Looking back, it's fair to say that 2024 was a mixed year Covestro.
A year that demanded a lot from us once again,
but also highlighted what we are capable of achieving.
However, the global markets did not develop
as we had anticipated at the beginning of the year.
While demand for our products remained steady,
it stayed at a low level overall.
In addition, sustained price pressure significantly impacted our margins.
Nevertheless, we closed the year within our guidance -
despite operating in a market environment
that was challenging for Covestro
and the chemical industry as a whole.
What personally pleases me and makes me proud
are the successes we achieved
despite these external circumstances.
We sharpened our focus
and worked on the levers we can control:
improving the availability of our plants
and maintaining strict cost discipline.
Moreover, we continuously review and optimize our structures and processes
to make ourselves more efficient and competitive.
This embodies the Covestro spirit
and aligns perfectly with our “Sustainable Future” strategy:
We become the best of who we are also in challenging times.
My sincere thanks go to all colleagues worldwide
whose dedication in 2024 made this possible.
I have particularly positive memories
of several projects and developments from 2024.
For example, we made significant progress
in digitization and the use of artificial intelligence.
This AI offers huge potential -
from production to various other business areas.
Equipping our global workforce with a skills to leverage AI
effectively is a crucial step.
For example, our internal training initiative,
“Expeditions C”, lays the foundation for that.
With AI, we can test new ideas quickly and cost-effectively,
and are not afraid to discontinue projects
that don't deliver value.
I am convinced that this approach will propel us forward significantly.
Another major milestone this year was undoubtedly
the takeover offer from ADNOC
and the high acceptance rate by our shareholders
at the end of the year.
The negotiations and processes required significant effort
from many colleagues,
and while we are still in the process, we have already achieved a lot in 2024.
I look back on that very positively.
Looking ahead to 2025,
we do not anticipate a quick economic recovery in global markets.
That means rolling up our sleeves and tackling the next steps
with determination.
We are also taking a closer look inward:
How do we work together?
What can we improve?
We will continue our transformation with full commitment -
guided by measurable actions,
concrete steps and our clear strategic alignment firmly in focus.
In the foreseeable future,
we expect to have a strong partner by our side:
With ADNOC, we can further accelerate the implementation
of our “Sustainable Future” strategy and our focus on the circular economy.
I see 2025 as a year that will undoubtably
bring challenges, but also many opportunities:
opportunities to shape, to drive change, and to move forward as a team.
Mastering such phases is what Covestro is all about.
That's why I look ahead with confidence, curiosity,
and anticipation for what lies ahead - and what we will achieve together.