BASF achieves strong EBIT before special items despite significantly higher energy and raw materials prices
29.04.2022 14:03 "Agro Perspectiva" (Kyiv) —
Sales grow to ˆ23.1 billion (plus 19%) EBIT before special items of ˆ2.8 billion (plus 21%) Outlook from February 25, 2022, maintained for the 2022 business year The first quarter of 2022 was characterized by significantly higher energy and raw materials prices as well as supply chain disruptions. «Nevertheless, we had a very good start to the year 2022,» said Dr. Martin Brudermüller, Chairman of the Board of Executive Directors of BASF SE, at the company’s virtual Annual Shareholders’ Meeting this year. BASF had already released preliminary figures on April 11, 2022. Sales rose by ˆ3.7 billion compared with the first quarter of 2021 to ˆ23.1 billion. Sales growth was mainly driven by higher prices, especially in the Chemicals and Materials segments. Positive currency effects in all segments supported sales performance. Slightly lower sales volumes overall had an offsetting effect. Volumes growth in the Agricultural Solutions, Industrial Solutions, Materials, Nutrition & Care and Chemicals segments could not fully offset the decline in volumes in the Surface Technologies segment. Income from operations (EBIT) before special items increased by ˆ497 million to ˆ2.8 billion. This was largely attributable to considerable earnings growth in the Chemicals segment. The Industrial Solutions, Materials and Nutrition & Care segments also significantly increased EBIT before special items. The Agricultural Solutions segment recorded slightly higher EBIT before special items. EBIT before special items in the Surface Technologies segment declined considerably, primarily as a result of much weaker demand from the automotive industry. EBIT rose by ˆ474 million compared with the first quarter of 2021 to ˆ2.8 billion. Net income amounted to ˆ1.2 billion, compared with ˆ1.7 billion in the prior-year quarter. This is due to impairment charges recognized by Wintershall Dea, which BASF included in net income from shareholdings on a proportional basis (72.7 percent) as a special charge of around ˆ1.1 billion. These impairments were triggered by the war in Ukraine and the related political consequences and concerned, in addition to the Nord Stream 2 loan, assets in Russia and in the gas transportation business. Improved operating cash flow in first quarter 2022 Cash flows from operating activities amounted to minus ˆ290 million, an improvement of ˆ235 million compared with the first quarter of 2021. This increase despite higher cash tied up in net working capital as a result of higher input costs and the sharp rise in sales was mainly attributable to the improved operating performance. Free cash flow improved by ˆ88 million to minus ˆ893 million. Proposed dividend of ˆ3.40 per share The Board of Executive Directors and the Supervisory Board of BASF SE are proposing a dividend of ˆ3.40 per share for the 2021 business year to the Annual Shareholders’ Meeting taking place today. Assuming a corresponding resolution is adopted by shareholders, BASF will pay out a total of around ˆ3.1 billion on May 4, 2022. «This payment is more than covered by our strong free cash flow of ˆ3.7 billion generated in 2021,» said Brudermüller. The ex-dividend date, the day on which the BASF share will trade without the amount of the dividend reflected in the share price, is May 2, 2022. BASF Group outlook for 2022 The global macroeconomic outlook is currently subject to very high uncertainty. In particular, it is impossible to predict the further development of the war in Ukraine and its impact on the prices and availability of energy and raw materials. Consequently, BASF is currently maintaining its macroeconomic assumptions for the 2022 business year: Growth in gross domestic product: 3.8 percent Growth in industrial production: 3.8 percent Growth in chemical production: 3.5 percent Average euro/dollar exchange rate of $1.15 per euro Average annual oil price (Brent crude) of $75 per barrel BASF Group’s sales and earnings forecast for the 2022 business year, as published in the BASF Report 2021, is being maintained: Sales of between ˆ74 billion and ˆ77 billion EBIT before special items of between ˆ6.6 billion and ˆ7.2 billion Return on capital employed (ROCE) of between 11.4 percent and 12.6 percent CO2 emissions of between 19.6 million metric tons and 20.6 million metric tons The market environment continues to be dominated by an exceptionally high level of uncertainty. Risks may arise from further increases in raw materials prices and new sanctions against Russia, such as a natural gas embargo, or restricted gas supplies from Russia as a result of counter-sanctions. Further risks could arise from the future course of the coronavirus pandemic and longer-lasting or new measures to contain the number of infections, especially in China. Opportunities could arise from continued high margins.
26.07.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
09:28 |
Ongoing Economic Crisis in Argentina Impacts Dairy |
15.07.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
10:28 |
Decline of China Pork Imports Continues in 2024 |
![](/_img/new/picto_new.gif) |
08:20 |
Lower Prices Propel Mexico 2023/24 Soybean Meal Imports |
13.07.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
10:15 |
China Imports of Major Feed Grains at Record for Oct-May period |
12.07.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
01:08 |
Climate risks projected to affect fish biomass around the world's ocean, FAO report says |
06.07.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
10:15 |
Global cereal production 2024 forecast scaled up and now set to exceed the 2023 level |
![](/_img/new/picto_new.gif) |
10:01 |
FAO Food Price Index stable in June |
03.07.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
12:31 |
World pear production for MY 2023/24 is projected up more than 275,000 tons to 25.2 million |
![](/_img/new/picto_new.gif) |
12:23 |
U.S. wheat exports are forecast to rebound by more than a million tons in the 2024/25 marketing year |
01.07.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
08:58 |
World apple production for MY 2023/24 is forecast to rise more than 700,000 tons to 83.7 million |
![](/_img/new/picto_new.gif) |
08:39 |
World coffee production for 2024/25 is forecast to rebound 7.1 million bags |
25.06.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
17:57 |
Central, Eastern and South-Eastern European banks report strengthening loan demand and improving profitability |
![](/_img/new/picto_new.gif) |
17:05 |
Global Environment Facility approves $70 million to support FAO projects in 28 countries |
24.06.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
04:15 |
Emergency brake triggered for oat imports from Ukraine |
23.06.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
09:00 |
Colombia Production: Two Periods of Sharp Decline |
19.06.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
15:35 |
World pear production for MY 2023/24 is projected up more than 275,000 tons to 25.2 million |
![](/_img/new/picto_new.gif) |
10:35 |
India Apple Imports Forecast at a Record High |
12.06.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
09:21 |
FAO Food Price Index slightly up in May: higher cereal and dairy prices offset easing sugar and vegetable oil quotations |
03.06.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
14:04 |
Commission clarifies support for farmers in case of exceptional weather events |
![](/_img/new/picto_new.gif) |
13:33 |
Digitalization: it is time to bridge the gap between urban and rural areas |
22.05.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
18:25 |
Two years of Solidarity Lanes have brought the EU, Ukraine and Moldova closer together |
21.05.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
08:10 |
Seven additional private sector leaders announce support for Antimicrobial Use Stewardship Principles in poultry, now includes over 40% of global poultry meat production |
13.05.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
23:32 |
EU extends trade support to Ukraine for one more year |
![](/_img/new/picto_new.gif) |
04:36 |
European Union corn is forecast at 18.0 million tons |
11.05.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
18:55 |
2024/25 Grain Consumption Expands while Trade Moderates |
![](/_img/new/picto_new.gif) |
18:47 |
Oilseeds Stocks Forecast to Reach Record Highs in 2024/25 |
06.05.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
09:17 |
The International Year of the Woman Farmer in 2026 Approved by the UN General Assembly, it will increase awareness of the crucial role women farmers play in agrifood systems |
04.05.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
08:10 |
2024 wheat forecast trimmed |
03.05.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
21:25 |
Rising international quotations for meat, cereals and vegetable oils offset drops for dairy and sugar |
![](/_img/new/picto_new.gif) |
07:10 |
El Niño and La Niña: four crucial steps to build climate resilience |
01.05.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
08:25 |
Acute hunger remains persistently high in 59 countries with 1 in 5 people assessed in need of critical urgent action |
29.04.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
10:43 |
New CEO at BASF: Martin Brudermüller hands over to Markus Kamieth |
25.04.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
09:45 |
Parliament approves a revision of the EU’s common agricultural policy |
23.04.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
16:23 |
MEPs approve trade support measures for Ukraine with protection for EU farmers |
17.04.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
18:08 |
Ministry of Agrarian Policy and Food predicts this year’s harvest of grains and oilseeds at about 74 million tonnes |
16.04.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
12:12 |
West Africa Cocoa Shortage Pushes Up Prices |
11.04.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
23:48 |
U.S. Soybean Meal Exports Forecast at Consecutive Records in 2022/23 and 2023/24 |
![](/_img/new/picto_new.gif) |
23:10 |
EU Wheat Exports Challenged by Russia’s Growing Dominance |
![](/_img/new/picto_new.gif) |
11:30 |
Country of origin of honey must be clearly visible on the label. EU honey traceability system to be developed |
10.04.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
15:59 |
Commission starts setting up the Agriculture and Food Chain Observatory |
![](/_img/new/picto_new.gif) |
15:33 |
Commission approves ˆ2.2 billion German State aid scheme to support the decarbonisation of industrial processes to foster the transition to a net-zero economy |
![](/_img/new/picto_new.gif) |
13:17 |
Donau Soja urges EU for clarity on EUDR implementation |
09.04.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
10:44 |
Ukraine remained the third source of EU imports in 2023, with a value of EUR 11.8 billion |
06.04.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
10:04 |
World cereal output seen up in 2023/24 |
![](/_img/new/picto_new.gif) |
09:55 |
FAO Food Price Index rises in March |
05.04.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
10:04 |
Shellfish Crop Insurance Program Offers Oyster Producers Needed Protection from Environmental Challenges and More |
03.04.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
23:01 |
Croatian horseradish root ‘Ludbreški hren' added to register of Protected Designations of Origin |
02.04.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
10:15 |
FAO and chef Fatmata Binta announce new project to empower women fonio producers in Ghana |
28.03.2024 |
|
![](/_img/new/px.gif) |
![](/_img/new/px.gif) |
|
![](/_img/new/picto_new.gif) |
12:55 |
Council compromise on Ukraine ATMs – Only a half step forward in the right direction |
![](/_img/new/picto_new.gif) |
09:18 |
Commission approves amendment to Italian State aid scheme to support companies in Friuli Venezia Giulia in the context of Russia's war against Ukraine |
Also available:
![](/_img/new/px.gif)
|