LEVERKUSEN (dpa-AFX) - High write-downs have unexpectedly dragged plastics group Covestro into the red in 2022. According to preliminary figures, the bottom line was a loss of 300 million euros, the DAX-listed group announced in Leverkusen on Friday evening. Analysts surveyed by the service provider Vara had on average expected a profit of 420 million euros, it added. Covestro cited write-downs on fixed assets of 470 million euros and valuation allowances on tax receivables of 250 million euros as the reason for the loss. Covestro also performed worse than expected in its day-to-day business. Covestro shares fell slightly in after-hours trading.

Sales were slightly below the average analyst estimate at just under 18 billion euros. Earnings before interest, taxes, depreciation and amortization (Ebitda) of just over €1.6 billion missed both market expectations and the Board of Management's targets. Covestro had already capped its expectation in October at 1.7 to 1.8 billion euros. However, free operating cash flow of around €130 million was expected to exceed both the company's forecast and experts' expectations. Covestro plans to publish its annual report on March 2./stw/men