- Financial result improves compared with 2009 largely due to income from participations
- Lower expenses for pension obligations
- Income taxes rise due to higher pre-tax earnings
- Tax rate declines because of lower share of earnings from Oil & Gas segment
The financial result improved from minus €598 million in 2009 to minus €388 million. While the interest result declined slightly to minus €623 million, income from participations rose from €133 million to €299 million. This development is mainly attributable to higher equity income from OAO Severneftegazprom.
Other financial expenses and income improved by €67 million, primarily due to lower expenses for pension obligations.
Income before taxes and minority interests increased sharply from €3,079 million to €7,373 million. The return on assets thus rose to 14.7% compared with 7.5% in the previous year.
Income taxes increased in line with the rise in income before taxes and minority interests, and grew from €1,424 million to €2,299 million. However, the tax rate dropped considerably from 46.2% to 31.2%, mainly because of the lower share of earnings from the highly-taxed Oil & Gas segment.
Minority interests increased from €245 million to €517 million. The greatest increases occurred at BASF FINA Petrochemicals Limited Partnership in Texas and BASF PETRONAS Chemicals Sdn. Bhd. in Malaysia.