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Last Update: 03/11/2010
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Part of the audited Consolidated Financial Statements and Management´s Analysis

Business review BASF Group

In 2009, our business was shaped by the economic crisis and the integration of Ciba. As forecast at the beginning of the year, sales and earnings were significantly below the previous year’s levels. Sales declined by 19% to €50,693 million, while income from operations decreased by 43% to €3,677 million. Despite the difficult business environment and the charges related to the Ciba acquisition, we only narrowly missed our goal of earning our cost of capital.

The capacity utilization of our plants was at a historic low in large parts of our business. However, demand recovered over the course of the year, especially in Asia. Thanks to quick and decisive measures to adjust capacities and increase efficiency, we were able to stabilize earnings and increase cash flow to a record high.
Forecast for the economic environment in 2010

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Sales and earnings (million €)

 

 

 

2009

2008

Change in %

1

In the second quarter of 2008, we conducted a two-for-one stock split.

Sales

50,693

62,304

(18.6)

Income from operations before depreciation and amortization (EBITDA)

7,388

9,562

(22.7)

EBITDA as a percentage of sales

14.6

15.3

Income from operations (EBIT) before special items

4,852

6,856

(29.2)

Income from operations (EBIT)

3,677

6,463

(43.1)

Financial result

(598)

(487)

(22.8)

Income before taxes and minority interests

3,079

5,976

(48.5)

Income before minority interests

1,655

3,305

(49.9)

Income before minority interests as a percentage of sales

3.3

5.3

Net income

1,410

2,912

(51.6)

Earnings per share (€) 1

1.54

3.13

(50.8)

Adjusted earnings per share (€) 1

3.01

3.85

(21.8)

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Sales and earnings by quarter 2009 (million €)

 

 

1st quarter

2nd quarter

3rd quarter

4th quarter

2009

Sales

12,219

12,502

12,798

13,174

50,693

Income from operations before depreciation and amortization (EBITDA)

1,587

1,576

1,993

2,232

7,388

Income from operations (EBIT) before special items

985

1,140

1,248

1,479

4,852

Income from operations (EBIT)

928

772

971

1,006

3,677

Financial result

(202)

(59)

(173)

(164)

(598)

Income before taxes and minority interests

726

713

798

842

3,079

Net income

375

343

237

455

1,410

Earnings per share (€)

0.41

0.37

0.26

0.50

1.54

Adjusted earnings per share (€)

0.55

0.79

0.61

1.06

3.01

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Sales and earnings by quarter 2008 (million €)

 

 

1st quarter

2nd quarter

3rd quarter

4th quarter

2008

1

In the second quarter of 2008, we conducted a two-for-one stock split.

Sales

15,921

16,305

15,772

14,306

62,304

Income from operations before depreciation and amortization (EBITDA)

2,955

3,033

2,171

1,403

9,562

Income from operations (EBIT) before special items

2,354

2,408

1,568

526

6,856

Income from operations (EBIT)

2,303

2,359

1,509

292

6,463

Financial result

(122)

(38)

(39)

(288)

(487)

Income before taxes and minority interests

2,181

2,321

1,470

4

5,976

Net income

1,170

1,297

758

(313)

2,912

Earnings per share (€) 1

1.24

1.39

0.82

(0.34)

3.13

Adjusted earnings per share (€) 1

1.38

1.54

0.96

(0.05)

3.85

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