BASF announces 2012 results
27/02/2013
Sales in the fourth quarter of 2012 were €19.6 billion, 9% higher than in the same quarter of the previous year. This increase was mainly due to higher volumes in almost all segments as well as price and currency effects.
At €1.8 billion, earnings before special items was 18% above the level of the previous fourth quarter, mainly due to significantly higher volumes in oil and gas as well as improved earnings in polyurethanes and construction chemicals.
For the full year, BASF increased sales to €78.7 billion, up 7% compared with 2011. Net income fell by €1.3 billion to €4.9 billion, due in part to the higher earnings contribution from oil and gas and therefore higher taxes.
Dr Kurt Bock, chairman of BASF, said: “We aim to grow again in 2013 and exceed the 2012 levels in sales and earnings before special items. The expected increase in demand, together with measures to improve operational excellence and raise efficiency, will contribute to this.
“Innovations are the basis for profitable growth and thus lie at the core of our competitiveness. Therefore, BASF will increase its research and development spending in 2013 to around 9% more than in 2011."
In chemicals, sales in the fourth quarter increased, driven by price and portfolio effects. Earnings before special items declined mainly due to lower margins and plant shutdowns. For the full year 2012, sales increased by 7% to €13.8 billion.
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