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BASF Reports Steady Sales, Lower Earnings
USAgNet - 03/01/2021

BASF has released its FY2020 financial report. The company reports sales of €59.1 billion, which was unchanged from the year before. Negative currency and volume effects were nearly offset by higher prices and positive portfolio effects.

Owing to the effects of the pandemic, all segments posted lower earnings - with one exception: the Industrial Solutions segment achieved EBIT before special items on a level with the year 2019. The earnings decline at the BASF Group level was attributable in particular to significantly lower contributions from the upstream businesses in the Chemicals and Materials segments. The sharp drop in demand from the automotive industry especially weighed on earnings development in the Surface Technologies segment.

BASF expects the global economy to recover in 2021 after the sharp downturn resulting from the coronavirus pandemic. However, uncertainty about future developments remains exceptionally high. The company's forecast therefore includes wide ranges to account for the risk of renewed significant disruptions to global supply chains and the associated negative effects on the entire economy.

The company forecast assumes growth in customer industries, especially the automotive industry. The global economy should see significant growth of 4.3% compared with 2020. Global chemical production is expected to expand by 4.4%, well above the prior-year level.

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