Half Year 2024 BASF SE Earnings Call Transcript
Key Points
- EBITDA before special items matched the prior-year quarter level, indicating stable performance.
- Volume growth of 2.4% across most businesses, excluding precious and base metals.
- Strong performance in the Chemicals segment with considerable volume growth and improved margins in the Petrochemicals division.
- Industrial Solutions segment achieved considerable volume growth and margin expansion.
- Nutrition & Care segment saw a considerable increase in EBITDA before special items, supported by higher volumes and margin expansion.
- Sales declined by 7% to EUR16.1 billion, mainly due to lower prices.
- Considerably lower earnings in the Agricultural Solutions segment due to a difficult market environment.
- Net income decreased by EUR70 million compared to the prior-year quarter.
- Free cash flow dropped to EUR471 million from EUR905 million in Q2 2023.
- Net debt increased to EUR21.4 billion at the end of June 2024, up from EUR16.6 billion at the end of December 2023.
And welcome to BASF SE Conference Call on the second quarter 2024 results. (Operator Instructions) Today's presentation contains forward-looking statements. These statements are based on current estimates and projections of the Board of Executive Directors and currently available information. Forward-looking statements are not guarantees of the future developments and results outlined there in.
These are dependent on a number of factors. They involve various risks and uncertainties, and they are based on assumptions that may not prove to be accurate. Such risk factors include those discussed in opportunities and risks of the BASF Report 2023. BASF does not assume any obligation to update the forward-looking statements contained in this presentation above and beyond the legal requirements.
With me on the call today are Martin Brudermuller, Chairman of the Board of Executive Directors ; and Dirk Elvermann, Chief Financial Officer. Please be aware that we have already posted the speech on our website at basf.com/q12024
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