Covestro considers itself to be on a clear course and well-positioned for the rest of the year following challenging first six months as a result of the coronavirus pandemic. At the virtual Annual General Meeting, broadcasted from the World Conference Center in Bonn, CEO Dr. Markus Steilemann confirmed the strategy pursued by the company: The development over the first six months and the economic outlook for the current year show that we still find ourselves in a macroeconomicly difficult situation. However, I am sure that we will steer Covestro through this successfully. We are pursuing a clear, far-sighted strategy that addresses current challenges, but most importanly will secure the companys long-term success.
For a more sustainable restart, Covestro has drawn on a new corporate vision to chart a clear course for the company. Over the long term, the company plans to align its entire production, its range of products and solutions as well as all areas to the circular concept. That means we aim to comprehensively establish the principle of circularity at our company, Steilemann said. Focus topics are alternative raw materials, innovative recycling, joint solutions and renewable energies.
On the path towards achieving a circular economy, Covestro will also be strengthening its innovative capabilities, for example in areas such as digital chemistry. Quantum computing can, for example, enable highly complex chemical reaction processes to be digitally simulated in the future, thus saving considerable time and resources. This would play a vital role in successfully driving the circular economy, Steilemann said. Quantum computing will enable us to take research and development to a completely new level also, and in particular, in regard to the pace at which we can develop innovations, Steilemann explained. The company has only recently announced a research partnership with Google in this area.
Steilemann again confirmed the guidance for the current fiscal year to the shareholders. Although Covestro has been observing a trend of sequential improvement since mid-May, 2020 nevertheless continues to be an exceptional year and the economic environment will remain uncertain in the second half of the year as well. Further developments depend largely on the course taken by the coronavirus pandemic, and this is not completely foreseeable. This makes it all the more important that our measures work and providepositive results already, Steilemann adds.
Since the beginning of the Corona crisis, Covestro had quickly and consistently taken measures to counter the effects on its business, setting clear priorities: Our top priority is to ensure the safety of our employees, business partners and customers. This is followed by maintaining production and supply chains. Equally important to us is to safeguard our strong liquidity position.
Early on, Covestro set the course for sustainably improving efficiency through the companys Perspective program. The company is now benefiting from this as well as from strengthening the short-term cost-saving measures approved at the beginning of this year. By 2020, the aim is to save a total of over EUR 430 million. In addition, the company has adjusted its investment plans and taken various financing measures in the first half of the year, including a new revolving credit facility, short-term working capital facilities, a loan from the European Investment Bank and the issuance of Eurobonds.
To further strengthen Covestros liquidity position in the current exceptional economic environment, the company decided in spring to propose a dividend of EUR 1.20 per share to the Annual General Meeting instead of the originally planned EUR 2.40 per share. This would equal a payout ratio of 40 percent and a new peak in relative terms.
CFO Dr. Thomas Toepfer at the Annual General Meeting: Our policy is to pay out an increased or at least a stable dividend to our shareholders. That was also our intention this year. We will, however, deviate from that policy in 2020 due to the enormous impact of the coronavirus pandemic. I am convinced we have made a balanced decision with this proposed dividend. We are taking the interests of our shareholders into account while at the same time securing our robust liquidity position and credit rating.
Covestro is broadcasting the complete virtual Annual General Meeting, including the Board of Management presentations and the Q&A, live via Webcast athttps://edge.media-server.com/mmc/p/w6xzo9wa/lan/enstarting at 10 a.m. CET. Speeches by the Board of Management can also be followed live via LinkedIn, YouTube, Twitter and Facebook. The manuscripts of the speeches by Dr. Markus Steilemann and Dr. Thomas Toepfer are available online athttps://www.covestro.com/en/investors. The voting results will also be provided there after the Annual General Meeting.
SOURCE: Covestro
Read more here:
- The Quantum Computer Revolution Is Closer Than You May Think - National Review - May 3rd, 2017 [May 3rd, 2017]
- Time Crystals Could be the Key to the First Quantum Computer - TrendinTech - May 3rd, 2017 [May 3rd, 2017]
- quantum computing - WIRED UK - May 3rd, 2017 [May 3rd, 2017]
- Chinese scientists build world's first quantum computing machine - India Today - May 3rd, 2017 [May 3rd, 2017]
- Here's How We Can Achieve Mass-Produced Quantum Computers - ScienceAlert - June 6th, 2017 [June 6th, 2017]
- D-Wave partners with U of T to move quantum computing along - Financial Post - June 6th, 2017 [June 6th, 2017]
- Team develops first blockchain that can't be hacked by quantum computer - Siliconrepublic.com - June 6th, 2017 [June 6th, 2017]
- Telstra just wants a quantum computer to offer as-a-service - ZDNet - June 6th, 2017 [June 6th, 2017]
- Research collaborative pursues advanced quantum computing - Phys.Org - June 6th, 2017 [June 6th, 2017]
- Quantum Computing Market Forecast 2017-2022 | Market ... - June 6th, 2017 [June 6th, 2017]
- Quantum Computing Is Real, and D-Wave Just Open ... - WIRED - June 7th, 2017 [June 7th, 2017]
- FinDEVr London: Preparing for the Dark Side of Quantum Computing - GlobeNewswire (press release) - June 9th, 2017 [June 9th, 2017]
- Purdue, Microsoft to Collaborate on Quantum Computer - Photonics.com - June 9th, 2017 [June 9th, 2017]
- Scientists May Have Found a Way to Combat Quantum Computer Blockchain Hacking - Futurism - June 9th, 2017 [June 9th, 2017]
- Microsoft and Purdue work on scalable topological quantum computer - Next Big Future - June 12th, 2017 [June 12th, 2017]
- HYPRES Expands Efforts in Quantum Computing with Launch of European Subsidiary SeeQC - Business Wire (press release) - June 12th, 2017 [June 12th, 2017]
- From the Abacus to Supercomputers to Quantum Computers - Duke Today - June 13th, 2017 [June 13th, 2017]
- Accenture, Biogen, 1QBit Launch Quantum Computing App to ... - HIT Consultant - June 14th, 2017 [June 14th, 2017]
- The US and China "Quantum Computing Arms Race" Will Change Long-Held Dynamics in Commerce, Intelligence ... - PR Newswire (press release) - June 14th, 2017 [June 14th, 2017]
- Quantum Computing Technologies markets will reach $10.7 billion by 2024 - PR Newswire (press release) - June 14th, 2017 [June 14th, 2017]
- A Hybrid of Quantum Computing and Machine Learning Is Spawning New Ventures - IEEE Spectrum - June 14th, 2017 [June 14th, 2017]
- KPN CISO details Quantum computing attack dangers - Mobile World Live - June 16th, 2017 [June 16th, 2017]
- Get ahead in quantum computing AND attract Goldman Sachs - eFinancialCareers - June 16th, 2017 [June 16th, 2017]
- Accenture, 1QBit partner for drug discovery through quantum ... - ZDNet - June 16th, 2017 [June 16th, 2017]
- Toward optical quantum computing - MIT News - June 17th, 2017 [June 17th, 2017]
- Quantum computing, the machines of tomorrow | The Japan Times - The Japan Times - June 17th, 2017 [June 17th, 2017]
- Its time to decide how quantum computing will help your ... - June 18th, 2017 [June 18th, 2017]
- Israel Enters Quantum Computer Race, Placing Encryption at Ever-Greater Risk - Sputnik International - June 20th, 2017 [June 20th, 2017]
- Prototype device enables photon-photon interactions at room ... - Phys.Org - June 20th, 2017 [June 20th, 2017]
- Dow and 1QBit Announce Collaboration Agreement on Quantum Computing - Business Wire (press release) - June 21st, 2017 [June 21st, 2017]
- Imperfect crystals may be perfect storage method for quantum computing - Digital Trends - June 21st, 2017 [June 21st, 2017]
- Dow Chemical, 1QBit Ink Quantum Computing Development Deal - Zacks.com - June 22nd, 2017 [June 22nd, 2017]
- Google on track for quantum computer breakthrough by end of 2017 - New Scientist - June 22nd, 2017 [June 22nd, 2017]
- USC to lead project to build super-speedy quantum computers - USC News - June 24th, 2017 [June 24th, 2017]
- The Quantum Computer Factory That's Taking on Google and IBM ... - WIRED - June 24th, 2017 [June 24th, 2017]
- The weird science of quantum computing, communications and encryption - C4ISR & Networks - June 27th, 2017 [June 27th, 2017]
- Multi-coloured photons in 100 dimensions may make quantum ... - Cosmos - June 30th, 2017 [June 30th, 2017]
- Global Quantum Computing Market Growth at a CAGR of 35.12 ... - PR Newswire (press release) - June 30th, 2017 [June 30th, 2017]
- Qudits: The Real Future of Quantum Computing? - IEEE Spectrum - IEEE Spectrum - June 30th, 2017 [June 30th, 2017]
- New method could enable more stable and scalable quantum ... - Phys.Org - June 30th, 2017 [June 30th, 2017]
- Quantum computers are about to get real | Science News - Science News Magazine - June 30th, 2017 [June 30th, 2017]
- Quantum Computing - Scientific American - June 30th, 2017 [June 30th, 2017]
- Australia's ambitious plan to win the quantum race - ZDNet - July 3rd, 2017 [July 3rd, 2017]
- How quantum mechanics can change computing - The Conversation - The Conversation US - August 24th, 2017 [August 24th, 2017]
- UNSW joins with government and business to keep quantum computing technology in Australia - The Australian Financial Review - August 24th, 2017 [August 24th, 2017]
- UNSW launches Australia's first hardware quantum computing company with investments from federal and NSW ... - OpenGov Asia - August 24th, 2017 [August 24th, 2017]
- Finns chill out quantum computers with qubit refrigerator to cut out errors - ZDNet - August 24th, 2017 [August 24th, 2017]
- Hype and cash are muddying public understanding of quantum ... - The Conversation AU - August 24th, 2017 [August 24th, 2017]
- IEEE Approves Standards Project for Quantum Computing ... - insideHPC - August 24th, 2017 [August 24th, 2017]
- Silicon Quantum Computing launched to commercialise UNSW ... - ZDNet - August 24th, 2017 [August 24th, 2017]
- The Era of Quantum Computing Is Here. Outlook: Cloudy ... - January 30th, 2018 [January 30th, 2018]
- The Era of Quantum Computing Is Here. Outlook: Cloudy | WIRED - February 6th, 2018 [February 6th, 2018]
- Quantum computing in the NISQ era and beyond - February 6th, 2018 [February 6th, 2018]
- What is quantum computing? - Definition from WhatIs.com - February 6th, 2018 [February 6th, 2018]
- Quantum computers - WIRED UK - February 19th, 2018 [February 19th, 2018]
- Is Quantum Computing an Existential Threat to Blockchain ... - February 21st, 2018 [February 21st, 2018]
- What is Quantum Computing? Webopedia Definition - March 25th, 2018 [March 25th, 2018]
- Quantum Computing Explained - WIRED UK - April 15th, 2018 [April 15th, 2018]
- Quantum computing: A simple introduction - Explain that Stuff - June 2nd, 2018 [June 2nd, 2018]
- What are quantum computers and how do they work? WIRED ... - June 22nd, 2018 [June 22nd, 2018]
- How Quantum Computers Work - July 22nd, 2018 [July 22nd, 2018]
- The reality of quantum computing could be just three years ... - September 12th, 2018 [September 12th, 2018]
- The 3 Types of Quantum Computers and Their Applications - November 24th, 2018 [November 24th, 2018]
- Quantum Computing - VLAB - January 27th, 2019 [January 27th, 2019]
- Quantum Computing | Centre for Quantum Computation and ... - January 27th, 2019 [January 27th, 2019]
- Microsofts quantum computing network takes a giant leap ... - March 7th, 2019 [March 7th, 2019]
- IBM hits quantum computing milestone, may see 'Quantum ... - March 7th, 2019 [March 7th, 2019]
- Quantum technology - Wikipedia - March 13th, 2019 [March 13th, 2019]
- Quantum Computing | D-Wave Systems - April 18th, 2019 [April 18th, 2019]
- Microsoft will open-source parts of Q#, the programming ... - May 7th, 2019 [May 7th, 2019]
- What Is Quantum Computing? The Complete WIRED Guide | WIRED - May 8th, 2019 [May 8th, 2019]
- The five pillars of Edge Computing -- and what is Edge computing anyway? - Information Age - October 1st, 2019 [October 1st, 2019]
- Moore's Law Is Dying. This Brain-Inspired Analogue Chip Is a Glimpse of What's Next - Singularity Hub - October 1st, 2019 [October 1st, 2019]
- Experts Gather at Fermilab for International Workshop on Cryogenic Electronics for Quantum Systems - Quantaneo, the Quantum Computing Source - October 1st, 2019 [October 1st, 2019]
- Princeton announces initiative to propel innovations in quantum science and technology - Princeton University - October 1st, 2019 [October 1st, 2019]
- Detecting Environmental 'Noise' That Can Damage The Quantum State of Qubits - In Compliance - October 1st, 2019 [October 1st, 2019]
- Quantum Computing beginning talks with clients on its quantum asset allocation application - Proactive Investors USA & Canada - October 1st, 2019 [October 1st, 2019]
- What is quantum computing? The next era of computational evolution, explained - Digital Trends - October 1st, 2019 [October 1st, 2019]
- IT sees the Emergence of Quantum Computing as a Looming Threat to Keeping Valuable Information Confidential - Quantaneo, the Quantum Computing Source - October 23rd, 2019 [October 23rd, 2019]
- More wrong answers get quantum computers to find the right one - Futurity: Research News - October 23rd, 2019 [October 23rd, 2019]