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BASF's second-quarter results
outperformed market expectations
BASF released preliminary data
on the company's business situation for the second quarter of 2020 on July 10.
Sales in the second quarter of 2020 amounted to EUR 12,680 million (Q2 2019: EUR 14,478 million), down by 12.
4 percent
.
EBIT before special items amounted to €226 million, above expectations and within BASF's forecast, but significantly lower than in the prior-year quarter (Q2 2019: €995 million).
EBIT is expected to be €59 million, significantly lower than in the prior-year quarter (Q2 2019: €507 million).
Net income is expected to be minus €878 million
.
This was primarily due to the impairment of the equity investment in Wintershall Dea, which had no cash flow impact
.
This figure will be significantly lower than current analyst expectations and the same period last year (Q2 2019: €5,954 million).
The equity impairment of approximately EUR 800 million was due to
lower oil and gas forecasts and changes in reserve estimates.
Net income for the same period last year includes a book income of €5,684 million
from the merger of Wintershall and DEA on May 1, 2019.