The provisionally determined sales fell short of the analysts’ estimates.
(Photo: dpa)
Frankfurt Depreciation and tax effects surprisingly pushed the plastics group Covestro into the red last year. The company announced on Friday that the preparation of the balance sheet showed that the preliminary key financial figures differed from the expectations on the capital market.
After taxes, a loss of around 300 million euros was incurred, compared to analyst estimates of an average of 420 million euros. Extraordinary depreciation of fixed assets of EUR 470 million and value adjustments on deferred tax claims of around EUR 250 million had a negative impact on the result. A company spokesman said that the write-downs primarily on plants in Europe were made because of the high energy costs.
“Covestro’s business development in the past year was significantly influenced by the drastic increase in energy and raw material costs, high inflation and a weakening global economy,” says CEO Markus Steilemann. The provisionally determined turnover of 17.968 billion euros fell short of the analysts’ estimates of 17.999 billion euros, as did the preliminary Ebitda result, which at around 1.61 billion euros missed the company’s target corridor of 1.7 to 1.8 billion euros as well as the Analyst consensus of 1.679 billion euros.
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