Business & Finance
Covestro continues portfolio optimization
Covestro to sell European Systems Houses business to H.I.G. Capital
Sales proceeds in the high-double-digit euro million range / Systems houses with revenues of EUR 230 million / Covestro to remain a key supplier to European Systems Houses / New ownership allows unit to further grow and to position itself as an independent player
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Results influenced by challenging environment as expected
Covestro confirms full year guidance after first quarter
Core volumes slightly down (–1.8%) / Group sales around EUR 3.2 billion (–16.0%) / EBITDA at EUR 442 million in line with expectations (–58.4%) / Net income of EUR 179 million below previous year (–72.2%) / Free operating cash flow at minus EUR 45 million / Guidance for fiscal 2019 confirmed
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2019 Annual General Meeting in Bonn:
Covestro increases dividend to €2.40 per share
Dividend raised for the fourth consecutive year
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Covestro takes gold again in international rating
Highest score for sustainability
Focus on environmental protection and sustainable supply chain
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Intensified research collaboration on industry trends
Covestro fosters open innovation in China
Reinforced partnership with renowned Shanghai Tongji University / Industry-academia platform from incubation to commercialization
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Digital trading platform for chemicals opens new ways to customers
New Covestro Direct Store is Online
Direct purchasing with customized offers for business customers / Additional digital sales channel complements existing sales model
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Further growth in demand in an increasingly challenging market environment
Covestro raises dividend after strong business performance in 2018
Continued core volume growth at 1.6% / Group sales rise to EUR 14.6 billion / EBITDA declines to EUR 3.2 billion / Proposed dividend of EUR 2.40 per share / Around EUR 1.7 billion returned to stockholders through share buy-back and dividends / 2019 guidance influenced by further volume growth and lower margins
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