BASF has generated sales of €59.3 billion in the business year of 2019, seeing a slight decline in sales compared with the previous year, due to lower volumes and prices.
Income from operations (EBIT) before special items was €4.5 billion, down by €1.7 billion from the prior-year level as a result of lower contributions from the Materials and Chemicals segments.
Dr Martin Brudermüller, Chairman of the Board of Executive Directors at BASF, said: “We increased our earnings in all downstream segments despite the difficult market environment. Unfortunately, this could not offset the decline in the basic chemicals business."
BASF saw a considerable year-on-year improvements in the downstream segments, with Industrial Solution increasing EBIT before special items considerably in both divisions, mainly due to lower fixed costs, positive currency effects, and higher margins.
Brudemüller said: “We used 2019 to implement our corporate strategy with energy, passion, and speed.”
“We have started off the new year with a reshaped organisation, reduced complexity, streamlined administration, and simplified processes.”