Events After March 31, 2022 (Events After the Reporting Period)
On April 12, 2022, BASF and Allianz Capital Partners (on behalf of Allianz insurance companies) closed the purchase of 25.2% of the Hollandse Kust Zuid (HKZ) offshore wind farm by Allianz Capital Partners following the approval of the relevant authorities. BASF had acquired 49.5% of HKZ from Vattenfall in the third quarter of 2021. BASF will receive most of the power produced by its originally acquired share of 49.5% of HKZ under a long-term fixed-price power purchasing agreement.
On April 27, 2022, BASF announced that it will wind down the company’s remaining business activities in Russia and Belarus by the beginning of July 2022. Business to support food production remains an exception. This decision is driven by the recent developments of the war in Ukraine and in international law, including the fifth E.U. sanctions package. The effects of this decision on the recoverability of our assets are currently being assessed in detail. In 2021, Russia and Belarus accounted for around 1% of the BASF Group’s total sales. Currently, 684 employees work for BASF in Russia and in Belarus. The company has decided to continue to support its employees in both countries until the end of 2022.