2024-04-30 15:23:06 ET
Covestro AG (CVVTF)
Q1 2024 Earnings Conference Call
April 30, 2024 10:00 AM ET
Company Participants
Ronald Koehler - Head-Investor Relations
Markus Steilemann - Chief Executive Officer
Christian Baier - Chief Financial Officer
Carsten Intveen - Director, Investor Relations
Conference Call Participants
Christian Faitz - Kepler Cheuvreux
Geoff Haire - UBS
Chetan Udeshi - JPMorgan
Jaideep Pandya - On Field Research
Sebastian Bray - Berenberg
Matthew Yates - Bank of America
Presentation
Ronald Koehler
Welcome to the Covestro Earnings Call on the Q1 Results. The company is represented by Markus Steilemann, CEO; and Christian Baier, CFO. During the presentation, all participants will be in a listen-only mode. The presentation will be followed by a question-and-answer session. [Operator Instructions] You will find the quarterly statement and earnings call presentation on our Investor Relations website. I assume you have read the Safe Harbor statement.
With that I would now like to turn the conference over to Markus.
Markus Steilemann
Thank you very much, Ronald and hello and a warm welcome also from my side to our first quarter call. The highlights of the first quarter were a volume increase of 11% year-on-year. This represents the second quarter in a row with a positive volume growth. However, lower prices burden sales which came in at €3.5 billion.
We achieved an EBITDA of €273 million approaching the upper end of our quarterly guidance range. The free operating cash flow shows the usual seasonal pattern with minus €129 million. Overall, we are fully on track to achieve our full year 2024 guidance.
Let me take the opportunity and give you a short update on the discussions with ADNOC. The status remains unchanged as the discussions are still ongoing.
Let's turn to page number 3. Before coming to the business details, I would like to direct your attention to two CapEx topics. We remain very disciplined on CapEx with a stable budget of around €800 million for 2024. Herein, we continue to invest with a focus on selective expansion projects, asset reliability and efficiency....
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Covestro AG (CVVTF) Q1 2024 Earnings Call Transcript