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1ST QTR: BASF SALES DOWN 1%, NET INCOME UP 2%
Source: BASF news release

To view the complete report, click here.

"We had a good start to the year in our chemicals business and in the Agricultural Solutions segment. We sold more.

This more than compensated for the negative effects on sales from the comparatively weak U.S. dollar and currencies in emerging markets," said Dr. Kurt Bock, Chairman of the Board of Executive Directors, at the Annual Shareholders' Meeting of BASF SE in the Congress Center Rosengarten in Mannheim.

Sales declined considerably in the Oil & Gas segment, however. At 19.5 billion, BASF Group sales were down by 1% overall.

Income from operations (EBIT) before special items amounted to 2.1 billion, 3% below the level of the first quarter of 2013. While earnings in the Performance Products and Functional Materials & Solutions segments improved significantly, the contribution from the Oil & Gas segment fell considerably.

EBIT included a total of 109 million in special items in the first quarter of 2014. This was largely attributable to special income from the divestiture of shares in non-BASF-operated oil and gas fields in the British North Sea.

EBIT therefore grew year-on-year by 80 million to reach 2.2 billion. EBITDA rose by 96 million to 3.0 billion. The financial result decreased by 57 million to minus 183 million.

Income before taxes and minority interests improved year-on-year by 23 million to 2.1 billion. Net income grew by 31 million to 1.5 billion.

Earnings per share were 1.61 in the first quarter of 2014, compared with 1.57 in the same period of 2013.

Sales grew considerably in the Agricultural Solutions segment. This was mainly because of the strong start in the Northern Hemisphere.

Negative currency effects were more than compensated for by raising volumes and prices. Earnings rose slightly thanks to these higher volumes and prices.


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