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Slides BASF Analyst Conference Q1 2022

BASF
BASF

Presentation accompanying the Quarterly Statement 1st Quarter 2022 call for investors and analysts on April 29, 2022 Full BASF Quarterly Statement 1st Quarter 2022 online available at http://basf.com/quarterlystatement

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Analyst Conference Call Q1 2022
April 29, 2022
April 29, 2022
2 | BASF Analyst Conference Call Q1 2022
Cautionary note regarding
forward-looking statements
This presentation contains forward-looking statements. These statements are based on current
estimates and projections of the Board of Executive Directors and currently available information.
Forward-looking statements are not guarantees of the future developments and results outlined
therein. These are dependent on a number of factors; they involve various risks and uncertainties; and
they are based on assumptions that may not prove to be accurate. Such risk factors include those
discussed in Opportunities and Risks on pages 151 to 160 of the BASF Report 2021. BASF does not
assume any obligation to update the forward-looking statements contained in this presentation above
and beyond the legal requirements.
April 29, 2022
3 | BASF Analyst Conference Call Q1 2022
Snapshot of the current market environment
 Macroeconomic environment is characterized by a high degree of uncertainty
 Industries, customers and consumers are facing an increasingly inflationary
environment:
− Drastically higher energy, industrial raw materials and logistics costs
− Food prices are increasing globally due to loss of agricultural exports and
fertilizers from Ukraine and Russia
 China’s economic growth is softening, especially due to the zero-COVID strategy
 Semiconductor shortages and now, additionally, the shortage of wire harnesses
limit automotive production
April 29, 2022
4 | BASF Analyst Conference Call Q1 2022
 In Q1 2022, EBIT before special items increased by around
€500 million compared with Q1 2021 and amounted to €2.8 billion
 All segments increased earnings, except for Surface
Technologies, where shortages continued to limit global
automotive production
 All segments achieved price and volume growth, except for
Surface Technologies
 Nutrition & Care and Agricultural Solutions considerably increased
prices and volumes and thus improved earnings
 BASF’s current order book looks solid, except for the automotive
industry and China
2,321 2,355
1,865
1,227
2,818
0
1,000
2,000
3,000
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
EBIT before special items
Million €
21%
Q1 2022: BASF achieves strong EBIT before special items
despite significantly higher energy and raw materials prices
April 29, 2022
5 | BASF Analyst Conference Call Q1 2022
Impact of the war in Ukraine on BASF’s energy and raw materials
supply and its participation in Wintershall Dea
Energy and raw materials supply
 The war in Ukraine has led to drastic price increases for energy and various raw materials
 So far, the supply of BASF’s key raw materials is not limited
 To avoid disruptions in the supply of natural gas in Europe, BASF is coordinating closely
with suppliers, network operators and government agencies
BASF’s participation in Wintershall Dea
 Wintershall Dea is neither directly nor indirectly sanctioned; the company complies with
all applicable laws and sanctions imposed
 On March 2, 2022, Wintershall Dea decided not to pursue any additional gas and oil
production projects in Russia and to stop all planning for new projects; furthermore, the
company decided to essentially stop all payments to Russia with immediate effect
 Impairments recognized by Wintershall Dea in Q1 2022 were caused by the war in Ukraine
and the related political consequences and concerned, in addition to the Nord Stream 2
loan, assets in Russia and in the gas transportation business
April 29, 2022
6 | BASF Analyst Conference Call Q1 2022
Natural gas prices in Europe rose drastically in Q1 2022
Incremental natural gas spend in Europe
Million €
 Natural gas price burden for European BASF sites
− Additional costs of ~€0.9 billion in Q1 2022
compared with Q1 2021
− Additional costs of ~€1.1 billion in Q1 2022
compared with Q1 2020
 Mitigation measures
− Implementation of considerable sales price
increases to pass on higher natural gas prices
− Where technically feasible, preparations to
substitute natural gas are ongoing
− Proactive scenario development to optimize our
production at European sites in the event that
Germany is forced to allocate natural gas
-
100
200
300
400
500
Costs 2020 Additional costs 2021
0
Additional costs Q1 2022
Ad

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Slides BASF Analyst Conference Q1 2022

  • 1. Analyst Conference Call Q1 2022 April 29, 2022
  • 2. April 29, 2022 2 | BASF Analyst Conference Call Q1 2022 Cautionary note regarding forward-looking statements This presentation contains forward-looking statements. These statements are based on current estimates and projections of the Board of Executive Directors and currently available information. Forward-looking statements are not guarantees of the future developments and results outlined therein. These are dependent on a number of factors; they involve various risks and uncertainties; and they are based on assumptions that may not prove to be accurate. Such risk factors include those discussed in Opportunities and Risks on pages 151 to 160 of the BASF Report 2021. BASF does not assume any obligation to update the forward-looking statements contained in this presentation above and beyond the legal requirements.
  • 3. April 29, 2022 3 | BASF Analyst Conference Call Q1 2022 Snapshot of the current market environment  Macroeconomic environment is characterized by a high degree of uncertainty  Industries, customers and consumers are facing an increasingly inflationary environment: − Drastically higher energy, industrial raw materials and logistics costs − Food prices are increasing globally due to loss of agricultural exports and fertilizers from Ukraine and Russia  China’s economic growth is softening, especially due to the zero-COVID strategy  Semiconductor shortages and now, additionally, the shortage of wire harnesses limit automotive production
  • 4. April 29, 2022 4 | BASF Analyst Conference Call Q1 2022  In Q1 2022, EBIT before special items increased by around €500 million compared with Q1 2021 and amounted to €2.8 billion  All segments increased earnings, except for Surface Technologies, where shortages continued to limit global automotive production  All segments achieved price and volume growth, except for Surface Technologies  Nutrition & Care and Agricultural Solutions considerably increased prices and volumes and thus improved earnings  BASF’s current order book looks solid, except for the automotive industry and China 2,321 2,355 1,865 1,227 2,818 0 1,000 2,000 3,000 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 EBIT before special items Million € 21% Q1 2022: BASF achieves strong EBIT before special items despite significantly higher energy and raw materials prices
  • 5. April 29, 2022 5 | BASF Analyst Conference Call Q1 2022 Impact of the war in Ukraine on BASF’s energy and raw materials supply and its participation in Wintershall Dea Energy and raw materials supply  The war in Ukraine has led to drastic price increases for energy and various raw materials  So far, the supply of BASF’s key raw materials is not limited  To avoid disruptions in the supply of natural gas in Europe, BASF is coordinating closely with suppliers, network operators and government agencies BASF’s participation in Wintershall Dea  Wintershall Dea is neither directly nor indirectly sanctioned; the company complies with all applicable laws and sanctions imposed  On March 2, 2022, Wintershall Dea decided not to pursue any additional gas and oil production projects in Russia and to stop all planning for new projects; furthermore, the company decided to essentially stop all payments to Russia with immediate effect  Impairments recognized by Wintershall Dea in Q1 2022 were caused by the war in Ukraine and the related political consequences and concerned, in addition to the Nord Stream 2 loan, assets in Russia and in the gas transportation business
  • 6. April 29, 2022 6 | BASF Analyst Conference Call Q1 2022 Natural gas prices in Europe rose drastically in Q1 2022 Incremental natural gas spend in Europe Million €  Natural gas price burden for European BASF sites − Additional costs of ~€0.9 billion in Q1 2022 compared with Q1 2021 − Additional costs of ~€1.1 billion in Q1 2022 compared with Q1 2020  Mitigation measures − Implementation of considerable sales price increases to pass on higher natural gas prices − Where technically feasible, preparations to substitute natural gas are ongoing − Proactive scenario development to optimize our production at European sites in the event that Germany is forced to allocate natural gas - 100 200 300 400 500 Costs 2020 Additional costs 2021 0 Additional costs Q1 2022
  • 7. April 29, 2022 7 | BASF Analyst Conference Call Q1 2022 Chemical production Q1 2022 compared with prior-year quarter1 % Global chemical production increased by 3.7% in Q1 2022 Q1 2022 Q1 2021 Global GDP 4.0% 3.6% Global industrial production 4.0% 5.1% Global chemical production 3.7% 11.1% Growth rates % 1 Source: BASF, Q1 2022 partly based on estimates. Data sources: IHS, NBS China, Feri, Fed, Eurostat, METI, ONS. All data subject to statistical revision.
  • 8. April 29, 2022 8 | BASF Analyst Conference Call Q1 2022 Chemicals Materials Industrial Solutions Surface Technologies Nutrition & Care Agricultural Solutions Other Overall volume Volume development by segment Q1 2022 vs. Q1 2021 Absolute (million €) terms Q1 2022: Volume growth across all segments, except for Surface Technologies due to shortages in automotive industry Relative (%) terms 0.2% 3.7% 6.6% -14.3% 7.9% 9.7% 2.4% -0.8%         -162 6 128 139 -852 121 276 19 Thereof ~70% related to precious metals trading volumes
  • 9. April 29, 2022 9 | BASF Analyst Conference Call Q1 2022 BASF Group Chemicals Materials Industrial Solutions Surface Technologies Nutrition & Care Agricultural Solutions Other BASF Group Sales Q1 2022 vs. Q1 2021 Million € EBIT before special items Q1 2022 vs. Q1 2021 Million € Q1 2022: Sales and EBIT before special items increased considerably 858 751 348 267 244 868 -518 4,004 4,821 2,493 5,457 1,971 3,397 940 Sales by segment Million € EBIT before special items by segment Million €
  • 10. April 29, 2022 10 | BASF Analyst Conference Call Q1 2022 BASF Group Q1 2022: Financial figures Financial figures Q1 2022 Q1 2021 Change Million € Million € % Sales 23,083 19,400 19.0 EBITDA before special items 3,743 3,181 17.7 EBITDA 3,709 3,176 16.8 EBIT before special items 2,818 2,321 21.4 EBIT 2,785 2,311 20.5 Net income from shareholdings -797 68 . Net income 1,221 1,718 -28.9 Reported EPS 1.34 1.87 -28.3 Adjusted EPS 2.70 2.00 35.0 Cash flows from operating activities -290 -525 44.7 Free cash flow -893 -981 8.9
  • 11. April 29, 2022 11 | BASF Analyst Conference Call Q1 2022 Cash flow development in Q1 2022 Q1 2022 Q1 2021 Million € Million € Cash flows from operating activities -290 -525 Thereof Changes in net working capital1 -3,182 -2,773 Miscellaneous items 746 -335 Cash flows from investing activities -579 -435 Thereof Payments made for property, plant and equipment and intangible assets -603 -456 Acquisitions / divestitures 10 -7 Cash flows from financing activities 2,685 710 Thereof Changes in financial and similar liabilities 3,504 717 Dividends - -7 Free cash flow -893 -981 1 In order to optimize precious metal stocks, BASF sells precious metals and concurrently enters into agreements to repurchase them at a set price. The cash flows resulting from the sale and repurchase are reported in cash flows from operating activities. Liabilities to repurchase precious metals amounted to €780 million as of March 31, 2022.
  • 12. April 29, 2022 12 | BASF Analyst Conference Call Q1 2022 Strong balance sheet Balance sheet March 31, 2022, vs. Dec. 31, 2021 Billion € Liquid funds Accounts receivable, trade Noncurrent assets Inventories Other assets 4.7 2.8 7.9 6.5 15.3 11.9 14.8 13.9 51.3 52.3 March 31, 2022 Dec. 31, 2021 87.4 94.0 Other liabilities Financial debt Equity 30.4 28.1 21.0 17.2 42.6 42.1 March 31, 2022 Dec. 31, 2021 87.4 94.0  Total assets increased by €6.6 billion to €94.0 billion  Noncurrent assets amounted to €51.3 billion, a decrease of €1.1 billion  Current assets increased by €7.7 billion to €42.7 billion, mainly due to higher trade accounts receivable. In addition, cash and cash equivalents, other receivables and miscellaneous assets as well as inventories contributed to the increase  Net debt increased by €1.9 billion to €16.3 billion  Equity ratio: 45.3% (Dec. 31, 2021: 48.2%)
  • 13. April 29, 2022 13 | BASF Analyst Conference Call Q1 2022 Outlook 2022 for BASF Group Outlook 2022 Sales €74 billion – €77 billion EBIT before special items €6.6 billion – €7.2 billion ROCE 11.4% – 12.6% CO2 emissions 19.6 – 20.6 million metric tons Underlying assumptions  Growth in gross domestic product: 3.8%  Growth in industrial production: 3.8%  Growth in chemical production: 3.5%  Average euro/dollar exchange rate: $1.15 per euro  Average annual oil price (Brent crude): $75 per barrel