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Covestro AG: Raised earnings outlook for 2021

·3-min read

Covestro AG / Key word(s): Change in Forecast/Preliminary Results
Covestro AG: Raised earnings outlook for 2021

12-Jul-2021 / 14:07 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Covestro is raising its forecast for EBITDA, free operating cash flow (FOCF) and return on capital employed (ROCE) for fiscal year 2021 as a result of a further improved business outlook for the second half-year. The new expectation exceeds the previously provided forecast as well as current capital market expectations.

The outlook factors in - unchanged - the acquisition of the Resins & Functional Materials (RFM) business of Koninklijke DSM N.V., Heerlen (Netherlands), which was closed on April 1, 2021.

Capital market expectations are based on the average values of the latest consensus estimates of financial analysts, published by Vara Research on July 7, 2021.

Covestro adjusts its forecast for fiscal year 2021 as follows:

The increased EBITDA forecast is based on a preliminary EBITDA for Q2 2021 of around EUR 815 million, that meets the current forecast of between EUR 730 million and EUR 870 million. The consensus expects this figure to be EUR 828 million.

The half-year financial report 2021 will be published on August 6, 2021.

Forward-looking statements
This ad-hoc statement may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro's public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

Contact for investors:
Ronald Köhler, Head of Investor Relations
Phone: +49 214 6009 5098
E-mail: ronald.koehler@covestro.com

Contact for media:
Lars Boelke, Head of Media Relations
Phone: +49 1522 8860494
E-mail: lars.boelke@covestro.com

12-Jul-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Covestro AG

Kaiser-Wilhelm-Allee 60

51373 Leverkusen

Germany

Phone:

+49 (0) 214 60095098

Fax:

+49 (0) 214 60097002

E-mail:

ronald.koehler@covestro.com

Internet:

www.covestro.com

ISIN:

DE0006062144

WKN:

606214

Indices:

DAX

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1217795


 

End of Announcement

DGAP News Service

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