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02-27-2009

BASF: Solid Earnings in 2009

At the company’s Annual Press Conference in Ludwigshafen, Germany, BASF’s Chairman Dr. Jürgen Hambrecht explained: “… Our strengths include a high free cash flow, which, as in previous years, significantly exceeded EUR 2 billion in 2008.” At year end, 2008, BASF SE, Ludwigshafen, had an equity ratio of approximately 37%. The financial indebtedness of the BASF Group was EUR 14.5 billion with a liquidity of EUR 2.8 billion. Approximately 57% of financial indebtedness was long-term debt with a maturity of over one year. The company’s medium to long-term debt financing is based on corporate bonds with a balanced maturity profile. Sales rose by 8% compared with 2007 to EUR 62.3 billion. This was primarily due to higher prices in all divisions. However, BASF was unable to pass on fully raw material prices, which were volatile and higher on average than in 2007. Income from operations (EBIT) before special items was on course for a new record up to the fourth quarter. At just under EUR 6.9 billion at the end of the year, however, it was 10% lower than the record amount posted in 2007. In 2008, BASF again earned a high premium of EUR 1.6 billion on its cost of capital, compared with EUR 2.9 billion in 2007.

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