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07-29-2010

BASF: Leap in Earnings

Following the upturn in business performance in the first three months of 2010, BASF SE, Ludwigshafen, Germany, continued to gain momentum in the second quarter. Sales rose 30% compared with the previous year to EUR 16.2 billion. Second-quarter income from operations (EBIT) before special items rose 94% to EUR 2.2 billion. Sales in the first six months increased 28% to EUR 31.7 billion and EBIT

before special items rose 96% to EUR 4.2 billion. Both sales and EBIT before special items were also above the good level of the first quarter of 2010. These developments were especially due to very high demand in the chemicals businesses.

Thanks to high demand, second-quarter sales in the Chemicals segment grew by 64% compared with the second quarter of 2009, which was weak due to the economic crisis. EBIT before special items

was EUR 429 million higher than the previous year’s figure (plus 166%). Despite the negative impact of the scheduled maintenance shutdown of the Nanjing Verbund site, earnings were up on first-quarter 2010 figures.

Sales in the Plastics segment were 48% higher in the second quarter compared with the weak level of the previous year. In addition to the good capacity utilization, the positive effects of restructuring measures are also reflected in the EBIT before special items. It increased by more than EUR 211 million (plus 153%). Despite a number of scheduled maintenance shutdowns and short supply of polyamide 6,6, the earnings level of the first quarter were surpassed.

The Performance Products segment was able to significantly increase second-quarter sales by 29% year-on-year thanks to higher volumes and prices. There were delivery bottlenecks in some product lines due to the limited availability of important intermediates. EBIT before special items rose by EUR 391 million (plus 489%). The strong earnings growth is attributable to the realization of synergies from the Ciba integration, the implementation of the business models and the favorable business

environment.

Sales in the Functional Solutions segment rose sharply in all regions in the second quarter, mainly due to stronger demand from the automotive industry, and increased 40% compared with the second quarter of 2009. EBIT before special items was up EUR 117 million compared with the previous year (plus 244%).

Sales and earnings increased in all regions: Sales by companies in Europe were 16% higher than in the same period of the previous year. In North America, sales grew by 42% in U.S. dollars and 44% in euro terms. Earnings rose by EUR 530 million to EUR 792 million (plus 202%). Sales in the Asia Pacific region rose by 55% in local currency terms, and by 60% in euro terms. Earnings grew by EUR 357 million to EUR 603 million (plus 145%). In South America, Africa, Middle East sales were up year-on-year by 21% in local-currency terms and by 33% in euro.

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