Heavy losses! BASF, Dow, LyondellBasell, Eastman, and 25 other chemical companies release their 2023 financial reports.

【Answer 1】 ▶▶ INEOS Group Holdings In 2023, revenue totaled €14.885 billion (approx. $16 billion), down from €20.927 billion in 2022. Full-year operating profit amounted to €707 million, compared to €2.001 billion the prior year. Net profit for the year stood at €309 million, versus €2 billion in 2022. ▶▶ Covestro In 2023, sales totaled €14.377 billion (approx. $15.4 billion), a 20% decline from €17.968 billion in 2022. EBITDA stood at €1.08 billion, down 33.2% from €1.617 billion in the prior year. Full-year net loss was €198 million, an improvement from the €272 million net loss in 2022. ▶▶ DSM-Firmenich Q4 sales totaled €3.112 billion (approx. $3.337 billion), down 6% year-on-year from €3.295 billion. Adjusted EBITDA was €439 million, down 12% year-on-year. For full-year 2023, sales totaled €12.31 billion (approx. $13.2 billion), down 7% from €13.238 billion in 2022. Adjusted EBITDA was €1.777 billion, down 22% year-on-year. Full-year adjusted net profit was €555 million, down 45% from €1.013 billion in 2022. ▶▶ Henkel Group Q4 group sales totaled €5.148 billion, down from €5.509 billion in the prior-year quarter. Adhesives Technologies segment sales were €2.604 billion (approx. $2.79 billion); Consumer Brands segment sales were €2.505 billion. Full-year 2023 group sales totaled €21.514 billion, down from €22.397 billion in 2022. Full-year group EBIT was €2.011 billion, up from €1.81 billion in 2022. Adhesives Technologies segment sales totaled €10.79 billion (approx. $11.6 billion), with EBIT of €1.423 billion. Consumer Brands segment sales totaled €10.565 billion, with EBIT of €753 million. ▶▶ Arkema Group Q4 sales totaled €2.222 billion (approx. $2.38 billion), down 11.4% year-on-year from €2.507 billion. EBITDA was €331 million, up 13.7% from €291 million in the prior-year quarter. Adjusted net profit for the quarter was €107 million, up from €88 million in the prior-year quarter. Full-year 2023 sales totaled €9.514 billion (approx. $10.2 billion), down 17.6% from €11.55 billion in 2022. EBITDA was €1.501 billion, down 28.9% from €2.11 billion in 2022. Full-year adjusted net profit was €653 million, down 44% from €1.167 billion in 2022. ▶▶ LANXESS Q4 sales totaled €1.436 billion (approx. $1.54 billion), down 27.2% year-on-year from €1.973 billion.

Wanhua Chemical, Satellite Chemical, and Celanese achieved both revenue and profit growth; however, high costs weighed down multinational enterprises such as Covestro and Huntsman.

【Answer 2】 Lubei Chemical’s 2023 revenue totaled approximately RMB 4.994 billion, up 1.96% year-on-year; net profit attributable to shareholders of the listed company was approximately RMB 101 million, up 214.87% year-on-year. In terms of revenue contribution, titanium dioxide products remain Lubei Chemical’s dominant business segment—revenue from titanium dioxide products rose 19.85% to RMB 3.275 billion, accounting for over 60% of total revenue; fertilizer product revenue reached RMB 262 million, up 8.22%. Hengli Petrochemical expects its 2023 net profit attributable to shareholders to be approximately RMB 6.9 billion, up roughly 197.63% year-on-year; adjusted net profit attributable to shareholders is expected to be approximately RMB 5.64 billion, up roughly 439.57% year-on-year. Celanese’s 2023 global net sales totaled $10.9 billion, up 13% year-on-year—driven primarily by a 23% volume increase from the acquisition of the Mobility & Materials (M&M) business, partially offset by a 10% price decline. Operating profit was $1.7 billion; adjusted EBIT was $1.8 billion. Underperforming companies: Covestro’s 2023 sales totaled €14.4 billion, down 20% year-on-year. EBITDA was €1.1 billion, down 33.2% year-on-year. Net profit for fiscal 2023 was -€198 million, a slight improvement from -€272 million in the prior year; free operating cash flow was €232 million, up 68.1% year-on-year. Huntsman’s 2023 sales totaled $6.111 billion, down 23.8% year-on-year. Adjusted EBITDA was $472 million, down 59.1% year-on-year. In Q4 2023, Huntsman’s Polyurethanes division experienced declining revenue, primarily due to lower average MDI selling prices, reduced overall polyurethane product volumes, and an unfavorable product sales mix. The decline in MDI pricing stemmed mainly from supply-demand imbalance; the volume decline resulted largely from an unplanned shutdown at Huntsman’s Rotterdam plant. Adjusted EBITDA for this division declined primarily due to lower MDI margins. BASF’s 2023 sales totaled €68.9 billion, down 21.1% from €87.3 billion in the prior fiscal year; EBITDA before special items was €7.7 billion, down 28.7% year-on-year. Cash flow from operating activities was €8.1 billion, up 5.2% year-on-year; free cash flow was €2.7 billion, down 18.5% year-on-year. Dow’s 2023 net sales totaled $44.6 billion, down 21.6% year-on-year; EBIT fell sharply from $6.6 billion in 2022 to $2.8 billion in 2023. All three of Dow’s major businesses—Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings—recorded performance declines in 2023. Dow attributed the decline to reduced demand and lower product prices resulting from the global economic slowdown. Evonik’s 2023 sales totaled €15.3 billion, down 17% year-on-year; adjusted EBITDA was €1.66 billion; free cash flow was €801 million; cash conversion rate was 48%.

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