Record year for Covestro

Last year was a record year for materials manufacturer Covestro. Driven by demand for innovative materials, the Group’s core volumes increased by 7.5%. With greater capacity utilisation across its plants, adjusted EBITDA surged by 22.7% above the 2015 figure to €2.0bn. Net income more than doubled from €343M to €795M. On this basis, Covestro plans to pay its shareholders a dividend of €1.35/share.

"Our strategy is paying off. These excellent results underscore Covestro’s fundamental strength”, explained CEO Patrick Thomas. "Growing customer demand for our innovative and sustainable products shows that we are increasingly successful at replacing conventional materials with superior plastics.”

Free Operating Cash Flow also increased sharply by 41.8% to €1.4bn; Return on Capital Employed reached 14.2%, exceeding the previous year significantly.