NEWS BASF’s sales declined in 2023
BASF announced its expected full year sales for 2023 of €68.9bn, below the group’s forecast of €73- 76bn. Sales in 2022 sales were €87,327m. Expected income from operations (EBIT) before special items of €3.8bn, also falling below estimations. The company said the
decrease in its pre-tax profits was due to lower margins. In the Chemicals segment, EBIT before special items in 2023 fell short of estimates due to unplanned plant shutdowns, among other things. The Materials segment slightly exceeded the average analyst estimates for EBIT before special items in 2023.
BASF Group’s net income
is expected to be €225m in 2023, compared with minus €627m in 2022, which included a large impairment. Markus Kamieth (pictured top right), who has been a member of the Board of Executive Directors since 2017, will take over as BASF’s Chairman of the Board of Executive Directors at the end of the Annual Share- holders’ Meeting on 25 April 2024. He succeeds Martin Brudermüller who has held the position since 2018. Kurt Bock, Chairman of the Supervisory Board of BASF, thanked Brudermüller for his “outstanding achieve- ments”. He said “[Kamieth] combines strategic vision with operational implemen- tation strength and will provide new impulses to the businesses and teams at BASF.”
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Two new appointments to the Board of Executive Directors have also been made: Anup Kothari, who is currently President of the Nutrition & Health division; and Katja Scharpwinkel, currently President of the Europe, Middle East, Africa region. Kothari began his career
at BASF in North America and has held various positions in the US, Ger- many and China in different divisions. Scharpwinkel joined BASF in 2010 following the acquisition of the former Cognis and has successfully led various businesses since then. �
www.basf.com
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