Germany. On balance sheet time, Basf also announced that it has significantly exceeded 2010 record levels in sales and profits. In 2011, the company increased its sales by 15% to $98 billion. All regions contributed to this increase. Earnings before interest and taxes (EBIT) rose nearly 11% to $11.5 million.
Basf Chairman of the Board of Executive Directors Kurt Bock said, "2011 was another very successful year for Basf. We continue with our ambitious dividend policy and therefore once again propose a higher €2.50 dividend at the Annual Meeting. This will be an increase of 13.6%, compared to the previous year."
At about $24 billion, sales in the fourth period of 2011 were higher compared to 2010, as well as in the third quarter of 2011. However, the slowdown in the economy over the course of the year was reflected in EBIT, which at US$1.5 million was 14% below the fourth quarter of 2010. The trend that the company observed at the beginning of the second half of the year continued.
Customers were more cautious in their order, reducing their inventories and putting off orders in anticipation that the economy would shrink and prices could possibly soften.
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