Regional Results
|
|
|
Sales |
Sales |
EBIT1 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
2016 |
2015 |
Change % |
2016 |
2015 |
Change % |
2016 |
2015 |
Change % | ||
|
||||||||||||
|
2nd Quarter |
|
|
|
|
|
|
|
|
|
|
||
|
Europe |
|
6,993 |
10,646 |
(34) |
6,609 |
10,028 |
(34) |
1,054 |
1,555 |
(32) |
||
|
Thereof Germany |
|
4,491 |
7,652 |
(41) |
1,898 |
3,656 |
(48) |
602 |
838 |
(28) |
||
|
North America |
|
3,811 |
4,305 |
(11) |
3,776 |
4,364 |
(13) |
397 |
391 |
2 |
||
|
Asia Pacific |
|
2,812 |
3,113 |
(10) |
2,950 |
3,308 |
(11) |
212 |
57 |
272 |
||
|
South America, Africa, Middle East |
|
867 |
1,014 |
(14) |
1,148 |
1,378 |
(17) |
55 |
36 |
53 |
||
|
|
|
14,483 |
19,078 |
(24) |
14,483 |
19,078 |
(24) |
1,718 |
2,039 |
(16) |
||
|
1st Half |
|
|
|
|
|
|
|
|
|
|
||
|
Europe |
|
14,099 |
22,619 |
(38) |
13,375 |
21,487 |
(38) |
2,215 |
2,816 |
(21) |
||
|
Thereof Germany |
|
8,970 |
16,723 |
(46) |
3,802 |
8,290 |
(54) |
1,185 |
1,330 |
(11) |
||
|
North America |
|
7,567 |
8,537 |
(11) |
7,453 |
8,576 |
(13) |
841 |
852 |
(1) |
||
|
Asia Pacific |
|
5,384 |
6,028 |
(11) |
5,673 |
6,381 |
(11) |
411 |
256 |
61 |
||
|
South America, Africa, Middle East |
|
1,641 |
1,961 |
(16) |
2,190 |
2,701 |
(19) |
117 |
110 |
6 |
||
|
|
|
28,691 |
39,145 |
(27) |
28,691 |
39,145 |
(27) |
3,584 |
4,034 |
(11) |
||
1st Half 2016
Sales at companies located in Europe decreased by 38% compared with the first half of 2015. In the first half of 2016, the asset swap with Gazprom meant a lack of contributions 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 fell by €601 million to €2,215 million, mainly as a result of smaller contributions from the Oil & Gas and Chemicals segments in particular. Improved earnings in Other had a positive impact.
In North America, sales decreased by 11% in both local currency and euro terms, largely due to a sharp drop in prices resulting from lower raw material costs, especially in the Chemicals segment. At €841 million, income from operations was €11 million below the level of the previous first half. We were able to offset the considerable decline in the Chemicals segment with greater contributions from the other segments. Earnings decreased in Other.
Sales in Asia Pacific decreased by 8% in local currency terms and by 11% in euros. This was mainly due to the substantial decrease in sales prices in our chemicals business2, especially in the Chemicals segment, resulting from the lower price of oil. We raised income from operations by €155 million year-on-year to €411 million, supported by considerably higher earnings for all segments in the region.
In the region South America, Africa, Middle East, sales increased by 2% in local currency terms and fell by 16% in euros. This decline was predominantly attributable to both negative currency effects and lower volumes. Substantially higher prices helped support sales. At €117 million, income from operations exceeded the prior first-half level by €7 million. Considerably greater contributions from the Chemicals and Oil & Gas segments were able to more than compensate for declines, primarily in the Agricultural Solutions and Functional Materials & Solutions segments.
1 For purposes of increased clarity in the presentation of regional results, income from operations (EBIT) before special items has been replaced by income from operations (EBIT), a figure directly derivable from the Consolidated Financial Statements, starting in the second quarter of 2016. Neither of these KPIs is drawn upon for internal management decisions.
2 Our chemicals business comprises the Chemicals, Performance Products and Functional Materials & Solutions segments.