Quarterly Report • May 2, 2022
Quarterly Report
Open in ViewerOpens in native device viewer
Together with our customers, we are developing innovative products that accelerate the transformation to electromobility and enable more sustainable production. One example is the cathodic electrocoat (e-coat) CathoGuard®, which BASF enhanced and refined with the help of digital methods. It enables application at lower temperatures, reducing CO2 emissions while maintaining the same product properties. In addition, the technology meets established sustainability standards as it is free of tin and hazardous air pollutants and contains only a low level of volatile organic compounds. The photo shows Hendré Swart, laboratory manager for simulation/automation development. He analyzes customer samples to assess stone chip damage in 3D.
For more information on sustainable solutions, see basf.com/research-press-conference
| Key Figures: BASF Group Q1 2022 | |
|---|---|
| Business Review | |
| BASF Group | |
| Significant events | |
| Results of operations | |
| Net assets | |
| Financial position | |
| Outlook | |
| Chemicals | 10 |
| Materials | 11 |
| Industrial Solutions | 12 |
| Surface Technologies | 13 |
| Nutrition & Care | 14 |
| Agricultural Solutions | 15 |
| Other | 16 |
| Regions | 17 |
| 18 |
|---|
| 18 |
| 19 |
| 21 |
| Sales - Q1 2022 |
|---|
| ----------------- |
€23.1 billion (Q1 2021: €19.4 billion)
EBIT before special items – Q1 2022
€2.8 billion (Q1 2021: €2.3 billion)
Outlook from February 25, 2022, maintained for the 2022 business year:
| 2022 | 2021 | +/– | ||
|---|---|---|---|---|
| Sales | Million € | 23,083 | 19,400 | 19.0% |
| Income from operations before depreciation, amortization and special items | Million € | 3,743 | 3,181 | 17.7% |
| Income from operations before depreciation and amortization (EBITDA) | Million € | 3,709 | 3,176 | 16.8% |
| EBITDA margin | % | 16.1 | 16.4 | − |
| Depreciation and amortizationa | Million € | 924 | 865 | 6.8% |
| Income from operations (EBIT) | Million € | 2,785 | 2,311 | 20.5% |
| Special items | Million € | –34 | –10 | –237.1% |
| EBIT before special items | Million € | 2,818 | 2,321 | 21.4% |
| Income before income taxes | Million € | 1,878 | 2,247 | –16.4% |
| Income after taxes | Million € | 1,321 | 1,810 | –27.0% |
| Net income | Million € | 1,221 | 1,718 | –28.9% |
| Earnings per shareb | € | 1.34 | 1.87 | –28.3% |
| Adjusted earnings per shareb | € | 2.70 | 2.00 | 35.0% |
| Research and development expenses | Million € | 569 | 511 | 11.4% |
| Personnel expenses | Million € | 3,067 | 2,947 | 4.1% |
| Employees (March 31) | 110,828 | 110,261 | 0.5% | |
| Assets (March 31) | Million € | 93,983 | 84,833 | 10.8% |
| Investments including acquisitionsc | Million € | 741 | 545 | 36.0% |
| Equity ratio (March 31) | % | 45.3 | 46.0 | − |
| Net debt (March 31) | Million € | 16,251 | 15,962 | 1.8% |
| Cash flows from operating activities | Million € | –290 | –525 | 44.7% |
| Free cash flow | Million € | –893 | –981 | 8.9% |
a Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)
b Due to the current share buyback program, the weighted average number of outstanding shares in the first quarter of 2022 was 912,885,116.
c Additions to property, plant and equipment and intangible assets
5
On January 4, 2022, the Board of Executive Directors of BASF SE resolved on a share buyback program with a volume of up to €3 billion, which started on January 11, 2022, and is to be completed by December 2023. The share buyback program is based on the authorization by the Annual Shareholders' Meeting on May 12, 2017. Around 13.5 million shares had already been repurchased as of March 31, 2022. A renewed authorization to buy back own shares will be proposed to the Annual Shareholders' Meeting on April 29, 2022, which would authorize the continuation of the share buyback program already underway.
For more information on the share buyback program, see basf.com/sharebuyback
Together with Heraeus, Hanau, Germany, BASF announced on February 11, 2022, the formation of a joint venture (BASF: 50%; Heraeus: 50%) to recover precious metals from spent automotive catalysts. Subject to the approval of the relevant authorities, the formation of BASF HERAEUS (China) Metal Resource Co., Ltd., based in Pinghu, China, is targeted for the first half of 2022. Construction of the joint venture's recycling plant is scheduled to begin in 2022, with start of operations in 2023.
The following changes in responsibilities to two Board of Executive Directors departments ("Ressorts") took effect as of March 1, 2022:
– Saori Dubourg (Ressort IV) assumed responsibility for the Petrochemicals, Intermediates, Performance Materials and Monomers divisions. She remains responsible for the region Europe.
– Michael Heinz (Ressort V), based in Florham Park, New Jersey, assumed responsibility for the Care Chemicals, Nutrition & Health and Agricultural Solutions divisions. He remains responsible for the regions North America and South America.
Due to Russia's war of aggression against Ukraine, BASF announced on March 3, 2022, that effective immediately, it would only conduct business in Russia and Belarus to fulfill existing commitments in line with the applicable laws, regulations and international rules. Exempt from this decision is business to support food production, as the war risks triggering a global food crisis. BASF is continuously evaluating these decisions and other matters related to this evolving situation and announced further steps on April 27 (see events after the reporting period).
In connection with the sanctions imposed on the Nord Stream 2 pipeline project and its operating company, the Management Board of Wintershall Dea AG, Kassel/Hamburg, Germany, decided on March 2, 2022, to write off its financing of Nord Stream 2 in the total amount of around €1 billion (BASF's share: €729 million). In addition, Wintershall Dea recognized impairments of around €550 million (BASF's share: €373 million after taxes) in connection with the war in Ukraine. The current situation is so dominated by uncertainty that BASF did not believe it possible to reliably value the Russian assets, even using scenarios. Consequently, BASF has not recognized any impairments on Wintershall Dea's assets beyond those recognized by Wintershall Dea. Wintershall Dea's Russian activities account for around €2.6 billion of the carrying amount of our shareholding. As of March 31, 2022, there were also no sufficient indicators of impairment for BASF's other activities in Russia and Ukraine, which have net assets in the low three-digit million euro range.
On April 12, 2022, BASF and Allianz Capital Partners (on behalf of Allianz insurance companies) closed the purchase of 25.2% of the Hollandse Kust Zuid (HKZ) offshore wind farm by Allianz Capital Partners following the approval of the relevant authorities. BASF had acquired 49.5% of HKZ from Vattenfall in the third quarter of 2021. BASF will receive most of the power produced by its originally acquired share of 49.5% of HKZ under a long-term fixed-price power purchasing agreement.
On April 27, 2022, BASF announced that it will wind down the company's remaining business activities in Russia and Belarus by the beginning of July 2022. Business to support food production remains an exception. This decision is driven by the recent developments of the war in Ukraine and in international law, including the fifth E.U. sanctions package. We will assess the effects of this decision on the recoverability of our assets in the second quarter. In 2021, Russia and Belarus accounted for around 1% of the BASF Group's total sales. Currently, 684 employees work for BASF in Russia and in Belarus. The company has decided to continue to support its employees in both countries until the end of 2022.
Sales rose by €3,683 million compared with the first quarter of 2021 to €23,083 million. Sales growth was mainly driven by higher prices, especially in the Chemicals and Materials segments. Positive currency effects in all segments supported sales performance. Sales were positively impacted by portfolio effects in the Surface Technologies segment following the acquisition of a majority shareholding in BASF Shanshan Battery Materials Co., Ltd. This more than compensated for negative portfolio effects in the Industrial Solutions segment, mainly from the sale of the global pigments business. Slightly lower sales volumes overall had an offsetting effect. Volumes growth in the Agricultural Solutions, Industrial Solutions, Materials, Nutrition & Care and Chemicals segments was unable to fully offset the decline in volumes in the Surface Technologies segment.
| Volumes | –0.8% | |
|---|---|---|
| Prices | 15.5% | |
| Portfolio | 0.1% | |
| Currencies | 4.2% | |
| Sales | 19.0% |
Income from operations (EBIT) before special items1 increased by €497 million to €2,818 million. 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. Earnings in Other rose considerably.
Million €
| 2022 | 2021 | |
|---|---|---|
| Income after taxes | 1,810 | |
| – Special itemsa | –1,136 | –10 |
| + Amortization, impairments and reversals of impairments on intangible assets | 161 | 157 |
| – Amortization, impairments and reversals of impairments on intangible assets contained in special items | − | − |
| – Adjustments to income taxes | 46 | |
| – Adjustments to income after taxes from discontinued operations | − | − |
| Adjusted income after taxes | 2,567 | 1,931 |
| – Adjusted noncontrolling interests | 103 | 92 |
| Adjusted net income | 2,464 | 1,839 |
| Weighted average number of outstanding sharesb in thousands |
912,885 | 918,479 |
| Adjusted earnings per share | € 2.70 |
2.00 |
a Includes special items in net income from shareholdings of €1,102 million for the first quarter of 2022.
b Due to the current share buyback program, the weighted average number of outstanding shares in the first quarter of 2022 was 912,885,116.
Special items in EBIT amounted to –€34 million in the first quarter of 2022, compared with –€10 million in the prior-year quarter. Special charges resulted mainly from restructuring measures.
EBIT2 rose by €474 million compared with the first quarter of 2021 to €2,785 million. Income from operations before depreciation, amortization and special items (EBITDA before special items)3 increased by €562 million to €3,743 million and EBITDA3 rose by €533 million to €3,709 million in the same period.
| EBITDA before special items | 3,743 | 3,181 |
|---|---|---|
| Depreciation, amortization, impairments and reversals of impairments on property, plant and equipment and intangible assets before special items |
925 | 860 |
| + Impairments and reversals of impairments on property, plant and equipment and intangible assets before special items |
4 | 1 |
| + Depreciation and amortization before special items | 920 | 859 |
| EBIT before special items | 2,818 | 2,321 |
| – Special items | –34 | –10 |
| EBIT | 2,785 | 2,311 |
| Million € | 2022 | 2021 |
2 The calculation of income from operations (EBIT) is shown in the Statement of Income on page 18 of this quarterly statement.
3 For an explanation of this indicator, see Results of Operations on page 56 onward of the BASF Report 2021.
Million € 2022 2021 EBIT 2,785 2,311 + Depreciation and amortization 920 859 + Impairments and reversals of impairments on property, plant and equipment and intangible assets 4 6 Depreciation, amortization, impairments and reversals of impairments on property, plant and equipment and intangible assets 924 865 EBITDA 3,709 3,176
Net income from shareholdings declined by €865 million compared with the prior-year quarter to –€797 million. This is due to impairment charges recognized by Wintershall Dea, which BASF included in net income from shareholdings on a proportional basis (72.7%) as a special charge of around €1.1 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. Excluding these impairments, the after-tax earnings attributable to BASF improved from €51 million in the prior-year quarter to €309 million in the first quarter of 2022.
For more information on the impairment charges recognized by Wintershall Dea in connection with the war in Ukraine, see Significant Events on page 5 of this quarterly statement
The financial result amounted to –€110 million, compared with –€132 million in the prior-year period. This was primarily due to an improvement in the other financial result, owing among other factors to lower expenses in connection with foreign currency bonds and the corresponding hedging instruments. The interest result improved slightly by €6 million to –€79 million.
The €369 million decrease in income before income taxes to €1,878 million was largely attributable to the above impairments at Wintershall Dea. These were recognized in equity-accounted income and as such, reduced income before taxes but did not affect the tax expense; as a result, the tax rate rose from 19.4% to 29.6%.
Income after taxes declined by €489 million to €1,321 million. At €100 million, noncontrolling interests were slightly above the figure for the prior-year quarter (€92 million). Positive earnings contributions from the BASF Shanshan companies, which were not included in the prior-year quarter, compensated for lower contributions from BASF TotalEnergies Petrochemicals LLC, Port Arthur, Texas. As a result, net income amounted to €1,221 million.
Earnings per share in the first quarter of the year were €1.34, compared with €1.87 in the first quarter of 2021. Earnings per share adjusted1 for special items and amortization of intangible assets amounted to €2.70 (Q1 2021: €2.00).
Total assets rose by €6,600 million compared with year-end 2021 to €93,983 million.
Noncurrent assets declined by €1,076 million compared with December 31, 2021, to €51,256 million, mainly due to the lower carrying amount of the non-integral shareholding in Wintershall Dea, which is accounted for using the equity method.
Both property, plant and equipment and intangible assets were slightly above the prior year-end level, largely owing to positive currency effects in the total amount of €460 million. For both items, these were reduced by depreciation and amortization, which exceeded additions.
Other receivables and miscellaneous assets rose by €89 million, primarily due to the increase in defined benefit assets.
The €7,676 million increase in current assets compared with December 31, 2021, was mainly attributable to higher trade accounts receivable. These rose by €3,406 million, due in particular to seasonal effects in the Agricultural Solutions segment. Other receivables and miscellaneous assets rose by €1,354 million to €6,922 million, primarily as a result of the increase in precious metal trading items. The €979 million increase in inventories was largely attributable to higher prices for raw materials.
At €4,494 million, cash and cash equivalents were €1,870 million above the prior year-end figure.
Assets of disposal groups amounted to €906 million as of March 31, 2022, and included the assets of the shareholding in the Hollandse Kust Zuid wind farm, part of which was sold to Allianz Capital Partners as of April 12, 2022, and the kaolin minerals business, which is held for sale.
At €42,555 million, equity was only slightly above the figure as of December 31, 2021. Alongside the positive effect of €1,221 million from net income, around €820 million was deducted for own shares purchased under the share buyback program as of March 31, 2022.
The slight decline in other comprehensive income was mainly attributable to losses from hedging transactions, which were partially offset by positive translation effects. The equity ratio declined from 48.2% to 45.3% due to the increase in total assets.
Compared with year-end 2021, noncurrent liabilities rose by €1,115 million to €26,335 million, mainly due to higher financial indebtedness. This primarily resulted from the issue of two €1 billion eurobonds. The reclassification of a bond and a loan in U.S. dollars with an aggregate carrying amount of around €800 million from noncurrent to current financial indebtedness had an offsetting effect. Provisions for pensions and similar obligations rose slightly; the decline in obligations as a result of higher interest rates in relevant currency zones was more than offset by higher inflation assumptions for Germany and the negative performance of plan assets.
At €25,093 million, current liabilities were €5,012 million above the figure as of December 31, 2021. This was largely due to the €2,519 million increase in current financial indebtedness. In addition to the above-mentioned reclassifications from noncurrent to current financial indebtedness, this primarily reflected the increase in commercial paper at BASF SE by around €2 billion. The main offsetting effect was the scheduled repayment of a bond denominated in U.S. dollars with a carrying amount of around €450 million. Trade accounts payable rose by €1,161 million due to business-related factors. The €1,126 million increase in current provisions to €5,060 million was primarily the result of higher provisions for discounts and bonuses. Other liabilities were down €314 million from the prior year-end figure, mainly due to lower advance payments received.
Net debt1 rose by €1.9 billion compared with year-end 2021.
Million €
| March 31, 2022 December 31, 2021 | ||
|---|---|---|
| Noncurrent financial indebtedness | 15,015 | 13,764 |
| + Current financial indebtedness | 5,939 | 3,420 |
| Financial indebtedness | 20,954 | 17,184 |
| – Marketable securities | 209 | 208 |
| – Cash and cash equivalents | 4,494 | 2,624 |
| Net debt | 16,251 | 14,352 |
Cash flows from operating activities amounted to –€290 million,
an improvement of €235 million compared with the first quarter of 2021. The improvement was mainly attributable to miscellaneous items (€746 million compared with –€335 million in the prior-year quarter), in particular the elimination of equity-accounted income in this item. These were impacted by the impairment charges recognized at Wintershall Dea and were therefore negative overall. The main offsetting effects were the €497 million decrease in net income and the €409 million increase in cash tied up in net working capital. This rose from €2,773 million in the first quarter of 2021 to €3,182 million in the first quarter of 2022, primarily as a result of a stronger inventory build-up than in the prior-year period. A higher level of cash tied up in receivables was offset by an almost equal increase in cash released from liabilities.
Cash flows from investing activities amounted to –€579 million (Q1 2021: –€435 million). The change was mainly attributable to payments made for property, plant and equipment and intangible assets, which rose by €147 million to €603 million.
The €3,504 million increase in financial indebtedness led to a significant rise in cash flows from financing activities. This was partly offset by payments of €820 million made for the share buyback program that started at the beginning of the year. Overall, cash flows from financing activities rose from €710 million in the prior-year quarter to €2,685 million in the first quarter of 2022.
Free cash flow1 improved by €88 million to –€893 million.
| 2022 | 2021 | |
|---|---|---|
| Cash flows from operating activities | –290 | –525 |
| – Payments made for property, plant and equipment and intangible assets |
603 | 456 |
| Free cash flow | –893 | –981 |
BASF enjoys good credit ratings, especially compared with competitors in the chemical industry. Standard & Poor's most recently confirmed its rating of A/A-1/outlook stable on January 6, 2022. Moody's most recently confirmed BASF's A3/P-2/outlook stable rating on January 5, 2022. Fitch's rating of A/F1/outlook stable from June 11, 2021, also remained unchanged.
Some of the opportunities relating to higher margins presented in the BASF Report 2021 could be realized and led to a considerable improvement in earnings in the first quarter of 2022 compared with the prior-year quarter, especially in the Chemicals, Industrial Solutions and Materials segments. These opportunities were partially offset by the risks that materialized, mainly as a result of the war in Ukraine and the pandemic-related lockdowns in China. These risks were mainly reflected in significantly higher raw materials and energy prices and freight costs. The resulting increase in costs was able to be offset by raising prices. In addition, supply chains were disrupted. This curbed demand, especially from the automotive industry.
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, we are upholding our outlook for the 2022 business year:
We are maintaining the sales and earnings forecast for the BASF Group made in the BASF Report 2021:
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 longerlasting or new measures to contain the number of infections, especially in China. Opportunities could arise from continued high margins.
For the remaining opportunity and risk factors, the statements made in the BASF Report 2021 continue to apply overall. According to the company's assessment, neither existing individual risks nor the sum of individual risks pose a threat to the continued existence of the BASF Group.
For more information on other opportunities and risks, see page 151 onward of the BASF Report 2021
There is currently great uncertainty surrounding the supply of natural gas from Russia to Europe. A continuous supply of natural gas according to demand is essential to chemical production. Around 60% of the natural gas consumed by BASF in Europe is used to generate the energy (steam and electricity) needed for production. Around 40% of natural gas is used as a raw material to produce important basic chemicals and a wide range of products in the downstream value chains supplying almost all sectors of industry. An interruption to or significant restriction of the supply of natural gas would have a significant impact on BASF's European activities. The consequences would vary depending on the duration and extent of supply restrictions, the existence of alternative supply sources and possible substitutions, as well as any optimization of production to reduce the use of natural gas. It is therefore not possible to quantify the risks with sufficient accuracy. In addition, in such a scenario, strict cost reduction measures would be taken to partially offset the negative effects.
For more information on the impact of the war in Ukraine on Wintershall Dea, see Significant Events on page 5 of this quarterly statement
Sales1 in the Chemicals segment rose considerably compared with the prior-year quarter. Both operating divisions contributed to the increase.
| Chemicals Petrochemicals | Intermediates | ||
|---|---|---|---|
| Volumes | 0.2% | 1.3% | –2.5% |
| Prices | 41.3% | 37.0% | 51.7% |
| Portfolio | –0.1% | –0.1% | –0.1% |
| Currencies | 4.9% | 4.4% | 6.1% |
| Sales | 46.3% | 42.6% | 55.3% |
Sales growth was primarily driven by significantly higher prices in both divisions. This was due to the passing on of increased prices for raw materials and energy amid continued strong demand. The Petrochemicals division raised prices in all business areas, especially for steam cracker products, styrene monomers and in the propylene and butadiene value chains. The Intermediates division raised prices, particularly in the butanediol and derivatives business, the amines business and in the acids and polyalcohols business.
Sales performance was supported by positive currency effects, mainly relating to the U.S. dollar.
Overall, sales volumes were slightly above the prior-year quarter amid stable demand. Slightly higher volumes in the Petrochemicals division more than compensated for slightly lower volumes in the Intermediates division.
Million €
| 2022 | 2021 | +/– | |
|---|---|---|---|
| Sales to third parties | 4,004 | 2,736 | 46.3% |
| of which Petrochemicals | 2,763 | 1,937 | 42.6% |
| Intermediates | 1,241 | 799 | 55.3% |
| Income from operations before depreciation, amortization and special itemsa | 1,048 | 766 | 36.8% |
| Income from operations before depreciation and amortization (EBITDA)a | 1,046 | 813 | 28.7% |
| Depreciation and amortizationb | 189 | 179 | 5.7% |
| Income from operations (EBIT)a | 857 | 633 | 35.4% |
| Special items | –1 | 47 | |
| EBIT before special itemsa | 858 | 586 | 46.5% |
| Assets (March 31)a | 11,367 | 8,476 | 34.1% |
| Investments including acquisitionsc | 228 | 128 | 78.2% |
| Research and development expenses | 25 | 26 | –3.5% |
a BASF's ethylene value chain was reorganized as of January 1, 2022. In this connection, the polyolefins and styrenics businesses of the joint venture BASF-YPC Company Ltd., Nanjing, China, which were previously reported under Other, were allocated to the Petrochemicals division. The prior-year figures have been adjusted. This reduced income from integral companies accounted for using the equity method, EBITDA before special items, EBITDA, EBIT and EBIT before special items in Other by €28 million in the first quarter of 2021 and increased these indicators in the Petrochemicals division accordingly (rounding differences are possible). The effect was €28 million in both the second and third quarters of 2021 and €34 million in the fourth quarter of 2021. The effect in full-year 2021 was €118 million. The operating assets were also reallocated as part of the reorganization and increased the Chemicals segment's assets by €114 million as of December 31, 2021. For more information, see basf.com/publications
b Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)
c Additions to property, plant and equipment and intangible assets
Income from operations (EBIT) before special items1 rose considerably compared with the first quarter of 2021, mainly due to higher margins in both divisions. The Intermediates division significantly improved margins across all business areas in North America and Asia Pacific. This more than compensated for lower margins in Europe in the butanediol and derivatives business and in the acetylenics and carbonyl derivatives business as a result of the sharp rise in natural gas prices. Income from shareholdings accounted for using the equity method also improved, contributing to earnings growth. The increase in earnings in the Petrochemicals division was driven by higher margins in the propylene and butadiene value chains and for styrene monomers. This more than compensated for lower margins for steam cracker products due to higher raw materials and energy prices. Higher fixed costs, partly due to currency effects and higher energy and gas prices, had an offsetting effect.
Sales in the Materials segment rose considerably compared with the first quarter of 2021. This was mainly driven by the strong sales increase in the Monomers division. The Performance Materials division also recorded considerable growth.
| Materials | Performance Materials |
Monomers | |
|---|---|---|---|
| Volumes | 3.7% | 1.3% | 6.1% |
| Prices | 31.4% | 19.2% | 43.7% |
| Portfolio | –0.1% | 0.0% | –0.2% |
| Currencies | 4.8% | 4.5% | 5.2% |
| Sales | 39.9% | 24.9% | 54.9% |
Sales performance was largely attributable to higher price levels in both divisions as a result of the increase in raw materials prices. Both divisions raised prices in all business areas.
Currency effects, mainly relating to the Chinese renminbi and the U.S. dollar, also had a positive impact on sales.
Sales growth was also supported by slightly higher volumes on the back of continued strong demand. The Monomers division increased volumes, especially for polyamides in North America and for methylene diphenyl diisocyanate (MDI) in Asia Pacific, North America and Europe. Sales volumes in the Performance Materials division were slightly above the prior-year quarter. This was mainly driven by demand for engineering plastics in Asia and Europe.
Million €
| 2022 | 2021 | +/– | |
|---|---|---|---|
| Sales to third parties | 4,821 | 3,447 | 39.9% |
| of which Performance Materials | 2,164 | 1,732 | 24.9% |
| Monomers | 2,657 | 1,715 | 54.9% |
| Income from operations before depreciation, amortization and special items | 954 | 863 | 10.6% |
| Income from operations before depreciation and amortization (EBITDA) | 952 | 843 | 12.9% |
| Depreciation and amortizationa | 203 | 195 | 4.0% |
| Income from operations (EBIT) | 749 | 648 | 15.6% |
| Special items | –2 | –24 | 91.0% |
| EBIT before special items | 751 | 672 | 11.8% |
| Assets (March 31) | 11,921 | 9,696 | 23.0% |
| Investments including acquisitionsb | 142 | 105 | 35.3% |
| Research and development expenses | 47 | 42 | 12.5% |
a Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments) b Additions to property, plant and equipment and intangible assets
The segment's income from operations (EBIT) before special items rose considerably compared with the prior-year quarter. This was primarily due to considerably higher EBIT before special items in the Monomers division, mainly as a result of price-driven margin growth in the ammonia and polyamide value chains. The Performance Materials division recorded a slight decline in earnings. Slightly higher margins were unable to offset the rise in fixed costs.
In the Industrial Solutions segment, sales rose considerably compared with the prior-year quarter. Both divisions recorded significant sales growth.
| Industrial Solutions |
Dispersions & Resins |
Performance Chemicals |
|
|---|---|---|---|
| Volumes | 6.6% | 7.3% | 5.3% |
| Prices | 18.6% | 18.1% | 19.5% |
| Portfolio | –10.6% | –16.5% | –0.2% |
| Currencies | 3.6% | 3.4% | 4.1% |
| Sales | 18.3% | 12.4% | 28.7% |
The sales increase was mainly driven by much higher prices in both divisions: Both the Dispersions & Resins division and the Performance Chemicals division raised prices in all business areas and all regions. This was primarily attributable to higher prices for raw materials, energy and freight.
Volumes also rose significantly. Both divisions increased sales volumes, especially in Europe in almost all business areas.
Slightly positive currency effects, mainly relating to the U.S. dollar and the Chinese renminbi, contributed to sales growth.
Sales were considerably reduced by portfolio effects, primarily in the Dispersions & Resins division following the disposal of the global pigments business.
Million €
| 2022 | 2021 | +/– | |
|---|---|---|---|
| Sales to third parties | 2,493 | 2,108 | 18.3% |
| of which Dispersions & Resins | 1,516 | 1,349 | 12.4% |
| Performance Chemicals | 977 | 759 | 28.7% |
| Income from operations before depreciation, amortization and special items | 431 | 350 | 23.2% |
| Income from operations before depreciation and amortization (EBITDA) | 426 | 343 | 24.1% |
| Depreciation and amortizationa | 83 | 84 | –1.5% |
| Income from operations (EBIT) | 343 | 259 | 32.4% |
| Special items | –5 | –7 | 23.0% |
| EBIT before special items | 348 | 266 | 30.9% |
| Assets (March 31) | 6,714 | 6,855 | –2.1% |
| Investments including acquisitionsb | 53 | 62 | –14.9% |
| Research and development expenses | 43 | 44 | –2.1% |
a Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments) b Additions to property, plant and equipment and intangible assets
developments led to strong earnings growth in both divisions.
In the Surface Technologies segment, sales were down considerably from the first quarter of 2021. Strong sales growth in the Coatings division was unable to offset the significant decline in the Catalysts division.
| Surface Technologies |
Catalysts | Coatings | |
|---|---|---|---|
| Volumes | –14.3% | –16.8% | 0.7% |
| Prices | –3.3% | –5.3% | 8.6% |
| Portfolio | 4.8% | 5.7% | –0.5% |
| Currencies | 4.6% | 4.7% | 3.8% |
| Sales | –8.2% | –11.7% | 12.7% |
The sales decrease was primarily the result of much lower volumes in the Catalysts division. Here, sales volumes declined significantly, especially in precious metal trading and for mobile emissions catalysts. This was mainly attributable to weaker demand from the automotive industry. This could only be partially offset by volume growth in refinery and chemical catalysts. Volumes rose slightly in the Coatings division.
The Catalysts division's sales were also reduced by significantly lower precious metal prices. Sales in precious metal trading were considerably below the prior-year quarter at €2,208 million (Q1 2021: €2,904 million). By contrast, the Coatings division raised prices significantly.
Positive portfolio effects in the Catalysts division following the acquisition of a majority shareholding in BASF Shanshan Battery Materials Co., Ltd. had an offsetting impact.
Million €
| 2022 | 2021 | +/– | |
|---|---|---|---|
| Sales to third parties | 5,457 | 5,947 | –8.2% |
| of which Catalysts | 4,514 | 5,110 | –11.7% |
| Coatings | 943 | 837 | 12.7% |
| Income from operations before depreciation, amortization and special items | 401 | 470 | –14.6% |
| Income from operations before depreciation and amortization (EBITDA) | 395 | 466 | –15.3% |
| Depreciation and amortizationa | 135 | 110 | 22.4% |
| Income from operations (EBIT) | 260 | 356 | –27.0% |
| Special items | –7 | –4 | –67.7% |
| EBIT before special items | 267 | 360 | –26.0% |
| Assets (March 31) | 15,528 | 13,349 | 16.3% |
| Investments including acquisitionsb | 109 | 73 | 49.8% |
| Research and development expenses | 95 | 67 | 41.3% |
a Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments) b Additions to property, plant and equipment and intangible assets
Currency effects, mainly relating to the U.S. dollar and the Chinese renminbi, also had a slightly positive impact on sales.
In both divisions, income from operations (EBIT) before special items declined considerably compared with the prior-year quarter. The earnings decrease in the Catalysts division was mainly due to a significantly lower contribution from precious metal trading. The Coatings division's EBIT before special items declined, primarily as a result of increased fixed costs as well as weaker margins on the back of higher raw materials prices.
2022 2021 +/–
14
The Nutrition & Care segment increased sales considerably compared with the prior-year quarter. Both divisions contributed to the increase with significant sales growth.
| Nutrition & Care | Care Chemicals Nutrition & Health | ||
|---|---|---|---|
| Volumes | 7.9% | 4.5% | 15.6% |
| Prices | 20.7% | 24.9% | 11.2% |
| Portfolio | –2.5% | –2.5% | –2.6% |
| Currencies | 2.5% | 1.8% | 3.9% |
| Sales | 28.6% | 28.7% | 28.3% |
Sales growth was driven by significantly higher prices in all business areas in both divisions, which were able to pass on increased prices for energy and raw materials.
| Sales to third parties | 1,971 | 1,533 | 28.6% |
|---|---|---|---|
| of which Care Chemicals | 1,363 | 1,059 | 28.7% |
| Nutrition & Health | 608 | 474 | 28.3% |
| Income from operations before depreciation, amortization and special items | 351 | 316 | 11.0% |
| Income from operations before depreciation and amortization (EBITDA) | 354 | 313 | 13.0% |
| Depreciation and amortizationa | 107 | 98 | 9.4% |
| Income from operations (EBIT) | 246 | 215 | 14.6% |
| Special items | 3 | –3 | |
| EBIT before special items | 244 | 218 | 11.8% |
| Assets (March 31) | 7,738 | 6,579 | 17.6% |
| Investments including acquisitionsb | 107 | 100 | 6.8% |
| Research and development expenses | 40 | 40 | 0.4% |
a Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments) b Additions to property, plant and equipment and intangible assets
Sales performance was supported by significantly higher volumes. Volume growth in the Nutrition & Health division was driven by the animal nutrition and pharmaceutical businesses. In the Care Chemicals division, sales volumes rose in the personal care solutions business and in the oleo surfactants and alcohols business.
Positive currency effects, mainly relating to the U.S. dollar and the Chinese renminbi, had a slightly positive impact on sales.
Portfolio effects from the sale of the production site in Kankakee, Illinois, reduced sales in both divisions.
The segment's income from operations (EBIT) before special items was considerably above the first quarter of 2021. Higher EBIT before special items in the Care Chemicals division was primarily driven by positive volume development. Earnings growth in the Nutrition & Health division was attributable to higher margins. This more than compensated for higher fixed costs, mainly from higher depreciation following the startup of the vitamin A plant expansion in Ludwigshafen, Germany, in the second quarter of 2021.
Q1 segment data – Nutrition & Care
Million €
Sales in the Agricultural Solutions segment rose considerably compared with the first quarter of 2021. Volumes increased in all regions except North America; prices were above the prior-year quarter in all regions. Positive currency effects, especially from the U.S. dollar, also contributed to sales growth.
| Sales | 19.4% |
|---|---|
| Currencies | 3.2% |
| Portfolio | –0.2% |
| Prices | 6.6% |
| Volumes | 9.7% |
Million €
| 2022 | 2021 | +/– | |
|---|---|---|---|
| Sales to third parties | 3,397 | 2,846 | 19.4% |
| Income from operations before depreciation, amortization and special items | 1,036 | 971 | 6.7% |
| Income from operations before depreciation and amortization (EBITDA) | 1,031 | 968 | 6.5% |
| Depreciation and amortizationa | 168 | 164 | 2.2% |
| Income from operations (EBIT) | 863 | 804 | 7.4% |
| Special items | –5 | –3 | –65.7% |
| EBIT before special items | 868 | 807 | 7.6% |
| Assets (March 31) | 17,238 | 16,546 | 4.2% |
| Investments including acquisitionsb | 61 | 48 | 26.7% |
| Research and development expenses | 237 | 216 | 9.9% |
a Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)
b Additions to property, plant and equipment and intangible assets
Sales in Europe rose significantly, mainly as a result of increased volumes, especially for fungicides and herbicides. Higher prices also had a positive impact on sales. Negative currency effects, primarily from the Turkish lira, had an offsetting effect.
Sales in North America increased considerably, mainly due to positive currency effects. Price levels were significantly above the prior-year quarter, while volumes decreased slightly.
In Asia, sales rose strongly as a result of higher volumes, especially of herbicides and fungicides, primarily in China. Positive currency effects and increased prices contributed to the positive sales development as well.
Sales also rose considerably in the region South America, Africa, Middle East. This was mainly driven by increased volumes, especially for fungicides and field crop seeds. Positive currency effects, mainly from the Brazilian real, and higher price levels also had a positive impact on sales.
Income from operations (EBIT) before special items rose slightly compared with the first quarter of 2021 as a result of the sales increase. Higher fixed costs dampened the positive earnings development.
Sales in Other rose considerably compared with the first quarter of 2021. This was largely due to a considerable increase in sales from other businesses. A significant contributing factor was higher energy sales at BASF Antwerpen.
Income from operations (EBIT) before special items rose considerably. This was mainly the result of positive valuation effects for the long-term incentive program in the first quarter of 2022. Expenses arose from the program in the prior-year quarter.
Million €
| 2022 | 2021 | +/– | |
|---|---|---|---|
| Sales to third parties | 940 | 783 | 20.0% |
| Income from operations before depreciation, amortization and special itemsa | –478 | –556 | 14.0% |
| Income from operations before depreciation and amortization (EBITDA)a | –494 | –570 | 13.3% |
| Depreciation and amortizationb | 40 | 35 | 13.6% |
| Income from operations (EBIT)a | –534 | –604 | 11.5% |
| Special items | –16 | –16 | –1.4% |
| EBIT before special itemsa | –518 | –589 | 12.1% |
| of which costs for cross-divisional corporate research | –73 | –69 | –5.8% |
| costs of corporate headquarters | –64 | –58 | –10.3% |
| other businesses | 3 | 1 | 200.0% |
| foreign currency results, hedging and other measurement effects | 32 | –53 | |
| miscellaneous income and expenses | –416 | –410 | –1.4% |
| Assets (March 31)a, c | 23,476 | 23,333 | 0.6% |
| Investments including acquisitionsd | 41 | 29 | 42.7% |
| Research and development expenses | 82 | 76 | 7.5% |
a BASF's ethylene value chain was reorganized as of January 1, 2022. In this connection, the polyolefins and styrenics businesses of the joint venture BASF-YPC Company Ltd., Nanjing, China, which were previously reported under Other, were allocated to the Petrochemicals division. The prior-year figures have been adjusted. This reduced income from integral companies accounted for using the equity method, EBITDA before special items, EBITDA, EBIT and EBIT before special items in Other by €28 million in the first quarter of 2021 and increased these indicators in the Petrochemicals division accordingly (rounding differences are possible). The effect was €28 million in both the second and third quarters of 2021 and €34 million in the fourth quarter of 2021. The effect in full-year 2021 was €118 million. The operating assets were also reallocated as part of the reorganization and increased the Chemicals segment's assets by €114 million as of December 31, 2021. For more information, see basf.com/publications
b Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments)
c Contains assets of businesses recognized under Other as well as reconciliation to assets of the BASF Group
d Additions to property, plant and equipment and intangible assets
Regions Q1 Million €
Sales at companies located in Europe were 22.8% above the prior-year quarter. The sales increase was largely attributable to significantly higher price levels, primarily in the Chemicals and Materials segments. Slightly higher volumes contributed to sales growth. This was partially offset by negative portfolio effects, particularly in the Industrial Solutions segment following the sale of the pigments business. Currency effects had a slightly negative impact on sales.
In North America, sales rose by 12.9% in euros and by 5.1% in local currency terms compared with the first quarter of 2021. Sales performance was driven by positive currency effects. Higher prices, particularly in the Materials and Chemicals segments, also supported sales growth. This more than compensated for lower precious metal prices in the Surface Technologies segment. Negative portfolio effects, especially in the Industrial Solutions and Nutrition & Care segments following the sale of the pigments business and the production site in Kankakee, Illinois, reduced sales in the region. Lower volumes, mainly in the Surface Technologies segment, also reduced sales slightly.
Compared with the prior-year quarter, sales in the Asia Pacific region rose by 17.8% in euros and by 11.2% in local currency terms. The increase in sales in the region was primarily attributable to growth in Greater China, where sales rose by 22.0% in euros to €3,231 million. Sales performance was mainly driven by higher prices in all segments. Currency effects also had a positive impact on sales. Portfolio effects in the Surface Technologies segment from the acquisition of a majority shareholding in BASF Shanshan Battery Materials Co., Ltd. contributed significantly to the sales increase. Sales were negatively impacted by lower sales volumes overall, especially in the Surface Technologies segment.
| Sales by location of company |
Sales by location of customer |
|||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | +/– | 2022 | 2021 | +/– | |
| Europe | 9,979 | 8,129 | 22.8% | 9,581 | 7,831 | 22.3% |
| North America | 6,534 | 5,790 | 12.9% | 6,400 | 5,558 | 15.1% |
| Asia Pacific | 5,562 | 4,722 | 17.8% | 5,675 | 4,857 | 16.8% |
| of which Greater China | 3,231 | 2,649 | 22.0% | 3,174 | 2,695 | 17.8% |
| South America, Africa, Middle East | 1,008 | 759 | 32.8% | 1,427 | 1,154 | 23.7% |
| BASF Group | 23,083 | 19,400 | 19.0% | 23,083 | 19,400 | 19.0% |
Sales in the region South America, Africa, Middle East were also higher year on year, rising by 32.8% in euros and by 22.8% in local currency terms. This was mainly due to higher prices and positive currency effects in all segments. In addition, significantly higher volumes supported sales performance in the region, especially in the Agricultural Solutions and Nutrition & Care segments.
Statement of income Q1
| 2022 2021 +/– Sales revenue 23,083 19,400 Cost of sales −17,081 −14,302 6,003 5,098 −2,220 −1,908 −366 −326 −569 −511 311 336 −505 −516 132 138 2,785 2,311 Income from non-integral companies accounted for using the equity method −792 82 Income from other shareholdings 10 12 Expenses from other shareholdings −15 −26 −797 68 41 38 −121 −123 −79 −85 13 15 −44 −62 −31 −47 −110 −132 Income before income taxes 1,878 2,247 Income taxes −557 −437 Income after taxes from continuing operations 1,321 1,810 Income after taxes from discontinued operations − − Income after taxes 1,321 1,810 of which attributable to shareholders of BASF SE (net income) 1,221 1,718 attributable to noncontrolling interests 100 92 Earnings per share from continuing operations € 1.34 1.87 Earnings per share from discontinued operations € − − Basic earnings per share € 1.34 1.87 Diluted earnings per share € 1.34 1.87 |
Million € | Q1 | ||
|---|---|---|---|---|
| 19.0% –19.4% 17.7% –16.3% –12.4% –11.4% –7.5% 2.1% –4.3% 20.5% –15.8% 41.8% 8.9% 1.8% 6.6% –11.3% 29.2% 35.0% 16.7% –16.4% –27.4% –27.0% − –27.0% –28.9% 8.5% –28.3% − –28.3% –28.3% |
||||
| Gross profit on sales | ||||
| Selling expenses | ||||
| General administrative expenses | ||||
| Research and development expenses | ||||
| Other operating income | ||||
| Other operating expenses | ||||
| Income from integral companies accounted for using the equity method | ||||
| Income from operations (EBIT) | ||||
| Net income from shareholdings | ||||
| Interest income | ||||
| Interest expenses | ||||
| Interest result | ||||
| Other financial income | ||||
| Other financial expenses | ||||
| Other financial result | ||||
| Financial result | ||||
Assets
Million €
| March 31, 2022 | December 31, 2021 | +/– | March 31, 2021 | +/– | |
|---|---|---|---|---|---|
| Intangible assets | 13,536 | 13,499 | 0.3% | 13,299 | 1.8% |
| Property, plant and equipment | 21,779 | 21,553 | 1.0% | 19,814 | 9.9% |
| Integral investments accounted for using the equity method | 2,669 | 2,540 | 5.1% | 2,031 | 31.4% |
| Non-integral investments accounted for using the equity method | 8,292 | 9,843 | –15.8% | 10,555 | –21.4% |
| Other financial assets | 576 | 575 | 0.2% | 557 | 3.3% |
| Deferred tax assets | 2,594 | 2,600 | –0.2% | 2,826 | –8.2% |
| Other receivables and miscellaneous assets | 1,811 | 1,722 | 5.2% | 1,127 | 60.7% |
| Noncurrent assets | 51,256 | 52,332 | –2.1% | 50,209 | 2.1% |
| Inventories | 14,847 | 13,868 | 7.1% | 10,596 | 40.1% |
| Accounts receivable, trade | 15,348 | 11,942 | 28.5% | 12,531 | 22.5% |
| Other receivables and miscellaneous assets | 6,922 | 5,568 | 24.3% | 5,932 | 16.7% |
| Marketable securities | 209 | 208 | 0.2% | 207 | 0.8% |
| Cash and cash equivalentsa | 4,494 | 2,624 | 71.3% | 4,127 | 8.9% |
| Assets of disposal groups | 906 | 840 | 7.8% | 1,231 | –26.4% |
| Current assets | 42,726 | 35,051 | 21.9% | 34,624 | 23.4% |
| Total assets | 93,983 | 87,383 | 7.6% | 84,833 | 10.8% |
a For a reconciliation of the amounts in the statement of cash flows with the balance sheet item cash and cash equivalents, see page 21 of this quarterly statement.
Million €
| March 31, 2022 | December 31, 2021 | +/– | March 31, 2021 | +/– | |
|---|---|---|---|---|---|
| Subscribed capital | 1,176 | 1,176 | 0.0% | 1,176 | 0.0% |
| Capital reserves | 3,106 | 3,106 | 0.0% | 3,115 | –0.3% |
| Retained earnings | 40,767 | 40,365 | 1.0% | 39,628 | 2.9% |
| Other comprehensive income | –3,908 | –3,855 | –1.4% | –5,678 | 31.2% |
| Equity attributable to shareholders of BASF SE | 41,140 | 40,792 | 0.9% | 38,241 | 7.6% |
| Noncontrolling interests | 1,415 | 1,289 | 9.7% | 793 | 78.4% |
| Equity | 42,555 | 42,081 | 1.1% | 39,034 | 9.0% |
| Provisions for pensions and similar obligations | 6,181 | 6,160 | 0.3% | 6,016 | 2.7% |
| Deferred tax liabilities | 1,394 | 1,499 | –7.0% | 1,534 | –9.1% |
| Tax provisions | 420 | 415 | 1.2% | 385 | 9.0% |
| Other provisions | 1,748 | 1,782 | –1.9% | 1,517 | 15.3% |
| Financial indebtedness | 15,015 | 13,764 | 9.1% | 15,584 | –3.7% |
| Other liabilities | 1,576 | 1,600 | –1.5% | 1,652 | –4.6% |
| Noncurrent liabilities | 26,335 | 25,220 | 4.4% | 26,688 | –1.3% |
| Accounts payable, trade | 8,987 | 7,826 | 14.8% | 5,354 | 67.9% |
| Provisions | 5,060 | 3,935 | 28.6% | 3,833 | 32.0% |
| Tax liabilities | 1,652 | 1,161 | 42.3% | 1,246 | 32.6% |
| Financial indebtedness | 5,939 | 3,420 | 73.7% | 4,712 | 26.0% |
| Other liabilities | 3,365 | 3,679 | –8.5% | 3,599 | –6.5% |
| Liabilities of disposal groups | 89 | 61 | 47.2% | 367 | –75.7% |
| Current liabilities | 25,093 | 20,081 | 25.0% | 19,111 | 31.3% |
| Total equity and liabilities | 93,983 | 87,383 | 7.6% | 84,833 | 10.8% |
Statement of cash flows Q1
Million €
| Q1 | ||
|---|---|---|
| 2022 | 2021 | |
| Net income | 1,221 | 1,718 |
| Depreciation and amortization of property, plant and equipment and intangible assets | 924 | 865 |
| Changes in net working capitala | –3,182 | –2,773 |
| Miscellaneous items | 746 | –335 |
| Cash flows from operating activities | –290 | –525 |
| Payments made for property, plant and equipment and intangible assets | –603 | –456 |
| Acquisitions/divestitures | 10 | –7 |
| Changes in financial assets and miscellaneous items | 15 | 28 |
| Cash flows from investing activities | –579 | –435 |
| Capital increases/repayments and other equity transactions | –820 | − |
| Changes in financial and similar liabilities | 3,504 | 717 |
| Dividends | − | –7 |
| Cash flows from financing activities | 2,685 | 710 |
| Cash-effective changes in cash and cash equivalents | 1,816 | –250 |
| Cash and cash equivalents at the beginning of the period and other changesb | 2,679 | 4,382 |
| Cash and cash equivalents at the end of the periodb | 4,494 | 4,132 |
a In order to optimize precious metal stocks, BASF sells precious metals and concurrently enters into agreements to repurchase them at a set price. The cash flows resulting from the sale and repurchase are reported in cash flows from operating activities. Liabilities to repurchase precious metals amounted to €780 million as of March 31, 2022. b In 2021, cash and cash equivalents presented in the statement of cash flows deviate from the figures in the balance sheet, as the relevant amounts were reclassified in the balance sheet to assets of disposal groups. The disposal group for the pigments business contained cash and cash equivalents of €5 million as of January 1, 2021, and March 31, 2021.
Half-Year Financial Report 2022
July 27, 2022
Quarterly Statement Q3 2022
October 26, 2022
BASF Report 2022
Quarterly Statement Q1 2023 / Annual Shareholders' Meeting 2023
April 27, 2023
Half-Year Financial Report 2023
July 28, 2023
Published on April 29, 2022 You can find this and other BASF publications online at basf.com/publications
General inquiries Phone: +49 621 60-0, email: [email protected]
Media Relations Jens Fey, phone: +49 621 60-99123
Investor Relations Dr. Stefanie Wettberg, phone: +49 621 60-48002
Internet basf.com
This quarterly statement contains forward-looking statements. These statements are based on current estimates and projections of the Board of Executive Directors and currently available information. Forward-looking statements are not guarantees of the future developments and results outlined therein. These are dependent on a number of factors; they involve various risks and uncertainties; and they are based on assumptions that may not prove to be accurate. Such risk factors include those discussed in Opportunities and Risks on pages 151 to 160 of the BASF Report 2021. The BASF Report is available online at basf.com/report. We do not assume any obligation to update the forward-looking statements contained in this quarterly statement above and beyond the legal requirements.
BASF supports the chemical industry's global Responsible Care initiative. COMS 2205 E
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.