Covestro almost doubles dividend

Covestro almost doubles dividend

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For 2016, is almost doubling its dividend of fiscal year 2015 when the materials manufacturer was first listed. This was decided at the Annual General Meeting at the World Conference Center in Bonn on Wednesday. For the first full year as a listed company, Covestro will pay its shareholders a dividend of EUR 1.35 per share compared to EUR 0.70 per share for the abbreviated fiscal year 2015.

Looking back on last year, CEO, Patrick Thomas commented: “2016 was an excellent year for Covestro and our shareholders. We reached or exceeded all our financial goals. Demand for our products remains high.” Thomas pointed to a number of the company’s innovative and sustainable developments, including a pioneering vehicle concept for electric mobility, new materials to advance wind power and the use of CO2 as a new raw material.

CFO Frank H. Lutz added: “By addressing the macro trends that affect our clients, we have a solid position in each of our key end markets. On this basis, we want to use the momentum from the successful year 2016 to carry us forward.”

Following a successful first quarter, Covestro is optimistic for the current year. For 2017, the company anticipates core volume growth in the low-to-mid-single-digit percentage range. Free operating cash flow (FOCF) should be significantly above the average of the last three years. Return on capital employed (ROCE) is expected to be significantly above the level of 2016.

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