Imark
Forumer storico
BASF riesce a restare in utile per un importo decisamente superiore alle attese al termine del Q1/2009, grazie ad un buon andamento dell'agrochimica nonché agli effetti delle misure di taglio dei costi e nonostante un calo del volume delle vendite superiore alle attese.
L'EBIT cala del 58% su base annua, il volume delle vendite del 23,3%.
L'outlook che non prevede nessun miglioramento per il futuro: anche la ricostituzione delle scorte delle aziende clienti in alcune aree geografiche, secondo BASF, non segnalerebbe alcuna ripresa imminente della domanda per prodotti chimici.
Pianifica tagli ai posti di lavoro ed incrementi al numero di dipendenti che lavorano ad orario ridotto; valuta il disinvestimento delle produzioni della chimica per il tessile e le pelli, nonché delle produzioni stireniche.
Conferma gli obiettivi di riduzione costi da realizzare entro il 2012.
(Rewrites with further detail, analyst comment, background.)
By Natascha Divac
Of DOW JONES NEWSWIRES FRANKFURT (Dow Jones)--Chemical giant BASF SE (BAS.XE) Thursday reported a milder-than-expected drop in its key profit figures, helped by a strong performance in Agrochemicals, but confirmed its pessimistic full-year outlook and said it would cut more jobs as the dramatic decline in demand for chemical products continues.
The company said it expects the coming quarters to be "extremely challenging", preparing shareholders for a possible dividend cut, as its goal of earning its cost of capital is "becoming increasingly difficult to achieve."
However, shares in the company outperformed the German blue chip index DAX in morning trade. At around 1000 GMT, shares were up 6.8% at EUR28.42.
In the three months ended March 31, net profit plunged 68% to EUR375 million from EUR1.17 billion a year ago, but still beating analysts expectations for just EUR71 million.
Earnings before interest and taxes, or EBIT, before special items fell 58% to EUR985 million due to a substantial decrease in volumes in many divisions, but also exceeded analyst expectations of EUR732 million.
"The main drivers are a stronger-than-expected performance in Agrochemicals, as well as cost-cutting measures in the chemical segments," said a Commerzbank analyst who asked not to be named.
Given the surprisingly low sales figure, the earnings figures look "fantastic", said one Frankfurt-based analyst.
Quarterly sales fell 23.3% to EUR12.22 billion from EUR15.92 billion, falling short of analysts' expectations of EUR13.6 billion.
The Ludwigshafen-based company said it aims to cut "at least" 2,000 positions by the end of 2009, as it sees no shift in the current trend and as demand weakened further at the start of the year.
"There is currently no sign of a reversal of this trend and we don't consider temporary topping up of inventories in some regions and industries to be signs of a sustainable upturn," said Chief Executive Juergen Hambrecht.
The chemical company still expects a drop in sales in 2009 and "an even greater" fall in earnings before interest and taxes.
It said that cost reduction and efficiency programs are being implemented "rigorously and rapidly", adding it will restructure and, where necessary, close or sell plants and sites that cannot ensure the company's long-term competitiveness.
The company also said it is reviewing possible divestment options for its leather and textile operations, as well as for its Styrenics business.
BASF plans to progressively increase earnings by more than EUR1 billion per year as of 2012 through its program NEXT and other cost reduction activities.
Over 4,000 employees are currently on shorter working hours across eight sites in Europe, but there will be a further 3,000 globally as of June.
BASF shares have lost around 37% of their value in the past 12 months.
Company Web site: www.basf.com
L'EBIT cala del 58% su base annua, il volume delle vendite del 23,3%.
L'outlook che non prevede nessun miglioramento per il futuro: anche la ricostituzione delle scorte delle aziende clienti in alcune aree geografiche, secondo BASF, non segnalerebbe alcuna ripresa imminente della domanda per prodotti chimici.
Pianifica tagli ai posti di lavoro ed incrementi al numero di dipendenti che lavorano ad orario ridotto; valuta il disinvestimento delle produzioni della chimica per il tessile e le pelli, nonché delle produzioni stireniche.
Conferma gli obiettivi di riduzione costi da realizzare entro il 2012.
- APRIL 30, 2009, 6:30 A.M. ET
(Rewrites with further detail, analyst comment, background.)
By Natascha Divac
Of DOW JONES NEWSWIRES FRANKFURT (Dow Jones)--Chemical giant BASF SE (BAS.XE) Thursday reported a milder-than-expected drop in its key profit figures, helped by a strong performance in Agrochemicals, but confirmed its pessimistic full-year outlook and said it would cut more jobs as the dramatic decline in demand for chemical products continues.
The company said it expects the coming quarters to be "extremely challenging", preparing shareholders for a possible dividend cut, as its goal of earning its cost of capital is "becoming increasingly difficult to achieve."
However, shares in the company outperformed the German blue chip index DAX in morning trade. At around 1000 GMT, shares were up 6.8% at EUR28.42.
In the three months ended March 31, net profit plunged 68% to EUR375 million from EUR1.17 billion a year ago, but still beating analysts expectations for just EUR71 million.
Earnings before interest and taxes, or EBIT, before special items fell 58% to EUR985 million due to a substantial decrease in volumes in many divisions, but also exceeded analyst expectations of EUR732 million.
"The main drivers are a stronger-than-expected performance in Agrochemicals, as well as cost-cutting measures in the chemical segments," said a Commerzbank analyst who asked not to be named.
Given the surprisingly low sales figure, the earnings figures look "fantastic", said one Frankfurt-based analyst.
Quarterly sales fell 23.3% to EUR12.22 billion from EUR15.92 billion, falling short of analysts' expectations of EUR13.6 billion.
The Ludwigshafen-based company said it aims to cut "at least" 2,000 positions by the end of 2009, as it sees no shift in the current trend and as demand weakened further at the start of the year.
"There is currently no sign of a reversal of this trend and we don't consider temporary topping up of inventories in some regions and industries to be signs of a sustainable upturn," said Chief Executive Juergen Hambrecht.
The chemical company still expects a drop in sales in 2009 and "an even greater" fall in earnings before interest and taxes.
It said that cost reduction and efficiency programs are being implemented "rigorously and rapidly", adding it will restructure and, where necessary, close or sell plants and sites that cannot ensure the company's long-term competitiveness.
The company also said it is reviewing possible divestment options for its leather and textile operations, as well as for its Styrenics business.
BASF plans to progressively increase earnings by more than EUR1 billion per year as of 2012 through its program NEXT and other cost reduction activities.
Over 4,000 employees are currently on shorter working hours across eight sites in Europe, but there will be a further 3,000 globally as of June.
BASF shares have lost around 37% of their value in the past 12 months.
Company Web site: www.basf.com
Dow, founded in 1897, makes 3,200 products, including plastics, Styrofoam insulation, pesticides and chlorine, at more than 150 production sites in 37 countries. 
