98B	1.05B	299M	263M
Debt Equivalent Oper. Leases	160M	128M	144M	168M	144M
Minority Interest, Total (Incl. Fin. Div)	47M	37M	66M	36M	28M
Equity Method Investments, Total	192M	173M	172M	185M	182M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	592M	537M	830M	848M	790M
Inventories - Work In Process, Total	1.32B	1.12B	2.08B	1.96B	1.66B
Inventories - Others	1M	3M	3M	2M	4M
Land - (BS)	3.43B	3.5B	3.87B	4.05B	4.05B
Machinery, Total	12.62B	12.95B	14.42B	15.04B	15.13B
Full Time Employees	17.75K	14.54K	15.66K	15.65K	16.18K
Part Time Employees	-	2.7K	2.94K	3.17K	2.19K
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	552M	459M	1.62B	-272M	-198M
Depreciation & Amortization - CF	706M	735M	759M	812M	777M
Amortization of Goodwill and Intangible Assets - (CF)	14M	14M	54M	67M	59M
Depreciation & Amortization, Total	720M	749M	813M	879M	836M
Amortization of Deferred Charges, Total - (CF)	5M	7M	8M	9M	13M
(Gain) Loss From Sale Of Asset	-51M	8M	-3M	-3M	-33M
Asset Writedown & Restructuring Costs	27M	20M	2M	462M	45M
(Income) Loss On Equity Investments - (CF)	-	-	-	15M	19M
Other Operating Activities, Total	4M	82M	100M	-14M	-18M
Change In Accounts Receivable	238M	-106M	-462M	377M	76M
Change In Inventories	322M	160M	-987M	148M	278M
Change In Accounts Payable	-149M	-154M	722M	-213M	-104M
Change in Other Net Operating Assets	-285M	9M	384M	-418M	83M
Cash from Operations	1.38B	1.23B	2.19B	970M	997M
Capital Expenditure	-910M	-704M	-764M	-832M	-765M
Sale of Property, Plant, and Equipment	6M	6M	11M	21M	2M
Cash Acquisitions	-11M	-	-1.47B	-	-
Divestitures	51M	-3M	12M	6M	55M
Investment in Marketable and Equity Securities, Total	-14M	-1.1B	179M	253M	-287M
Other Investing Activities, Total	40M	30M	36M	75M	70M
Cash from Investing	-838M	-1.77B	-2B	-477M	-925M
Long-Term Debt Issued, Total	444M	1.78B	51M	2.07B	419M
Total Debt Issued	444M	1.78B	51M	2.07B	419M
Long-Term Debt Repaid, Total	-591M	-719M	-675M	-1.07B	-836M
Total Debt Repaid	-591M	-719M	-675M	-1.07B	-836M
Issuance of Common Stock	7M	448M	2M	8M	-
Repurchase of Common Stock	-	-	-	-150M	-49M
Common Dividends Paid	-439M	-219M	-251M	-654M	-4M
Common & Preferred Stock Dividends Paid	-439M	-219M	-251M	-654M	-4M
Other Financing Activities, Total	-89M	-81M	-92M	-135M	-169M
Cash from Financing	-668M	1.2B	-965M	64M	-639M
Foreign Exchange Rate Adjustments	7M	-14M	12M	-8M	-6M
Miscellaneous Cash Flow Adjustments	-1M	1M	-	-	-
Net Change in Cash	-117M	656M	-755M	549M	-573M
Supplemental Items
Cash Interest Paid	86M	79M	81M	131M	169M
Cash Income Tax Paid (Refund)	296M	155M	546M	538M	383M
Levered Free Cash Flow	116M	184M	837M	504M	210M
Unlevered Free Cash Flow	169M	229M	886M	597M	310M
Change In Net Working Capital	103M	279M	558M	-96M	-85M
Net Debt Issued / Repaid	-147M	1.06B	-624M	995M	-417M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	3.9	3.54	9.62	2.89	0.59
Return on Total Capital	6.5	5.58	14.55	4.13	0.81
Return On Equity %	10.48	8.33	24.15	-3.78	-2.94
Return on Common Equity	10.47	8.49	24.3	-3.68	-2.9
Margin Analysis
Gross Profit Margin %	22.19	23.34	27.84	16.25	16.21
SG&A Margin	14.37	14.28	11.7	10.74	12.97
EBITDA Margin %	10.49	11.97	18.9	8.77	5.61
EBITA Margin %	5.8	6.6	14.12	4.25	1.34
EBIT Margin %	5.69	6.47	13.78	3.88	0.93
Income From Continuing Operations Margin %	4.49	4.24	10.18	-1.56	-1.4
Net Income Margin %	4.45	4.29	10.16	-1.51	-1.38
Net Avail. For Common Margin %	4.45	4.29	10.16	-1.51	-1.38
Normalized Net Income Margin