Covestro: reduces losses in 2023 but remains in the red
At the same time, EBITDA came to 1.1 billion euros, down 33.2%.
The Group thus posted a net loss of 198 ME, less than the 272 ME loss recorded twelve months earlier.
Operating FCF came to 232 ME, up 68.1%.
Dr Markus Steilemann, Covestro's Chairman and CEO, believes that '2023 has been one of the most challenging years for the chemical industry in recent decades, with persistent geopolitical tensions, a struggling global economy and high energy prices, particularly in Europe'.
He also pointed to 'a number of structural problems, particularly in Germany', and said that 'weak global demand for our core sectors is reflected accordingly in our earnings'.
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