China Drying Network News In the first half of this year, the global economic recovery was a series of twists and turns. In the complex and volatile situation, transnational chemical giants have actively responded to the challenges. At the end of July, BASF, Dow, Bayer, etc. successively released their second-quarter financial reports, showing that the chemical giants have achieved an “unpredictable” development strategy in order to achieve the goals at the beginning of the year. At the same time, foreign companies’ top executives have expressed their opinions on future chemical development. Trend analysis and outlook, and strive to achieve double growth in sales and revenue.

Interim results: both positive and negative

BASF, a leading chemical company in the world, achieved steady growth in the second quarter, but its growth rate in China declined significantly. The company’s quarterly report said that sales in the second quarter increased to 19.5 billion euros, a year-on-year increase of 6%; operating income (EBIT) excluding special items increased by 253 million euros to 2.5 billion euros; cumulative sales in the first half of the year amounted to 40.1 billion euros, up 6 percent year-on-year %. The strong performance in the agricultural solutions, crude oil and natural gas business areas has become the main driving force for growth.

Dow Chemical Corporation reported sales of $14.5 billion in the second quarter, a decrease of 10% from the same period of last year; EBITDA of nearly 2 billion U.S. dollars; agricultural science business growth of 12%, creating a new sales record for the same period It also makes EBITDA more than 750 million U.S. dollars. Sales in Europe fell by more than 400 million U.S. dollars, mainly due to the European debt crisis. In response to difficulties, Dow added nearly $700 million in cash during operations.

The Bayer Group's second quarter report showed that it maintained its growth momentum. Sales increased by 10.0% to 10.077 billion euros, a record high in the same period; EBITDA increased by 6.7% to 2.172 billion euros; net income was 494 million euros, a decrease of 33.9%.

Celanese’s quarterly report reflected net sales of US$1.675 billion, a year-on-year decrease of 4%. Although the company’s total sales increased, it was mainly affected by the price cuts of acetyl intermediate products, with an operating profit of US$164 million, compared to the same period of last year. It is 209 million U.S. dollars. Honeywell’s second-quarter sales increased by 4% to US$9.4 billion. Strong sales boosted the company’s earnings growth by 14%.

Contrarian growth: driven by "bright spots"

This year, the European debt crisis continued to ferment, the US economic recovery was weak, international oil prices fluctuated violently, and emerging markets, especially China's exports, fell, domestic demand was insufficient, and GDP growth slowed. Affected by this trend, the prices of chemical products have generally declined and sales have decreased. However, multinational corporations have taken advantages in the field of specialty chemicals and technological innovation, and focused on providing customers with high value-added solutions. They are still a beautiful landscape in the industry.

Dow Chemical's agricultural science business grew 12% in the second quarter, creating a new sales record for the same period; the functional plastics business also grew by 3%. BASF's functional solutions business achieved sales growth; the agricultural solutions business continued to create outstanding results. In the first half of the year, EBIT revenues reached 833 million euros, which was more than the total amount of the previous year. Bayer MaterialScience business grew 6.5 percent to 2.962 billion euros, the highest quarterly sales record, and the best second quarter EBITDA data since 2007, with foam polyurethane raw material business growing by 7.5%; in addition, Bayer CropScience business Sales increased by 17.1%, and sales of medical and health subgroup increased by 10%. Celanese’s performance in specialty consumer products has been increasing year after year. The sales in the second quarter were US$327 million, compared to US$291 million in the same period of last year, with sales and profits of the acetate business growing.

Adjust cautiously: Strive for "double growth"

How is the trend of chemical industry in the second half? As global economic uncertainties continue to exist, signs of stabilization in the first half of the year have already begun to appear. The chemical giants have made cautious outlooks on the future and the goal is still to achieve double growth in sales and revenue.

BASF adjusted its “2012 forecast” released in the fourth quarter of last year according to the economic trend and order quantity in the first half of the year: Global GDP is forecast to grow by 2.3% this year, and chemical production value increased by 3.5%, compared with 2.7% at the end of last year. , 4.1%; forecast the average annual oil price of 110 US dollars / barrel. Dr. Bokaici, Chairman of BASF's Executive Board, said: “The restoration of Libya’s crude oil production will provide strong support for our forecast. The possibility of the revenue of the chemicals business maintaining last year’s level is unlikely, but in the second half, our goal is still to surpass 2011. Annual record sales and revenue."

Dow Cheng, chairman and chief executive of Dow Chemical, made a more cautious statement. “The global macro situation in the second half of the year did not improve at the speed we had expected. Therefore, we have adjusted our business plan accordingly; in the face of severe environmental conditions, We will speed up cost reductions, increase efficiency, and focus on strengthening operations management. Despite some resistance at the moment, Dow's correct strategy for long-term goals has been put in place.”

Bayer is full of confidence in the business development in the second half of the year. Chairman of the board of directors of the Bayer Group, Dykes, said that thanks to the favorable currency environment, the company is expected to continue its good performance in the first half of the year, and its annual sales and earnings will be improved. The Bayer Quarterly report stated that emerging markets with faster growth rates are the focus of future development. Bayer has adjusted the allocation of emerging markets, namely Asia (excluding Japan), Latin America, Eastern Europe, Africa and the Middle East.

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