April 30, 2020 / 10:35 AM / in a month

BRIEF-BASF Says Asia, Battery Chem Investment Project Not Affected By Budget Cuts

April 30 (Reuters) - Basf:

* CEO SAYS HAVE NOT REQUESTED AND DO NOT PLAN TO REQUEST STATE LOANS, CONTINUE TO GET FUNDING VIA CAPITAL MARKET

* CEO SAYS CUTTING 2020 INVESTMENT BUDGET TO 2.8 BILLION EUR, DOWN FROM PREVIOUS GOAL OF 3.4 BILLION

* CFO SAYS LONG-TERM INVESTMENTS IN PLANTS IN ASIA AND IN EUROPEAN BATTERY CHEMICAL PRODUCTION NOT AFFECTED BY INVESTMENT CUTS

* CEO EXPECTS TO GIVE FULL-YEAR OUTLOOK AT END OF JULY

* CEO SAYS EXPECT Q2 ADJUSTED EBIT IN LOW TRIPLE DIGIT MILLION EURO RANGE BUT CANNOT RULE OUT A LOSS

* SAYS WE EXPECT CLEAR IMPROVEMENT IN GROUP CASH FLOW DURING THE REST OF YEAR DUE TO WORKING CAPITAL MANAGEMENT

* CFO SAYS OUR SHARE OF WINTERSHALL DEA Q1 NET LOSS WAS 160 MILLION EUR

* CFO SAYS WE RULE OUT WINTERSHALL DEA IPO IN THE CURRENT MARKET ENVIRONMENT

* CFO SAYS NOT INTERESTED IN CREDIT DOWNGRADE, SOLID A RATING IS OUR TARGET, TRYING TO MAKE RIGHT MOVES TO SUPPORT THAT Further company coverage:

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