The world's largest chemical company, the German BASF Group, released a record annual performance report yesterday. Its 2010 sales reached 63.9 billion euros, an increase of 26%, and earnings per share of 4.96 euros, an increase of 223%. This is a perfect example of how a global industry is recovering from the crisis.
According to Dr. He Binjie, Chairman of BASF's Executive Board, the company's performance was record-breaking in 2010. Compared with 2009, total sales increased by 26% to 63.9 billion euros. Earnings before interest and taxes excluding special items increased by 68% to 8.1 billion euros. In 2010, BASF once again realized profits higher than the cost of capital, with a record breaking profit of 3.5 billion euros.
The good performance reflects BASF's growth momentum and gains approval from the capital market. It is reported that BASF’s stock price reached its historical peak in December 2010 and grew over 37% throughout the year.
It is understood that in the chemicals business area, BASF’s sales far exceeds 2009 levels thanks to higher prices and sales. Some of these products have experienced temporary supply shortages. The increase in the cost of raw materials is also basically transferred to the sales price. The Petrochemical Department has particularly benefited from this. Due to the increase in profit margins, especially for basic products and greater sales, operating revenue in the chemicals business area has achieved strong growth.
According to BASF's forecast, the global economy will grow steadily, reaching 3.3% in 2011, while global chemical production will increase significantly, reaching 5.2%. The average crude oil price in 2011 was US$90/barrel.
According to Dr. He Binjie, Chairman of BASF's Executive Board, the company's performance was record-breaking in 2010. Compared with 2009, total sales increased by 26% to 63.9 billion euros. Earnings before interest and taxes excluding special items increased by 68% to 8.1 billion euros. In 2010, BASF once again realized profits higher than the cost of capital, with a record breaking profit of 3.5 billion euros.
The good performance reflects BASF's growth momentum and gains approval from the capital market. It is reported that BASF’s stock price reached its historical peak in December 2010 and grew over 37% throughout the year.
It is understood that in the chemicals business area, BASF’s sales far exceeds 2009 levels thanks to higher prices and sales. Some of these products have experienced temporary supply shortages. The increase in the cost of raw materials is also basically transferred to the sales price. The Petrochemical Department has particularly benefited from this. Due to the increase in profit margins, especially for basic products and greater sales, operating revenue in the chemicals business area has achieved strong growth.
According to BASF's forecast, the global economy will grow steadily, reaching 3.3% in 2011, while global chemical production will increase significantly, reaching 5.2%. The average crude oil price in 2011 was US$90/barrel.
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