Ludwigshafen, Germany -- BASF announced Q1 2015 sales of EUR20.1bn ($22.2bn) during the company’s annual shareholders meeting in Mannheim.
Kurt Bock, chairman of the board of executive directors, said the figures represented a 3% increase on Q1 2014 sales.
The company’s EBIT (earnings before interest, tax) before special items was EUR2.1bn, EUR226m or a 2% drop on Q1 2014, Bock told the meeting. He said: “We will continue to research and develop, as the challenges stemming from an increasing population are far from being resolved. This is especially true for energy. We are looking for entirely new materials to help make Germany’s energy transition successful,”
The functional materials and solutions segment achieved sales of €4.6bn, an 8% higher than Q1 2015, and, said Bock, “a result of positive currency effects in all divisions.”
He said that volumes and prices “dipped slightly overall” but there was higher demand, primarily from the automotive industry. The segment’s EBIT before special items was EUR431mm, up EUR120m, with the performance materials division providing major support for this growth.
In terms of business development in world regions, the company reported a 1% increase in sales within Europe compared to Q1 2014.
North American sales dropped by 10% in local currency terms on account of lower prices, however, in Euro terms, sales actually rose by 9%, according to a company press release.
Sales in Asia Pacific dropped by 13% in local currency terms, predominantly on account of prices, and grew in Euro terms by 2%. In South America, Africa, Middle East, sales exceeded were 2% higher than Q1 2014 in local currency terms and 10% in euro terms.
The company expects a “slight sales increase and with its EBIT before special items likely to match level of 2014.”
XE Currency conversion: 5 May, 2015