Shanghai Daoqin Plastics Co., Ltd.

core business amount growth 2.0%

group sales 额总计约124 100 million 欧元（-15.1%）

EBITDA符 combined 预期, to 约16 100 million 欧元（-49.9%）

启动 strategy project, circular economy development

拟每股 separation 红2.40欧元

2020展望: full year 形势依然严峻

尽 tube/pipe market 挑战严峻, Covestro still formed 2019 财 year target/goal. core business amount year-on-year growth 2.0%. due to sheet/plate block competition pressure add 剧, sales price still low 位, group sales therefore decline 15.1%至约124 100 million 欧元. effect/influence, 息税折旧摊销 front profit （EBITDA） year-on-year decline 49.9%至约16 100 million 欧元, combined 预期. profit decline 69.7%至5.52 100 million 欧元, 自由经营 cash flow decrease/reduce 71.7%至4.73 100 million 欧元. in 此基础 upper, Covestro plan separation 红2.40欧元, and upper year unchanged.

“2019 year 出现 众 more 缘政治 and macro 经济 不确定 factors, although 如此, market for 我们材 material demand 未曾改变. this 证实 我们 观点, plastics will in future ratio 任何时候都 more tool value. ”首席执行官施乐文博士（Dr. Markus Steilemann） table/sheet 示, “2020 year for 我们而言 still will 充满挑战. however, 我们也看 to market for high plastics long demand, it can various different key/critical technology field/area 进一步 achieve sustainable development. therefore, business positive toward circular economy direction development. ”

Covestro in 2019财 year 启动 一项 full property strategy project, in 各 部门落实 circular economy development. 例如, company positive 积极推进 substitute/replace property Raw Materials use, development various innovation type recycling utilizing technology, and 建立广泛 combined as and new type 商业模式.

efficiency ensure can force

“尽 tube/pipe due to price 持续承 pressure, 2019 财 year 运营业绩如预期 low front year 创纪录 water 平, Covestro 财务基础依然坚实, still in this type of ring lower formed target/goal. ”首席财务官陶鹏飞博士（Dr. Thomas Toepfer）说, “ in currently market ring lower, has through more high 效 运营, project light heavy 缓急, 不断审视 investment, can maintain 需 财务灵 active property, formed 功. ”

鉴于2020 year outlook/prospects still 然充满挑战, Covestro positive add fast 实施一项旨 in improves can and efficiency long project. project 于2018 year 10 month 启动, already company in upper year decrease 约1.5 100 million cost. 2020 year, company target/goal through project 节省2.5 100 million 欧元, to 2021 year 底, has achieve full year 累计节省约3.5 100 million 欧元. in addition, company also various short measures, 例如进行 more has efficiency cost tube/pipe 理, and for has has and plan in investment again 次审查. therefore, remove improve/increase company effect/influence force, 2020 year focus/key point still will is efficiency improves.

comprehensive product innovation 商业化潜 force

in year 秋天于 Germany 杜塞尔 more 夫举行 K 2019 国际 plastics upper, Covestro show/display more for 城市化, future and gas 候变化 and other full property product innovation. as is innovation 领导者, Covestro and its material and 时俱进. future year, company will 专注于充 separation this innovation formed 果 商业潜 force. 2019 year 夏季履 new Covestro board of directors formed and 首席商业官 苏智雅（Sucheta Govil） will 专注于 improves Covestro sales force. target/goal is strong/high 化以客户 is in 心 理念, optimization 并推进营销 strategy 数字化, meanwhile more high 效 探寻 tool has force market machine 会.

持续审查 investment project: poly long formed 功

2019 year, Covestro investment 额达9.1 100 million 欧元（2018 year is 7.07 100 million 欧元）, is company history most high. in investment project tube/pipe 理方面, company 一贯注 heavy efficiency and most excellent use. market ring 境依然严峻, Covestro 于2020 year 1 month 宣布, will its USA MDI investment project 暂停18至24 month.

尽 tube/pipe 如此, Covestro still 坚信MDI long growth outlook/prospects light 明. Covestro Germany 布隆斯 ratio new MDI production already plan 于2020 year Q1 degree start production, production can force 也由此翻番至40 10,000 tons / year. 布隆斯 ratio 特基 也 will 由此位列 Europe large MDI production 基 之一, solid Covestro in market 领导 位.

2020 财务指引: market ring still 然严峻

Covestro expected 2020财 year core business amount achieve low percentage growth. meanwhile group expected 自由经营 cash flow will in 0-4 100 million between, already use 资本回报 rate will 处于2%-7% between. company expected full year EBITDA will 介于10 100 million -15 100 million between, Q1 degree EBITDA expected 介于2 100 million -2.8 100 million between.

company method comprehensive new type 冠状病毒 for 2020财 year formed effect/influence.

polyurethane ester and polycarbonate (PC) sheet/plate block amount growth

受益于 furniture, construction and electronics electrical and home appliances industry demand growth, polyurethane ester business sheet/plate block core business amount year-on-year growth 2.3%. this industry growth 足以抵消 automotive and other other industry soft demand. due to market competition add 剧, sales price reduce, sheet/plate block sales decline 21.5%至57.79 100 million 欧元. tube/pipe Raw Materials price has decline, sales price reduce still heavy effect/influence profit rate. therefore, sheet/plate block EBITDA decline 63.2%至6.48 100 million 欧元.

2019 财 year, polycarbonate (PC) business sheet/plate block core business amount year-on-year growth 2.7%, main/primary electronics electrical and home appliances and construction industry strong/high demand. sheet/plate block sales price water 平也同样因 market competition add year-on-year decline, 由此导致 its sales decrease/reduce 14.3%至34.73 100 million 欧元, EBITDA decline 48.3%至5.36 100 million 欧元. in addition, 2018 year Q3 degree USA sheet/plate business 出售也 for 2019财 year sales generate 2.2% negative effect/influence.

2019 财 year coating material, bonding agent and chemical product business sheet/plate block core business amount year-on-year decline 1.0%, main/primary causes is automotive industry for coating material front raw materials demand soft. sheet/plate block sales to 23.69 100 million 欧元, and 2018 year （23.61 100 million 欧元） basic unchanged. EBITDA growth 1.1%至4.69 100 million 欧元. sales price decline profit rate decline, add amount decrease/reduce, for sheet/plate block profit formed negative effect/influence, however, rate factors and Covestro for Japan DIC Covestro Polymer Ltd. corporation increase is its profit belt/tape positive effect/influence.

2019 year Q4 degree market competition 激烈

2019 year Q4 degree, group core business amount growth 3.8%. group sales year-on-year decline 12.5%, is business sheet/plate block competition pressure add 剧, sales price reduce. Q4 degree, group EBITDA decline 5.1%至2.78 100 million 欧元, profit decrease/reduce 53.2%至3700万欧元. 自由经营 cash flow year-on-year decline 9.1%至3.3 100 million 欧元.

about/regarding Covestro

Covestro is full most large polymer production 商之一, 2019 year sales 额达124 100 million 欧元. its business scope/range main/primary in in high polymer material production manufacturing, and used for more day active field/area innovation property solutions R&D. main/primary field/area covering automotive, construction, processing and furniture, electrical and electronics industry, its it field/area also 包括运动休闲, product, medical and chemical industry industry 本身. 截至2019 year 底, Covestro in full has 30家 production 基, 约17200位员工（按 full 职员工计算）.