● Sales of EUR 20 billion (-13.4% YoY)
● EBIT before special items of €1.9 billion (-31.5 percent year-on-year) was well ahead of analysts' average forecast
● Full-year outlook unchanged from February 24, 2023
Dr. Martin Bruder, Chairman of the Executive Board of BASF Group Brudermüller said: "BASF started 2023 better than analysts expected, despite a difficult economic environment and slower growth." BASF's business performance in the agricultural and automotive sectors contributed significantly to this performance. The BASF Group has Preliminary first-quarter sales and earnings figures are released on April 12. Today, BASF released the 2023 Quarterly report for the first quarter of 2019, and held an offline annual general meeting at the Rosengarten Congress Center in Mannheim, Germany. This is the first offline conference after three online conferences were held due to the impact of the new crown epidemic.
2023Sales and income in the first quarter of 2023
BASF Group's sales in the first quarter of 2023 will be 20 billion euros, a decrease of 31% compared with the first quarter of last year billion euros. The main reason is that almost all business areas were affected by weak demand, resulting in lower sales volume. In addition, product prices dropped slightly, which also affected sales performance. Higher product prices in the Agricultural Solutions, Nutrition & Care, and Industrial Solutions business areas still could not fully offset price falls in the remaining divisions. Negative mix effects from the sale of the Kaolin Minerals business in the Industrial Solutions segment also slightly affected sales. The favorable currency factors dominated by the U.S. dollar offset the above-mentioned negative effects to a certain extent.
Earnings before interest and taxes (EBIT) before special items fell to 1.9 billion euros, 887 million euros less than the strong earnings performance in the same period last year. This was mainly due to a sharp decline in earnings in the Chemicals & Materials business area. EBIT before special items also fell sharply in the Nutrition & Care and Industrial Solutions business areas and slightly lower in the Surface Technologies business area. In contrast, Agricultural Solutions' EBIT before special items increased significantly to approximately 1.3 billion euros compared to 868 million euros in the same period last year. EBIT before special items in the "Other" business area also improved significantly.
At EUR 1.9 billion, EBIT in the first quarter of 2023 was EUR 918 million lower than in the same period last year. EBITDA before special items was €2.9 billion in the first quarter, down year-on-year 878 million euros. Earnings before interest, tax, depreciation and amortization were 2.8 billion euros in the first quarter, 898 million euros lower than in the same period last year.
Net income in the first quarter of 2023 was EUR 1.6 billion, an increase of EUR 340 million compared to the same period last year. In the first quarter of last year, due to the investigation of Wintershall Dea AG The impairment of equity investment has brought a burden to net income. Earnings per share will be 1.75 euros in the first quarter of this year and 1.34 euros in the first quarter of 2022.
FY 2022Proposed dividend per share3.40Euro
At BASF's Annual General Meeting of Shareholders today, BASF's Executive and Supervisory Boards proposed a dividend of EUR 3.40 per share for fiscal year 2022, the same level as the previous year. According to 2022 At year-end closing share price, BASF offers a high dividend yield of 7.3%. As of April 27, 2023 All shareholders holding BASF shares are entitled to dividends. If this proposal is adopted by the general meeting of shareholders, BASF will A total of 3 billion euros will be paid out to shareholders on a daily basis. "Our free cash flow of 3.3 billion euros in 2022 will be sufficient to cover this," Brudermüller said.
BASF Group 2023 Year Outlook
The BASF Group's forecasts for sales, earnings, return on capital employed (ROCE) and CO2 emissions remain unchanged from those in the "BASF Group Performance Report 2022":
- Sales forecast in 2023 between EUR 84 billion and EUR 87 billion
- EBIT before special items expected to be between EUR 4.8 billion and EUR 5.4 billion
- Return on Capital Employed (ROCE) expected to be in the range of 7.2% to 8.0%
- Full year CO2 emissions in 2023 will be between 18.1 million and 19.1 million tons
BASF's assumptions about the global economic environment remain unchanged, as in the BASF Group Performance Report 2022:
- Global GDP growth: +1.6%
- Industrial production growth: +1.8%
- Chemical production growth: +2.0%
- EUR/USD average price: 1 EUR = 1.05 USD
- Average Brent crude oil price: $90 per barrel
There are still huge uncertainties in the development of the global economy, and the momentum of global industrial and chemical production is still weak.
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