BASF Group Q1 2021 (XLSX:) XLS Q1 2021 2020 +/– Sales million € 19,400 16,753 16% Income from operations before depreciation, amortization and special items million € 3,181 2,579 23% Income from operations before depreciation and amortization (EBITDA) million € 3,176 2,428 31% EBITDA margin % 16.4 14.5 − Depreciation and amortizationa million € 865 972 –11% Income from operations (EBIT) million € 2,311 1,456 59% Special items million € –10 –184 95% EBIT before special items million € 2,321 1,640 42% Income before income taxes million € 2,247 1,200 87% Income after taxes from continuing operations million € 1,810 881 105% Income after taxes from discontinued operations million € − 22 − Net income million € 1,718 885 94% Earnings per share € 1.87 0.97 93% Adjusted earnings per share € 2.00 1.26 59% Research and development expenses million € 511 494 3% Personnel expenses million € 2,947 2,826 4% Employees (March 31) 110,261 118,276 –7% Assets (March 31) million € 84,833 92,355 –8% Investments including acquisitionsb million € 545 2,136 –74% Equity ratio (March 31) % 46.0 47.0 − Net debt (March 31) million € 15,962 18,794 –15% Cash flows from operating activities million € –525 –1,030 49% Free cash flow million € –981 –1,599 39% a Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments) b Additions to property, plant and equipment and intangible assets next