Home / Knowledge / News / Textiles / Adjusted EBITDA surges 44.5% at Covestro in Q3
Adjusted EBITDA surges 44.5% at Covestro in Q3
28
Oct '15
Adjusted EBITDA for the three months to September 30, 2015 soared 44.5 per cent year on year at Covestro, one of the world's largest polymer producers.

In a press release, Covestro said compared with the prior-year period, adjusted EBITDA surged 44.5 per cent to €471 million in the third quarter of 2015.

“One main reason for this was a significant decline in raw material prices, which against the backdrop of a more favourable supply and demand situation more than offset a decline in selling prices,” it explained.

Currency effects of around €70 million also contributed positively to this increase in earnings.

Covestro sales however declined in the third quarter of 2015 by 1.4 per cent from a year ago period to €3,020 million.

“While volumes were level overall with the prior-year period, selling prices decreased in all three operational segments, especially Polyurethanes,” it added.

In the reporting quarter, EBIT, too, increased significantly to €287 million, up a massive 64 per cent from the third quarter of the previous year.

Covestro informed that EBIT reflects special items of a negative €18 million comprising expenses for the consolidation of production sites as well as expenses for and proceeds from the carve-out and stock market flotation.

Adjusted EBIT in the quarter under review too surged 72.3 per cent to €305 million vis-à-vis the third quarter of 2014.

In the first nine months of 2015, Covestro sales grew 5.7 per cent year on year to €9,284 million, primarily helped by expansion of volumes in all segments.

“Additional momentum came from currency effects, which overall more than offset the decline in selling prices, especially at Polyurethanes and Polycarbonates divisions,” it observed.

Compared with the same period of 2014, adjusted EBITDA for the first three quarters of 2015 too improved by a substantial 45.6 per cent to €1,385 million.

“Considerably lower raw material prices and higher volumes more than offset the decline in selling prices, while currency effects had a positive impact of around €200 million,” the company observed.

With 2014 sales of €11.8 billion, Covestro, formerly known as Bayer MaterialScience, has 30 production sites around the globe and employed approximately 15,700 people at the end of September 2015. (AR)

Fibre2Fashion News Desk – India


Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search