BASF: New Financial Reporting Standards
BASF SE, Ludwigshafen, Germany, published restated figures for fiscal year 2012 due to the application of new International Financial Reporting Standards (IFRS) 10 and 11 and of International Accounting Standard (IAS) 19 (revised). The company has applied these standards since January 1, 2013. BASF is publishing restated figures for 2012 in order to provide a basis for comparison for its first-quarter interim report 2013 which will be published on April 26, 2013. The restated figures also reflect the changes in the company’s segment structure which also took effect January 1, 2013. BASF thus has 14 instead of 15 operational divisions, which are aggregated into five instead of six segments.
The application of IFRS 10 and 11 leads to a change in the scope of consolidation at BASF. From January 1, 2013, four companies which were previously fully consolidated and several which were proportionally consolidated will now be accounted for in the BASF Group Financial Statements using the equity method. Overall, the application of IFRS 10 and 11 does not impact net income, but leads to lower reported sales and income from operations (EBIT), especially in the Oil & Gas segment. Net income will be slightly reduced by the application of IAS 19 (revised), which concerns the accounting for employee benefits.
Key restated figures for 2012:
- Sales: EUR 72,129 million (previously reported: EUR 78,729 million)
- Income from operations before depreciation and amortization (EBITDA): EUR 10,009 million (previously reported: EUR 12,516 million)
- EBIT before special items: EUR 6,647 million (previously reported: EUR 8,881 million)
- EBIT: EUR 6,742 million (previously reported: EUR 8,976 million)
- Net income: EUR 4,819 million (previously reported: EUR 4,879 million)
- Earnings per share (EPS): EUR 5.25 (previously reported: EUR 5.31)
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