Covestro proposes a dividend of EUR 1.20 per share for fiscal 2019
At its meeting today, the Board of Management of Covestro AG has decided to propose a dividend of EUR 1.20 per share for the 2019 fiscal year to the Annual General Meeting and to carry the remainder of the distributable profit forward to new account.
The Annual General Meeting is scheduled to take place as a virtual event on July 30, 2020.
The Board of Management had previously proposed a dividend of EUR 2.40 per share to the Annual General Meeting that was originally planned in Bonn, Germany, on April 17, 2020. The Board of Management currently focuses on securing the company’s liquidity and credit rating. As a result of the global coronavirus pandemic, the Board of Management expects significantly lower earnings in fiscal 2020, as detailed in the Q1 2020 interim statement. Despite the economically challenging times, Covestro continues to allow its shareholders to participate in the success of the company. Based on yesterday’s Xetra closing price of the Covestro share of EUR 30.49, this dividend proposal equals a dividend yield of 3.9%.
With 2019 sales of EUR 12.4 billion, Covestro is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health and the chemical industry itself. Covestro has 30 production sites worldwide and employs approximately 17,200 people (calculated as full-time equivalents) at the end of 2019.
This investor news may contain forward-looking statements based on current assumptions and forecasts made by Covestro AG. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Covestro’s public reports which are available at www.covestro.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.