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2015 targets now unachievable - BASF

1d ago
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2015 TARGETS NOW UNACHIEVABLE - BASF Germany's BASF, the world's largest chemicals company by sales, cut its earnings forecasts and its projections for the broader market on Friday, becoming the latest industrial group to fall victim to weak demand in its main European market. BASF Chief Executive Officer Kurt Bock says 2015 targets are now unachievable. SHOWS: LUDWIGSHAFEN, GERMANY (OCTOBER 24, 2014) (REUTERS - ACCESS ALL) 1. BASF, CHIEF EXECUTIVE OFFICER, KURT BOCK, SAYING: JOURNALIST ASKING KURT BOCK: "Just how worried are you by Europe? I know this has been flagged up in many ways, but how bad is it now for you? BOCK: "I wouldn't say we are very worried. We are certainly concerned about what's happening in Europe. We have seen a very slow Q3 in terms of demand in Europe. Just to give you an idea, 4 percent drop in chemical demand for our business in Europe and that is unprecedented for many, many years. And we don't feel really a positive momentum going into Q4 and going into 2015. And then when you look at the current climate policy, energy policies, I think there is some reason to be a bit concerned about the path forward in Europe." JOURNALIST: "But concerned enough to lower your forecast for 2015?" BOCK: "I think you have to put it into context. The 2015 targets we've published three years ago and when we had expected much higher growth and better margins in some of our major base chemical business around the globe. And frankly, we have grown, we have improved our business over the last two, two and a half years. But from today's point of view, it's not very likely that the very, very ambitious targets we have set ourselves for 2015 can be achieved. And frankly what we have said today is that we will most probably stay very much in the range of what analysts and investors are expecting currently for 2015." JOURNALIST: "How can we expect to see your company prepare itself for a low growth scenario in Europe at the end of this year and next year? What will we see different from you?" BOCK: "I d...