BASF : reducing outlook for 2015
“We experienced a pronounced summer lull and no volume momentum in September. Major markets like Brazil are in a recession or face lower growth rates, such as China,” said Dr. Kurt Bock, Chairman of the Board of Executive Directors of BASF SE.
In the first nine months of 2015, sales of BASF Group were around €56.6 billion, 1% higher than in the same period of the previous year. EBIT before special items declined by €182 million to €5.7 billion. At €5.9 billion, EBIT in the first nine months of 2015 reached the same level as in the same period of the previous year.
Outlook for full year 2015
In the first three quarters of 2015, growth in the global economy remained considerably below the company’s expectations. The economic environment clouded over in important emerging markets, especially in China.
BASF has further reduced its expectations for the global economy in 2015 We are therefore adjusting our outlook for 2015. We now expect a slight decrease in sales and EBIT before special items,” said Bock.
It is unlikely that the BASF Group will achieve the slight sales growth forecast for 2015. BASF now expects sales to decline slightly.
Contrary to expectations, EBIT before special items in 2015 will probably not match the previous year’s level but will instead see a slight decrease.