Apr. 29, 2022
The first quarter of 2022 was characterized by significantly higher energy and raw materials prices as well as supply chain disruptions. “Nevertheless, we had a very good start to the year 2022,” said Dr. Martin Brudermüller, Chairman of the Board of Executive Directors of BASF SE, at the company’s virtual Annual Shareholders’ Meeting this year. BASF had already released preliminary figures on April 11, 2022.
Sales rose by €3.7 billion compared with the first quarter of 2021 to €23.1 billion. Sales growth was mainly driven by higher prices, especially in the Chemicals and Materials segments. Positive currency effects in all segments supported sales performance. Slightly lower sales volumes overall had an offsetting effect. Volumes growth in the Agricultural Solutions, Industrial Solutions, Materials, Nutrition & Care and Chemicals segments could not fully offset the decline in volumes in the Surface Technologies segment.
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.
Factors influencing sales in Q1 2022 – Agricultural Solutions
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.
Q1 segment data – Agricultural Solutions (Million €)