Sales of BASF Group in the second quarter of 2015 grew by 3% to €19.1 billion compared with the same quarter of the previous year. Sales volumes grew by 2% compared with Q2 2014.
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This was predominantly through a sharp increase in volumes in the Oil & Gas segment. As a consequence of the significant drop in the price of oil, prices declined overall, especially in the Chemicals and Oil & Gas segments. All segments recorded positive currency effects.
Income from operations (EBIT) before special items rose by €31 million to around €2.0 billion, largely through the significantly increased contribution from the Functional Materials & Solutions segment as well as lower expenses in Other.
While earnings were only slightly down in the Chemicals segment, the other segments posted considerable declines.
EBIT grew by €106 million to €2 billion in the second quarter compared with the same period of the previous year. At €1.3 billion, net income matched the level of the second quarter of 2014. Earnings per share were €1.38 in the second quarter of 2015, compared with €1.37 in the same period of 2014.
In the first half of 2015, sales grew by 3% to €39.1 billion compared with the first half of 2014, despite slightly declining sales volumes in the chemicals business. At around €4.1 billion, EBIT before special items matched the level of the first half of the previous year.
The oil price-related decline in the Oil & Gas segment dampened earnings, while the Functional Materials & Solutions and Chemicals segments provided support through greater contributions. The Agricultural Solutions segment matched the earnings of the previous first half; the Performance Products segment and Other remained below the level of the same period of 2014.
Cash provided by operating activities in the first half of 2015 rose by €2.4 billion to €5.1 billion.
“This was almost a doubling of the previous half-year level and was predominantly the result of a reduction in inventories of €1.3 billion.
"Contributing to this were seasonal effects in the natural gas trading and crop protection businesses as well as the continuing optimization of our inventory management,†said Hans-Ulrich Engel, chief financial officer. ■