BASF with strong start to 2021 business year

Date:04-29-2021

BASF today reported strong results for the first quarter of 2021. “We were able to carry over the tailwinds from the strong fourth quarter of 2020 into the first quarter of 2021,” said Dr. Martin Brudermüller, Chairman of the Board of Executive Directors of BASF, expressing one of the core messages to shareholders at this year’s virtual Annual Shareholders’ Meeting. “BASF had a strong start to the year 2021.”

Sales in the Agricultural Solutions segment rose slightly by 1 percent compared with the first quarter of 2020 to €2.8 billion. Volumes were above the prior-year quarter in all regions. Higher price levels also contributed to sales growth. Significantly negative currency effects had an offsetting impact.

Sales in Europe declined slightly as a result of negative currency effects, especially in eastern Europe. By contrast, higher price levels had a positive impact on sales. Volumes were slightly above the prior-year quarter, especially for fungicides.

Sales in North America decreased slightly due to negative currency effects. Volumes rose, especially for field crop seeds and in particular for canola (oilseed rape) in Canada. Fungicide volumes also increased. Prices were on a level with the prior-year quarter.

In Asia, sales rose considerably as a result of higher sales volumes, especially of fungicides, primarily in China, India and Korea. Negative currency effects had an offsetting impact.

Sales rose considerably in the region South America, Africa, Middle East. This was mainly driven by increased volumes resulting
from a late season. Higher price levels also had a positive impact on sales. Sales development was weighed down by significantly
negative currency effects, mainly from the Brazilian real.

Income from operations (EBIT) before special items was on a level with the first quarter of 2020. Strong volume growth and lower fixed costs compensated for the negative currency effects.