FY 2024 guidance confirmed
Full year guidance 2024
FY 2023 | GUIDANCE FY 2024 | |
confirmed | ||
EBITDA | €1,080m | €1,000 to 1,600m |
FOCF | €232m | €0 to 300m |
ROCE above WACC(1) | -6.1pp | -7 to -2pp |
GHG emissions (scope 1 and 2) | 4.9m tons | 4.4 to 5.0m tons |
Additional financial expectations | ||
Sales | €14.4bn | €14.0 to 15.0bn |
EBITDA Q2 | €385m | €270 to 370m |
D&A | €894m | ~€850m |
Financial result | €-113m | €-120 to -160m |
Income tax | €275m | €250 to 350m |
Capex(2) | €765m | ~€800m |
HIGHLIGHTS
2024 FX sensitivity
-
1pp change equals
+/- €10m for CNY/EUR (basis 7.80) +/- €5m for USD/EUR (basis 1.10)
FOCF range
- Smaller range compared to EBITDA due to counterbalancing working capital effects
GHG emissions
- GHG range mainly driven by expected increase in production volumes offset by EEG exit in Germany
Income tax
- Income tax driven by unfavorable geographical earnings mix (non- deductible losses in Germany)
- Long-termtax rate estimated between 24-26%(3)
1 | Q1 2024 │ Earnings Call | Notes: | (1) | Weighted average cost of capital (WACC): 7.6% in FY 2023, 8.1% in FY2024e |
(2) | Cash-relevant capex | |||
(3) | Covestro estimate |
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Covestro AG published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 05:00:05 UTC.