In the ongoing business, too, things were rather poor for the chemical company in 2022.
(Photo: AP)
Dusseldorf The chemical group BASF surprisingly slipped into the red last year due to write-downs on the Russian business of its production subsidiary Wintershall Dea. The bottom line, according to preliminary figures, is that the Dax company has accumulated a loss of around 1.4 billion euros, as announced on Tuesday after the stock market closed.
This was mainly due to impairments on Wintershall Dea in the amount of 7.3 billion euros, because the subsidiary is splitting off the Russia segment and revaluing it. In addition, write-downs were incurred on Nord Stream AG. In the fourth quarter alone, depreciation at BASF amounted to 5.4 billion euros.
According to the information, Wintershall Dea is planning a complete withdrawal from Russia in compliance with the legal provisions.
The current business was also rather gloomy. Before special items and before interest and taxes, BASF earned around 6.88 billion euros in 2022, a good eleven percent less than in the previous year. Because of high costs, especially in Europe, the group had already announced an austerity program.
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Chemical companies had to struggle primarily with the sharp rise in gas prices as a result of the Russian attack on Ukraine. Analysts had recently expected a little more operating profit at BASF. Sales, on the other hand, grew by eleven percent to 87.3 billion euros due to higher prices and currency effects.
More: Why 60 German companies are still active in Russia