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BASF Group: operating result in the second quarter of 2020 above market expectations

10.07.2020 17:15 "Agro Perspectiva" (Kyiv) BASF has released preliminary figures on business development in the second quarter of 2020. Sales declined by 12.4 percent in the second quarter of 2020 to 12,680 million (Q2 2019: 14,478 million). EBIT before special items, which reflects the development of the BASF Groups operating business in the second quarter of 2020, amounted to an expected 226 million, above market expectations and in the range indicated by BASF, but considerably below the figure for the prior-year quarter (Q2 2019: 995 million). The decline in EBIT before special items is the result of significantly lower earnings in the Materials, Surface Technologies, Chemicals and Industrial Solutions segments compared with the prior-year quarter. This was mainly driven by lower demand from the automotive industry the companys most important customer industry. Year-on-year earnings growth in the Nutrition & Care segment and in Other had an offsetting effect. Earnings in the Agricultural Solutions segment were at the level of the prior-year quarter.

The BASF Groups EBIT in the second quarter of 2020 amounted to an expected 59 million, considerably below the figure for the prior-year quarter (Q2 2019: 507 million).

The BASF Groups net income is expected to amount to minus 878 million due to a non-cash-effective impairment of the shareholding in Wintershall Dea, considerably below current analyst estimates and the figure for the prior-year quarter (Q2 2019: 5,954 million). The impairment of around 800 million is the result of lower oil and gas price forecasts and changed reserve estimates. In the prior-year quarter, net income included a book gain of 5,684 million on the deconsolidation of Wintershall following the merger of Wintershall and DEA as of May 1, 2019.

At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. More than 117,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of 59 billion in 2019. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the U.S.

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