Results of Operations The world economy saw much weaker growth in 2019 than in 2018. Growth in global industrial production and in the global chemical industry (excluding pharmaceuticals) was also significantly below the prior-year level. In this market environment, BASF’s business did not perform as well as we expected: Sales were down slightly from the prior-year figure and earnings declined considerably. Business reviews by segment (XLS:) XLS Sales and earnings (Million €) 2019 2018 +/– a Amortization of intangible assets and depreciation of property, plant and equipment (including impairments and reversals of impairments) excluding depreciation and amortization attributable to the discontinued construction chemicals business Sales 59,316 60,220 (1.5%) Income from operations before depreciation, amortization and special items 8,217 9,271 (11.4%) Income from operations before depreciation and amortization (EBITDA) 8,036 8,970 (10.4%) EBITDA margin % 13.5 14.9 – Depreciation and amortizationa 3,984 2,996 33.0% Income from operations (EBIT) 4,052 5,974 (32.2%) Special items (484) (307) (57.7%) EBIT before special items 4,536 6,281 (27.8%) Financial result (750) (741) (1.2%) Income before income taxes 3,302 5,233 (36.9%) Income after taxes from continuing operations 2,546 4,116 (38.1%) Income after taxes from discontinued operations 5,945 863 . Net income 8,421 4,707 78.9% Earnings per share € 9.17 5.12 79.1% Adjusted earnings per share € 4.00 5.87 (31.9%) (XLS:) XLS Sales and earnings by quarter in 2019a (Million €) Q1 Q2 Q3 Q4 Full year a Quarterly results not audited b Amortization of intangible assets and depreciation of property, plant and equipment (including impairments and reversals of impairments) excluding depreciation and amortization attributable to the discontinued construction chemicals business Sales 15,596 14,478 14,556 14,686 59,316 Income from operations before depreciation and amortization and special items 2,614 1,874 1,989 1,740 8,217 Income from operations before depreciation and amortization (EBITDA) 2,742 1,535 2,268 1,491 8,036 Depreciation and amortizationb 991 1,039 923 1,031 3,984 Income from operations (EBIT) 1,751 496 1,345 460 4,052 Special items 29 (488) 280 (305) (484) EBIT before special items 1,722 984 1,065 765 4,536 Financial result (195) (203) (168) (184) (750) Income before income taxes 1,556 293 1,177 276 3,302 Income after taxes from continuing operations 1,163 243 917 223 2,546 Income after taxes from discontinued operations 277 5,686 18 (36) 5,945 Net income 1,406 5,954 911 150 8,421 Earnings per share € 1.53 6.48 1.00 0.16 9.17 Adjusted earnings per share € 1.70 0.68 0.99 0.63 4.00 (XLS:) XLS Sales and earnings by quarter in 2018a (Million €) Q1 Q2 Q3 Q4 Full year a Quarterly results not audited b Amortization of intangible assets and depreciation of property, plant and equipment (including impairments and reversals of impairments) excluding depreciation and amortization attributable to the discontinued construction chemicals business Sales 15,156 15,119 14,960 14,985 60,220 Income from operations before depreciation and amortization and special items 2,977 2,639 2,204 1,451 9,271 Income from operations before depreciation and amortization (EBITDA) 2,961 2,575 2,131 1,303 8,970 Depreciation and amortizationb 698 703 762 833 2,996 Income from operations (EBIT) 2,263 1,872 1,369 470 5,974 Special items (17) (66) (73) (151) (307) EBIT before special items 2,280 1,938 1,442 621 6,281 Financial result (181) (191) (137) (232) (741) Income before income taxes 2,082 1,681 1,232 238 5,233 Income after taxes from continuing operations 1,582 1,332 1,016 186 4,116 Income after taxes from discontinued operations 176 191 251 245 863 Net income 1,679 1,480 1,200 348 4,707 Earnings per share € 1.83 1.61 1.31 0.37 5.12 Adjusted earnings per share € 1.91 1.76 1.48 0.72 5.87 back next