Concern! BASF's profit shrinks in 2023

Recently, BASF released its financial results for fiscal year 2023. According to the report, BASF Group's sales in fiscal 2023 amounted to €68.9 billion, compared to €87.3 billion in the previous fiscal year, despite a market environment of significant economic uncertainty. EBITDA before special items decreased by 28.7 percent year-on-year to EUR 7.7 billion, cash flow from operating activities increased by 5.2 percent to EUR 8.1 billion, and free cash flow decreased by 18.5 percent year-on-year to EUR 2.7 billion.

BASF expects the weak global growth momentum in 2023 to continue in 2024. Global economic growth is expected to accelerate later this year, with BASF expecting the overall global economy to grow by 2.3 percent in 2024. In Europe, relatively high energy prices and regulatory framework conditions that are not conducive to the creation of industrial value will continue to slow the economy.

In addition, BASF announced further plans for its Ludwigshafen site to achieve additional cost savings of EUR 1 billion per year by the end of 2026. This is an additional step in addition to BASF's existing cost reduction plan for the non-production sector in Europe and the restructuring of production at the Ludwigshafen site.

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