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Home > News > Corporate News

BASF reports sales and earnings significantly below prior-year quarter

Source：Adsale Plastics Network Date ：2023-08-01 Editor ：VC
Copyright： Original work. Please do not reprint.

BASF Group sales in the second quarter of 2023 declined by 24.7% compared with the prior-year period to €17.3 billion. Based on the adjusted expectations, the industry giant cuts its outlook for 2023.

 

The decline in sales was mainly driven by lower prices, primarily in the Chemicals, Surface Technologies and Materials segments. The Agricultural Solutions segment was able to implement price increases. Lower sales volumes as a result of weaker demand weighed down the sales performance in all segments. In addition, currency effects dampened sales.

 

Meanwhile, income from operations (EBIT) before special items of €1.0 billion in the second quarter of 2023 was €1.3 billion below the figure of the prior-year period. Almost all segments contributed to this with significant declines in earnings, in particular the Chemicals and Materials segments.

 

Income from operations before depreciation, amortization and special items (EBITDA before special items) declined by €1.3 billion to €1.9 billion and EBITDA by €1.5 billion to €1.9 billion in the second quarter of 2023. Net income amounted to €499 million, compared with €2.1 billion in the prior-year quarter.

 

“We faced low demand from our key customer industries, except for automotive,” said Dr. Martin Brudermüller, Chairman of the Board of Executive Directors of BASF, when presenting the results together with Chief Financial Officer Dr. Dirk Elvermann.


BASF_Flags_480.jpg

In tough market environment, B ASF’s sales and earnings in Q2, 2023 were significantly below the same period of the previous year. 

 

Performance of the Chemicals and Materials segments

 

Sales in the Chemicals segment in the second quarter of 2023 decreased by 38.4% compared with the prior-year period and amounted to €2.7 billion. Lower raw materials prices, combined with a massive excess of supply and weaker demand, led to lower prices. Compared with the prior-year quarter, EBIT before special items declined by 76.3% to reach €202 million.

 

At €3.6 billion, sales in the Materials segment were 25.8% lower than in the strong prior-year quarter. The decline in sales resulted mainly from significantly lower prices in all regions due to decreased raw materials prices and a further deterioration in demand. EBIT before special items declined by 60.4% compared with the prior-year quarter and amounted to €265 million.

 

Steam Cracker_BASF.jpg

The Chemicals segment id facing the challenges of lower raw materials prices, excess of supply, and weaker demand.

 

Group outlook 2023

 

“We do not expect a further weakening in demand at the global level for the second half of 2023, as the inventories of chemical raw materials in most customer industries have already been greatly reduced,” Brudermüller said.

 

“However, we are assuming only a tentative recovery because we expect that global demand for consumer goods will grow slower than previously assumed. Margins are therefore expected to remain under pressure, he added.

 

Based on the adjusted expectations for further development in the second half of the year, the forecast for the BASF Group for the 2023 business year was adjusted as follows (previous forecast from the BASF Report 2022 in parentheses):

 

  • Sales of between €73 billion and €76 billion (between €84 billion and €87 billion)

  • EBIT before special items of between €4.0 billion and €4.4 billion (between €4.8 billion and €5.4 billion)

  • Return on capital employed (ROCE) of between 6.5% and 7.1% (between 7.2% and 8.0%)

  • CO2 emissions of between 17.0 million metric tons and 17.6 million metric tons (between 18.1 million metric tons and 19.1 million metric tons)

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