(AOF) – BASF (+1% to 47.31 euros) posts a net result of 225 million euros for 2023, compared to a loss of 627 million in 2022, and cites “a market environment marked by uncertainty” . The German chemical group specifies that its Ebitda before special items stood at 7.7 billion euros, down 3.1 billion (28.7%) over one year. BASF expects for 2024 an Ebitda before special items of between 8 and 8.6 billion and a free cash flow of between 0.1 and 0.6 billion euros compared to 2.7 billion in 2023 due to temporarily higher capital expenditures. high.
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Nothing is going well for German chemistry
German chemicals, very dependent on Russian gas, are in difficulty. Following sluggish sales in the automotive sector and falling demand in construction, production is down 8.5% in 2022, with overall turnover down 1.6% to 63.1 Billions of Euro’s. Specialty chemistry is doing better. On the other hand, the rate of utilization of production capacities in basic chemicals has slowed significantly to reach less than 80%. The third German industrial sector is tempted by relocation to the United States, where energy costs are much lower. With the Inflation Reduction Act, the United States has established an environment appropriate to current challenges.