BASF: Solid First Quarter of 2013
BASF SE, Ludwigshafen, Germany, increased its sales and income from operations (EBIT) before special items in the first quarter of 2013.
At EUR 19.7 billion, sales exceeded the level of the previous first quarter by 5%. Sales volumes grew particularly as a result of intensified demand for crop protection products and increased volumes in the Oil & Gas segment. EBIT before special items rose by 10% to €2.2 billion.
The increase in EBIT before special items in the first quarter was also due to considerable earnings improvement in the Chemicals segment thanks to higher margins.
Compared with the previous first quarter, EBIT declined by EUR 429 million to around EUR 2.2 billion. Special income from the divestiture of the fertilizer business of EUR 645 million in the first quarter of the previous year was primarily responsible for this reduction.
Income from operations before depreciation and amortization (EBITDA) thus decreased by EUR 450 million to around EUR 2.9 billion. The financial result amounted to minus EUR 126 million compared with minus EUR 158 million in the first quarter of 2012.
The company’s expectations for the global economic environment in 2013 remain unchanged:
- Growth of gross domestic product: 2.4%
- Growth in industrial production: 3.4%
- Growth in chemical production: 3.6%
- An average euro/dollar exchange rate of USD 1.30 per euro
- An average oil price for the year of USD 110 per barrel
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