According to financial report data, BASF achieved sales of 87.3 billion euros in 2022, a year-on-year increase of 11.1%; Excluding special items, the pre interest and tax income was 6.9 billion euros, a decrease of 11.5% compared to the same period last year.

Regarding its performance in 2022, BASF stated that the increase in sales volume was mainly due to the increase in prices in its business areas due to the rise in raw material and energy prices, with the materials and chemicals business areas experiencing the largest price increase. The decline in profits is mainly due to a decrease in profits and sales in the chemicals and materials business, as well as an increase in fixed costs. When it comes to development in China, BASF stated in response to a reporter’s interview that in the face of a challenging market environment, BASF’s business in China still shows resilience.

In 2023, BASF will prioritize cost reduction and efficiency improvement, with a focus on rationalizing its cost structure in Europe (especially in Germany), with most of the cost reduction coming from the Ludwigshafen integrated base. BASF expects that the cost reduction plan will save over 500 million euros annually by the end of 2024.