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Slides BASF analyst conference FY 2019

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Presentation accompanying the FY 2019 call for investors and analysts on February 28, 2020 Full BASF Report 2019 online available at http://basf.com/report

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Analyst Conference Call FY 2019
February 28, 2020
February 28, 20202 | BASF Analyst Conference Call FY 2019
Cautionary note regarding
forward-looking statements
This presentation contains forward-looking statements. These statements are based on current
estimates and projections of the Board of Executive Directors and currently available information.
Forward-looking statements are not guarantees of the future developments and results outlined
therein. These are dependent on a number of factors; they involve various risks and uncertainties; and
they are based on assumptions that may not prove to be accurate. Such risk factors include those
discussed in Opportunities and Risks on pages 139 to 147 of the BASF Report 2019. BASF does not
assume any obligation to update the forward-looking statements contained in this presentation above
and beyond the legal requirements.
February 28, 20203 | BASF Analyst Conference Call FY 2019
2019 was a challenging year for BASF with several one-offs
 Significant macroeconomic headwinds
− Negative impacts from ongoing trade and geopolitical conflicts
− Slowdown in global GDP, industrial and chemical production
 Factors weighing on BASF’s Chemicals and Materials segments
− Oversupplied cracker markets
− Planned cracker turnarounds
− Margins for isocyanates declined below long-term averages
 Factors weighing on BASF’s Agricultural Solutions segment
− Volumes in North America negatively impacted by extreme weather
conditions and distributor destocking
− Trade conflicts dampened demand in North America
 Strategy implementation in full swing
− Transformation into an agile and customer-focused organization ongoing
− Active portfolio management towards higher value and more focus
− Accelerated implementation of the Excellence Program
February 28, 20204 | BASF Analyst Conference Call FY 2019
BASF Group full year 2019 – Overview
EBIT before special items1 by segment 2019 vs. 2018
million €
Sales1 bridge 2019 vs. 2018
million €
Sales development
2019 vs. 2018 (3%) (3%) 2% 2%


-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
Materials (58%)
Chemicals (50%)




4,536
6,281


Other (49%)
2018 2019
Industrial Solutions 23%
Surface Technologies 17%
Nutrition & Care 8% 
Agricultural Solutions 49%
 
60,220
59,316
(1,656)
(1,500)
1,069
1,183
40,000
50,000
60,000
2018 Volumes Prices Portfolio Currencies 2019
1 Restated figures due to reporting of construction chemicals as discontinued operation
February 28, 20205 | BASF Analyst Conference Call FY 2019
Review of the financial and nonfinancial targets
Grow sales volumes faster than global chemical production every year
Increase EBITDA before special items by 3% to 5% per year
Achieve a ROCE1 considerably above the cost of capital percentage every year
Increase the dividend per share every year based on a strong free cash flow
Grow CO2-neutrally until 2030
Achieve €22 billion in Accelerator sales by 2025
Sales volumes -3% versus
+1.8% global chemical production
EBITDA before special items
-11%
ROCE 7.7% versus
a cost of capital rate of 10%
Dividend proposal of €3.30 per
share, an increase of 10 cents
CO2e emissions 20.1 million tons
(-8.2% compared to 2018)
Accelerator sales €15.0 billion
(compared to €14.3 billion in 2018)
2019 target achievement2
1 Return on capital employed (ROCE) is a measure of the profitability of our operations. We calculate this
indicator as the EBIT generated by the segments as a percentage of the average cost of capital basis
2 Restated figures due to reporting of construction chemicals as discontinued operation
February 28, 20206 | BASF Analyst Conference Call FY 2019 1 Excluding precious metal trading; restated figures due to reporting of construction chemicals as discontinued operation
Financial profitability by segment 2019 vs. 2018
EBITDA margin
before special items
2019 2018 Change
% %
Chemicals 17 19
Materials 15 23
Industrial Solutions 15 12
Surface Technologies1 13 12
Nutrition & Care 20 19
Agricultural Solutions 23 18






 All downstream segments improved their margins
 The weighted average EBITDA margin before
special items of BASF’s downstream businesses
improved from 15% to 17% in 2019, while the
margin of BASF’s upstream segments declined
from 21% to 16%
 EBITDA before special items in the Agricultural
Solutions segment increased from €1.1 billion to
€1.8 billion lifting the margin from 18% to 23%
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Slides BASF analyst conference FY 2019

  • 1. Analyst Conference Call FY 2019 February 28, 2020
  • 2. February 28, 20202 | BASF Analyst Conference Call FY 2019 Cautionary note regarding forward-looking statements This presentation contains forward-looking statements. These statements are based on current estimates and projections of the Board of Executive Directors and currently available information. Forward-looking statements are not guarantees of the future developments and results outlined therein. These are dependent on a number of factors; they involve various risks and uncertainties; and they are based on assumptions that may not prove to be accurate. Such risk factors include those discussed in Opportunities and Risks on pages 139 to 147 of the BASF Report 2019. BASF does not assume any obligation to update the forward-looking statements contained in this presentation above and beyond the legal requirements.
  • 3. February 28, 20203 | BASF Analyst Conference Call FY 2019 2019 was a challenging year for BASF with several one-offs  Significant macroeconomic headwinds − Negative impacts from ongoing trade and geopolitical conflicts − Slowdown in global GDP, industrial and chemical production  Factors weighing on BASF’s Chemicals and Materials segments − Oversupplied cracker markets − Planned cracker turnarounds − Margins for isocyanates declined below long-term averages  Factors weighing on BASF’s Agricultural Solutions segment − Volumes in North America negatively impacted by extreme weather conditions and distributor destocking − Trade conflicts dampened demand in North America  Strategy implementation in full swing − Transformation into an agile and customer-focused organization ongoing − Active portfolio management towards higher value and more focus − Accelerated implementation of the Excellence Program
  • 4. February 28, 20204 | BASF Analyst Conference Call FY 2019 BASF Group full year 2019 – Overview EBIT before special items1 by segment 2019 vs. 2018 million € Sales1 bridge 2019 vs. 2018 million € Sales development 2019 vs. 2018 (3%) (3%) 2% 2%   -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 Materials (58%) Chemicals (50%)     4,536 6,281   Other (49%) 2018 2019 Industrial Solutions 23% Surface Technologies 17% Nutrition & Care 8%  Agricultural Solutions 49%   60,220 59,316 (1,656) (1,500) 1,069 1,183 40,000 50,000 60,000 2018 Volumes Prices Portfolio Currencies 2019 1 Restated figures due to reporting of construction chemicals as discontinued operation
  • 5. February 28, 20205 | BASF Analyst Conference Call FY 2019 Review of the financial and nonfinancial targets Grow sales volumes faster than global chemical production every year Increase EBITDA before special items by 3% to 5% per year Achieve a ROCE1 considerably above the cost of capital percentage every year Increase the dividend per share every year based on a strong free cash flow Grow CO2-neutrally until 2030 Achieve €22 billion in Accelerator sales by 2025 Sales volumes -3% versus +1.8% global chemical production EBITDA before special items -11% ROCE 7.7% versus a cost of capital rate of 10% Dividend proposal of €3.30 per share, an increase of 10 cents CO2e emissions 20.1 million tons (-8.2% compared to 2018) Accelerator sales €15.0 billion (compared to €14.3 billion in 2018) 2019 target achievement2 1 Return on capital employed (ROCE) is a measure of the profitability of our operations. We calculate this indicator as the EBIT generated by the segments as a percentage of the average cost of capital basis 2 Restated figures due to reporting of construction chemicals as discontinued operation
  • 6. February 28, 20206 | BASF Analyst Conference Call FY 2019 1 Excluding precious metal trading; restated figures due to reporting of construction chemicals as discontinued operation Financial profitability by segment 2019 vs. 2018 EBITDA margin before special items 2019 2018 Change % % Chemicals 17 19 Materials 15 23 Industrial Solutions 15 12 Surface Technologies1 13 12 Nutrition & Care 20 19 Agricultural Solutions 23 18        All downstream segments improved their margins  The weighted average EBITDA margin before special items of BASF’s downstream businesses improved from 15% to 17% in 2019, while the margin of BASF’s upstream segments declined from 21% to 16%  EBITDA before special items in the Agricultural Solutions segment increased from €1.1 billion to €1.8 billion lifting the margin from 18% to 23%
  • 7. February 28, 20207 | BASF Analyst Conference Call FY 2019 Attractive shareholder return – clear commitment to progressive dividend policy Dividend per share € Proposal Dividend policy  Increase the dividend per share every year Key facts 2020  Dividend proposal of €3.30 per share, an increase of 10 cents  In total, we would pay out €3.0 billion, which is fully covered by our free cash flow of €3.7 billion  Dividend yield of 4.9% based on the share price of €67.35 at year end 2019 Yield1 3.7% 4.6% 3.7% 3.5% 4.0% 4.1% 3.4% 3.4% 5.3% 4.9% 2.20 2.50 2.60 2.70 2.80 2.90 3.00 3.10 3.20 3.30 0 1 2 3 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1 Dividend yield based on share price at year end
  • 8. February 28, 20208 | BASF Analyst Conference Call FY 2019 Transforming BASF into an agile and customer-focused organization Embedding to bring services closer to customers Streamlined headquarters and services Regions with sharpened roles to increase customer focus Simplification of process landscape People working in an entrepreneurial performance culture Action fields Progress report On October 1, 2019, we completed the embedding of around 20,000 employees Since January 1, 2020, the lean corporate center with ~1,000 employees is operating. In addition, the Global Business Services unit with ~8,800 employees was established Regions with strengthened customer focus, supporting and enabling the businesses locally Simplification measures on track: currently >140 projects ongoing, thereof >50 implemented Empowering and incentivizing employees to take ownership in their area of expertise
  • 9. February 28, 20209 | BASF Analyst Conference Call FY 2019 Update on Excellence Program 2019 – 2021 2019 actual 2020 2021 Annual EBITDA contribution1  €0.6 billion  €1.3 – €1.5 billion  €2.0 billion One-time costs2  €0.5 billion  €0.3 – €0.4 billion  €0.05 – €0.15 billion 1 Run rate; 2 One-time costs in the respective year Operational excellence Measures focused on production, logistics and planning Leaner structures Personnel cost savings; reduction of 6,000 positions targeted globally by end of 2020 Innovation R&D cost reduction via focusing budgets Simplification Increased process efficiency, e.g., in procurement Category Innovation Operational excellence Leaner structures Simplification €2.0 billion EBITDA contribution by category
  • 10. February 28, 202010 | BASF Analyst Conference Call FY 2019 Strong earnings development of BASF in Greater China EBITDA before special items2 million € EBITDA margin before special items % 0 5 10 15 20 0 500 1,000 1,500 2,000 2015 2016 2017 2018 2019 0 2 4 6 8 Global chemical production Chemical production Greater China Sales volumes of BASF in Greater China Real chemical production growth1 (CAGR 2015-2019) % 1 Source: BASF, real chemical production excluding pharmaceuticals (base year 2015) 2 Restated figures due to reporting of construction chemicals as discontinued operation Strong earnings development of BASF in Greater China over the past years BASF’s sales volumes outgrew Greater China’s chemical production during the last five years 2
  • 11. February 28, 202011 | BASF Analyst Conference Call FY 2019 Guangdong Hong Kong Guangdong is home of key customers from fast-growing industries 0 200 400 600 800 2019 0 50 100 150 200 2019 Strongly growing industrial base1 billion US$ (base year 2015) Largest automotive production, China # of motor vehicles built in Guangdong (1,000) Largest electronics production, China2 billion US$ (base year 2015) Steady increase of private consumption3 billion US$ (base year 2015) Market characteristics  Around 113 million residents in Guangdong province (2018)  GDP Guangdong (2018): ~US$1,470 billion (to reach GDP of South Korea soon)  Current GDP growth: ~6% p.a. GDP growth until 2035: 5-6% p.a.  Key customer industries: transportation, consumer goods, home and personal care, electronics  Chemical products are generally undersupplied from local production 1 Real value added, manufacturing Guangdong 3 Real private consumption Guangdong; 2018 and 2019 IHS forecast 2 Real value added, electronic equipment Guangdong; 2019 forecast based on YTD Nov. growth 0 1,000 2,000 3,000 4,000 2019 0 200 400 600 2019 ~6.2% CAGR ~7.9% CAGR ~6.8% CAGR ~5.4% CAGR 661 140 3,120 560
  • 12. February 28, 202012 | BASF Analyst Conference Call FY 2019 Active portfolio management  Sales 2018: ~€1 billion  BASF acquired the global, non-European PA6.6 business from Solvay including its 50% share in Butachimie’s adipodinitrile (ADN) production  Purchase price of €1.3 billion1  Closing took place on January 31, 2020  Sales 2019: ~€2.6 billion  BASF and Lone Star Funds signed agreement for the acquisition of BASF’s construction chemicals business  Purchase price of €3.17 billion1  Closing is expected in Q3 20202 Lone Star Funds to acquire BASF’s construction chemicals business BASF closed acquisition of polyamide business from Solvay 1 On a cash and debt-free basis; 2 Subject to the approval of the relevant competition authorities  Sales 2018: ~€1 billion  BASF and DIC reached an agreement on the acquisition of BASF’s global pigments business  Purchase price of €1.15 billion1  Closing is expected in Q4 20202 DIC to acquire BASF’s global pigments business
  • 13. February 28, 202013 | BASF Analyst Conference Call FY 2019 Merger of Wintershall Dea completed, integration on track  On April 30, 2019, BASF and LetterOne completed the merger of Wintershall and DEA  Creation of Europe’s leading independent E&P company with BASF holding 72.7% and LetterOne 27.3%  Wintershall Dea has a regionally balanced footprint with superior growth opportunities  Integration of Wintershall Dea is well on track and expected to be completed in December 2020  Synergies of at least €200 million p.a. expected by 2022
  • 14. February 28, 202014 | BASF Analyst Conference Call FY 2019 Acquisition of assets and businesses from Bayer – a successful move  BASF’s Agricultural Solutions segment transformed from a crop protection company into a provider of agricultural solutions  BASF provides connected offer of crop protection products, seeds and digital solutions  EBITDA margin before special items 2019: 23% (2018: 18%)  Until 2025, target to achieve a mid- triple-digit million-euro amount in additional sales from the acquisition 5,696 1,300 6,156 1,128 7,814 1,809 0 2,000 4,000 6,000 8,000 2017 2018 2019 Sales legacy business Sales acquired business EBITDA before special items legacy business EBITDA before special items acquired business 2017 2018 2019 million €
  • 15. February 28, 202015 | BASF Analyst Conference Call FY 2019 BASF Group Q4 and full year 2019 Sales development Volumes Prices Portfolio Currencies Q4 2019 vs. Q4 2018 (1%) (1%) (1%) 1% FY 2019 vs. FY 2018 (3%) (3%) 2% 2% Financial figures1 Q4 2019 Change vs. Q4 2018 FY 2019 Change vs. FY 2018 € % € % Sales 14,686 million (2) 59,316 million (2) EBITDA before special items 1,740 million 20 8,217 million (11) EBITDA 1,491 million 14 8,036 million (10) EBIT before special items 765 million 23 4,536 million (28) EBIT 460 million (2) 4,052 million (32) Net income 150 million (57) 8,421 million 79 Reported EPS 0.16 (57) 9.17 79 Adjusted EPS 0.63 (13) 4.00 (32) Cash flows from operating activities 3,157 million 103 7,474 million (6)         1 Restated figures due to reporting of construction chemicals as discontinued operation
  • 16. February 28, 202016 | BASF Analyst Conference Call FY 2019 Cash flow development in 2019 2019 2018 million € million € Cash flows from operating activities 7,474 7,939 Thereof Changes in net working capital 1,410 (530) Miscellaneous items (6,575) 12 Cash flows from investing activities (1,190) (11,804) Thereof Payments made for intangible and tangible assets (3,824) (3,894) Acquisitions / divestitures 2,361 (7,255) Cash flows from financing activities (6,405) (52) Thereof Changes in financial and similar liabilities (3,342) 2,966 Dividends (3,064) (3,021) Free cash flow 3,650 4,045
  • 17. February 28, 202017 | BASF Analyst Conference Call FY 2019 Balance sheet remains strong Balance sheet 2019 vs. 2018 billion €  Total assets almost stable at €87.0 billion  Noncurrent assets increased by €12.6 billion, mainly due to the recognition of our participating interests in Wintershall Dea and Solenis  Net debt decreased by €2.7 billion to €15.5 billion  The equity ratio increased from 41.7% (Dec. 31, 2018) to 48.7% (Dec. 31, 2019), mainly due to the book gain on the deconsolidation of Wintershall Liquid funds Accounts receivable Noncurrent assets Inventories Other assets Other liabilities Financial debt Equity 25.2 23.9 5.8 18.4 20.8 42.4 36.1 Dec. 31, 2019 Dec. 31, 2018 1.0 2.9 2.6 14.63.8 3.2 9.1 10.711.2 12.2 56.0 43.3 Dec. 31, 2019 Dec. 31, 2018 86.687.0 86.687.0 Liabilities of disposal groups Disposal groups1 Disposal groups2 1 BASF’s global pigments business and construction chemicals business 4.0 2 BASF’s oil & gas business and the paper and water chemicals business
  • 18. February 28, 202018 | BASF Analyst Conference Call FY 2019 Outlook 2020 for BASF Group Outlook 2020 Sales €60 billion – €63 billion EBIT before special items €4.2 billion – €4.8 billion ROCE 6.7% – 7.7% Underlying assumptions (prior year figures in parentheses)  GDP growth: +2.0% (2.6%)  Growth in industrial production: +1.2% (1.5%)  Growth in chemical production: +1.2% (1.8%)  Exchange rate: US$1.15 per euro (US$1.12 per euro)  Oil price (Brent): US$60 per barrel (US$64 per barrel)
  • 19. February 28, 202019 | BASF Analyst Conference Call FY 2019 0% 25% 50% 75% 100% 13% Materials 22% Other (infrastructure, R&D) 5% Industrial Solutions 12% Surface Technologies 9% Nutrition & Care 5% Agricultural Solutions Investments in organic growth Investments of €3.4 billion planned for 2020 by region Capex budget 2020–2024: €23.6 billion 34% Chemicals 1 Alternative sites currently being investigated 0% 25% 50% 75% 100% 34% Europe 5% Other1 19% North America 1% South America, Africa, Middle East 41% Asia Pacific by type of investment 0% 25% 50% 75% 100% 35% Growth projects in Asia Pacific2 and battery materials 65% Investments in ongoing business 2 Verbund site Guangdong, China; chemical production complex Mundra, India by segment
  • 20. February 28, 202020 | BASF Analyst Conference Call FY 201920 Priorities 2020 1 Implementation of the corporate strategy and transformation into a more agile and customer-focused company Actively drive sustainability and innovation with focus of R&D resources on customer needs Execution of portfolio measures: closing of the announced transactions and integration of acquired businesses Strict capital discipline, focus on cost control and operational excellence by implementing our Excellence Program 2 3 4 February 28, 2020 | BASF Analyst Conference Call FY 2019 Push positioning in growth markets in Asia and battery materials 5
  • 22. February 28, 202022 | BASF Analyst Conference Call FY 2019 Chemicals Sales Q4 2019 vs. Q4 2018 million € Intermediates 702 (8%) Petrochemicals 1,673 (19%) €2,375 (16%) Sales development Volumes Prices Portfolio Currencies Q4 2019 vs. Q4 2018 (6%) (11%) 0% 1% FY 2019 vs. FY 2018 (11%) (9%) 0% 2%    791 1,587 0 1,000 2,000 FY 2019 FY 2018 115 257 0 150 300 Q4 2019 Q4 2018 EBIT before special items million € (55%) (50%)  
  • 23. February 28, 202023 | BASF Analyst Conference Call FY 2019 Materials Sales Q4 2019 vs. Q4 2018 million € Performance Materials 1,449 (7%) Monomers 1,231 (14%) €2,680 (10%) Sales development Volumes Prices Portfolio Currencies Q4 2019 vs. Q4 2018 (2%) (9%) 0% 1% FY 2019 vs. FY 2018 (3%) (12%) 0% 1%    EBIT before special items million € 80 155 0 100 200 Q4 2019 Q4 2018 1,003 2,400 0 1,000 2,000 3,000 FY 2019 FY 2018 (48%) (58%)  
  • 24. February 28, 202024 | BASF Analyst Conference Call FY 2019 Industrial Solutions Sales Q4 2019 vs. Q4 2018 million € Performance Chemicals 745 (23%) Dispersions & Pigments 1,187 (4%) €1,932 (12%) Sales development Volumes Prices Portfolio Currencies Q4 2019 vs. Q4 2018 (2%) (3%) (9%) 2% FY 2019 vs. FY 2018 (1%) (1%) (8%) 2%    EBIT before special items million € 108 61 0 100 200 Q4 2019 Q4 2018 820 668 0 1,000 FY 2019 FY 2018 +77% +23%   
  • 25. February 28, 202025 | BASF Analyst Conference Call FY 2019 Surface Technologies Sales Q4 2019 vs. Q4 2018 million € Catalysts 2,662 +26%Coatings 972 0% €3,634 +18% Sales development Volumes Prices Portfolio Currencies Q4 2019 vs. Q4 2018 1% 15% 0% 2% FY 2019 vs. FY 2018 1% 13% 0% 3%  EBIT before special items million € 236 200 0 100 200 300 Q4 2019 Q4 2018 722 617 0 500 1,000 FY 2019 FY 2018 +18% +17%    
  • 26. February 28, 202026 | BASF Analyst Conference Call FY 2019 Nutrition & Care Sales Q4 2019 vs. Q4 2018 million € Care Chemicals 997 (2%) Nutrition & Health 503 +12% €1,500 +2% Sales development Volumes Prices Portfolio Currencies Q4 2019 vs. Q4 2018 3% (2%) 0% 1% FY 2019 vs. FY 2018 2% (2%) 0% 2%   EBIT before special items million € 126 79 0 100 200 Q4 2019 Q4 2018 793 736 0 500 1,000 FY 2019 FY 2018 +59% +8%    
  • 27. February 28, 202027 | BASF Analyst Conference Call FY 2019 Agricultural Solutions Sales development Volumes Prices Portfolio Currencies Q4 2019 vs. Q4 2018 1% 6% 0% 0% FY 2019 vs. FY 2018 (1%) 3% 24% 1% EBIT before special items million € 161 38 0 100 200 Q4 2019 Q4 2018 1,095 734 0 500 1,000 FY 2019 FY 2018 +324% +49% Sales 2019 vs. 2018 million € Seed Treatment 639 +38% Fungicides 2,305 +1% Insecticides 800 +19% €7,814 +27% Seeds & Traits 1,454 +385% Herbicides 2,616 +7%   
  • 28. February 28, 202028 | BASF Analyst Conference Call FY 2019 Review of “Other” Financial figures Q4 2019 Q4 2018 FY 2019 FY 2018 million € million € million € million € Sales 757 734 2,898 2,841 EBIT before special items (61) (169) (688) (461) Thereof Costs of corporate research (109) (148) (397) (414) Costs of corporate headquarters (50) (66) (231) (249) Foreign currency results, hedging and other measurement effects (36) 88 (89) 324 Other businesses (35) (3) 73 25 Special items (81) (1) 21 (45) EBIT (142) (170) (667) (506)
  • 29. February 28, 202029 | BASF Analyst Conference Call FY 2019 Outlook 2020 by segment1 Sales EBIT before special items ROCE million € 2019 Forecast 2020 2019 Forecast 2020 2019 Forecast 2020 Chemicals 9,532 slight increase 791 considerable decline 6.8% slight increase Materials 11,466 considerable increase 1,003 considerable decline 10.7% considerable decline Industrial Solutions 8,389 slight increase 820 considerable increase 12.5% considerable decline Surface Technologies 13,142 slight increase 722 slight increase 5.7% at prior-year level Nutrition & Care 6,075 considerable increase 793 slight increase 10.0% considerable increase Agricultural Solutions 7,814 considerable increase 1,095 slight increase 5.3% slight increase Other 2,898 at prior-year level (688) considerable increase - - BASF Group 59,316 €60 – €63 billion 4,536 €4.2 – €4.8 billion 7.7% 6.7% – 7.7% 1 For sales, “slight” represents a change of 1–5%, while “considerable” applies to changes of 6% and higher. “At prior-year level” indicates no change (+/–0 %). For earnings, “slight” means a change of 1–10%, while “considerable” is used for changes of 11% and higher. “At prior-year level” indicates no change (+/–0 %). At a cost of capital percentage of 9% for 2020, we define a change in ROCE of 0.1 to 1.0 percentage points as “slight,” a change of more than 1.0 percentage points as “considerable” and no change (+/–0 percentage points) as “at prior-year level.”