Regional Results
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|
Sales |
Sales |
EBIT | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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|
|
2016 |
2015 |
Change % |
2016 |
2015 |
Change % |
2016 |
2015 |
Change % | ||
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1st Quarter |
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|
|
|
|
|
|
|
|
|
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Europe |
|
7,106 |
11,973 |
(41) |
6,766 |
11,459 |
(41) |
1,174 |
1,339 |
(12) |
||
|
Thereof Germany |
|
4,479 |
9,071 |
(51) |
1,904 |
4,634 |
(59) |
602 |
549 |
10 |
||
|
North America |
|
3,756 |
4,232 |
(11) |
3,677 |
4,212 |
(13) |
471 |
470 |
0 |
||
|
Asia Pacific |
|
2,572 |
2,915 |
(12) |
2,723 |
3,073 |
(11) |
199 |
192 |
4 |
||
|
South America, Africa, Middle East |
|
774 |
947 |
(18) |
1,042 |
1,323 |
(21) |
62 |
69 |
(10) |
||
|
|
|
14,208 |
20,067 |
(29) |
14,208 |
20,067 |
(29) |
1,906 |
2,070 |
(8) |
||
1st Quarter 2016
Sales at companies located in Europe decreased by 41% compared with the first quarter of 2015. The asset swap with Gazprom meant a lack of contributions in the first quarter of 2016 from the gas trading and storage business in particular. Lower sales prices brought about by reduced raw material costs additionally weighed down sales. Income from operations before special items fell by €165 million to €1,174 million, mainly as a result of smaller contributions from the Oil & Gas and Chemicals segments in particular. Improved earnings in Other had a positive effect.
In North America, sales decreased by 13% in local currency terms and by 11% in euros. The decline was largely attributable to a sharp drop in prices resulting from lower raw material costs, especially in the Chemicals segment. At €471 million, earnings matched prior first-quarter levels. Significantly improved contributions from the Agricultural Solutions, Functional Materials & Solutions and Performance Products segments were able to compensate for declines in the Chemicals segment and in Other.
Sales in Asia Pacific were down by 10% in local currency and 12% in euro terms. This was mainly due to the substantial decrease in sales prices in our chemicals business1 – especially in the Chemicals segment – resulting from the price of oil. Earnings grew by €7 million year-on-year, reaching €199 million. This was primarily thanks to considerably higher earnings contributions from the Performance Products and Functional Materials & Solutions segments.
Sales in the region South America, Africa, Middle East rose by 1% in local currency terms and fell by 18% in euros. This was mostly due to negative currency effects as well as to lower volumes and the divestiture of the white expandable polystyrene (EPS) business. Substantially higher sales prices helped support sales. Despite significantly larger contributions from the Oil & Gas and Chemicals segments, earnings were down by €7 million year-on-year to €62 million, also as a result of currency effects.
1 Our chemicals business comprises the Chemicals, Performance Products and Functional Materials & Solutions segments.