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Speech and Charts of BASF Analyst Conference Q1 2013

BASF
BASF

Charts and Speech accompanying the 1Q2013 Conference Call for investors and analysts on April 26, 2013. Full report at http://on.basf.com/ZLPSLU

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BASF 1st
Quarter 2013 Analyst Conference Call
April 26, 2013, 8:30 a.m. (CEST), Mannheim
Analyst Conference Call Script
Hans-Ulrich Engel
Manfredo Rübens
The spoken word applies.
Solid 1st quarter of 2013 for BASF
First Quarter 2013
Financial highlights
April 26, 2013
Page 2
BASF 1
st
Quarter 2013 Analyst Conference Call April 26, 2013
Cautionary note regarding
forward-looking statements
This presentation may contain forward-looking statements that are subject to risks and
uncertainties, including those pertaining to the anticipated benefits to be realized from the
proposals described herein. Forward-looking statements may include, in particular,
statements about future events, future financial performance, plans, strategies,
expectations, prospects, competitive environment, regulation and supply and demand.
BASF has based these forward-looking statements on its views and assumptions with
respect to future events and financial performance. Actual financial performance could differ
materially from that projected in the forward-looking statements due to the inherent
uncertainty of estimates, forecasts and projections, and financial performance may be better
or worse than anticipated. Given these uncertainties, readers should not put undue reliance
on any forward-looking statements. The information contained in this presentation is subject
to change without notice and BASF does not undertake any duty to update the forward-
looking statements, and the estimates and assumptions associated with them, except to the
extent required by applicable laws and regulations.
2
BASF with a solid start to 2013
Business performance Q1’13 Q1’12 vs. Q1’12
 Sales €19.7 billion €18.8 billion +5%
 EBITDA €2.9 billion €3.3 billion (14%)
 EBIT before special items €2.2 billion €2.0 billion +10%
 EBIT €2.2 billion €2.6 billion (17%)
 Net income €1.4 billion €1.7 billion (15%)
 Reported EPS €1.57 €1.85 (15%)
 Adjusted EPS €1.67 €1.54 +8%
 Operating cash flow €2.0 billion €1.5 billion +33%
Sales development
Period Volumes Prices Portfolio Currencies
Q1’13 vs. Q1’12 5% 1% 0% (1%)
3BASF Q1 2013 Analyst Conference April 26, 2013
  
Page 3
BASF 1
st
Quarter 2013 Analyst Conference Call April 26, 2013
Hans-Ulrich Engel
Ladies and gentlemen, good morning and thank you for joining us.
[Chart 3: BASF with solid start to 2013]
 BASF started into the year with a solid first quarter despite a
rather moderate global economic development.
 Please let me remind you that the basis of comparison with prior
year are the restated numbers we published end of March,
reflecting the IFRS and IAS changes as well as our new segment
structure.
 In Q1, 2013 we increased sales by 5 percent to 19.7 billion euros.
This growth was mainly attributable to the excellent development
of our Agricultural Solutions segment and higher volumes in Oil &
Gas. Our chemical activities saw volumes and prices flat
reflecting the overall challenging market environment. In
particular, growth in China following Chinese New Year has come
in below expectations.
 We were able to increase EBIT before special items by 10
percent to 2.2 billion euros.
 Special items amounted to minus 45 million euros. In the prior
year we reported positive special items of 588 million euros due to
a disposal gain of 645 million euros for the sale of our fertilizer
activities. As a consequence, EBIT for Q1 of this year came in 17
percent lower.
 EBITDA declined versus prior year quarter by 450 million euros to
2.9 billion. Last year’s EBITDA included the above mentioned
disposal gain.
Page 4
BASF 1
st
Quarter 2013 Analyst Conference Call April 26, 2013
Page 5
BASF 1
st
Quarter 2013 Analyst Conference Call April 26, 2013
 For the same reason, net income came in 15 percent lower at
1.4 billion euros.
 Net of this effect adjusted earnings per share increased to 1.67
euros in Q1 2013 after 1.54 euros in Q1 2012.
 At 2.0 billion euros, operating cash flow was strong and
surpassed the level of the previous year’s first quarter by about
500 million euros.
 Free cash flow reached 1.2 billion euros and was up by 400
million euros.
Page 6
BASF 1
st
Quarter 2013 Analyst Conference Call April 26, 2013
4
 Integration activities on track
 Key work packages (e.g. IT, finance, human resources) proceed smoothly
 Integration expected to be completed by end of 2013
Integration of Becker Underwood and Pronova BioPharma
 Water and oilfield & mining activities merged into new global business unit on April 1, 2013
 Leather & textile chemicals: concentration of R&D activities at Shanghai Innovation Campus
 Plastic additives and pigments businesses: downsizing of Swiss operations and R&D activities
 Total net headcount reduction of about 500 positions by the end of 2015
Restructuring measures to strengthen competitiveness of Performance Products segment
BASF Q1 2013 Analyst Conference April 26, 2013
Portfolio optimization
 Joint $500 million investment to build integrated aroma ingredient complex
 110 new jobs will be created in Kuantan, Malaysia
 Investment to meet globally growing demand in flavor and fragrance industry, especially in Asia
Expansion of the existing joint venture with PETRONAS in Kuantan, Malaysia

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Speech and Charts of BASF Analyst Conference Q1 2013

  • 1. BASF 1st Quarter 2013 Analyst Conference Call April 26, 2013, 8:30 a.m. (CEST), Mannheim Analyst Conference Call Script Hans-Ulrich Engel Manfredo Rübens The spoken word applies. Solid 1st quarter of 2013 for BASF First Quarter 2013 Financial highlights April 26, 2013
  • 2. Page 2 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 Cautionary note regarding forward-looking statements This presentation may contain forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. Forward-looking statements may include, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. BASF has based these forward-looking statements on its views and assumptions with respect to future events and financial performance. Actual financial performance could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. The information contained in this presentation is subject to change without notice and BASF does not undertake any duty to update the forward- looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations. 2 BASF with a solid start to 2013 Business performance Q1’13 Q1’12 vs. Q1’12  Sales €19.7 billion €18.8 billion +5%  EBITDA €2.9 billion €3.3 billion (14%)  EBIT before special items €2.2 billion €2.0 billion +10%  EBIT €2.2 billion €2.6 billion (17%)  Net income €1.4 billion €1.7 billion (15%)  Reported EPS €1.57 €1.85 (15%)  Adjusted EPS €1.67 €1.54 +8%  Operating cash flow €2.0 billion €1.5 billion +33% Sales development Period Volumes Prices Portfolio Currencies Q1’13 vs. Q1’12 5% 1% 0% (1%) 3BASF Q1 2013 Analyst Conference April 26, 2013   
  • 3. Page 3 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 Hans-Ulrich Engel Ladies and gentlemen, good morning and thank you for joining us. [Chart 3: BASF with solid start to 2013]  BASF started into the year with a solid first quarter despite a rather moderate global economic development.  Please let me remind you that the basis of comparison with prior year are the restated numbers we published end of March, reflecting the IFRS and IAS changes as well as our new segment structure.  In Q1, 2013 we increased sales by 5 percent to 19.7 billion euros. This growth was mainly attributable to the excellent development of our Agricultural Solutions segment and higher volumes in Oil & Gas. Our chemical activities saw volumes and prices flat reflecting the overall challenging market environment. In particular, growth in China following Chinese New Year has come in below expectations.  We were able to increase EBIT before special items by 10 percent to 2.2 billion euros.  Special items amounted to minus 45 million euros. In the prior year we reported positive special items of 588 million euros due to a disposal gain of 645 million euros for the sale of our fertilizer activities. As a consequence, EBIT for Q1 of this year came in 17 percent lower.  EBITDA declined versus prior year quarter by 450 million euros to 2.9 billion. Last year’s EBITDA included the above mentioned disposal gain.
  • 4. Page 4 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013
  • 5. Page 5 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013  For the same reason, net income came in 15 percent lower at 1.4 billion euros.  Net of this effect adjusted earnings per share increased to 1.67 euros in Q1 2013 after 1.54 euros in Q1 2012.  At 2.0 billion euros, operating cash flow was strong and surpassed the level of the previous year’s first quarter by about 500 million euros.  Free cash flow reached 1.2 billion euros and was up by 400 million euros.
  • 6. Page 6 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 4  Integration activities on track  Key work packages (e.g. IT, finance, human resources) proceed smoothly  Integration expected to be completed by end of 2013 Integration of Becker Underwood and Pronova BioPharma  Water and oilfield & mining activities merged into new global business unit on April 1, 2013  Leather & textile chemicals: concentration of R&D activities at Shanghai Innovation Campus  Plastic additives and pigments businesses: downsizing of Swiss operations and R&D activities  Total net headcount reduction of about 500 positions by the end of 2015 Restructuring measures to strengthen competitiveness of Performance Products segment BASF Q1 2013 Analyst Conference April 26, 2013 Portfolio optimization  Joint $500 million investment to build integrated aroma ingredient complex  110 new jobs will be created in Kuantan, Malaysia  Investment to meet globally growing demand in flavor and fragrance industry, especially in Asia Expansion of the existing joint venture with PETRONAS in Kuantan, Malaysia
  • 7. Page 7 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 [Chart 4: Portfolio optimization] Since our last reporting day, we continued to further optimize our portfolio:  We are on track with the integration of our two recent acquisitions Becker Underwood and Pronova BioPharma. Key work packages such as IT, finance and human resources are proceeding smoothly and we will conclude the integrations latest by the end of 2013.  Furthermore, we plan to build together with PETRONAS an integrated aroma ingredients complex in Kuantan, Malaysia as announced yesterday. The investment will strengthen our positioning in the citral value chain. The joint site expansion will be in the magnitude of 500 million US dollars and will create 110 new jobs. With this investment, we will meet the globally growing demand in the flavor and fragrance industry, especially in Asia.  In addition, we are implementing measures to strengthen the competitiveness of our Performance Products segment. Increased standardization and the entry of new competitors have changed the business environment for our Plastic Additives and Pigments as well as for our Water, Leather and Textile Chemicals activities. To adopt to these changed market conditions, BASF aims to streamline processes, invest in new technologies and adjust its portfolio and its organizational setup. The measures will lead in total to a reduction of about 500 positions worldwide by the end of 2015. Further measures are being analyzed.  Let me provide you with some more details: BASF aims to improve the efficiency and profitability of the Plastic Additives and Pigments & Resins business units in Europe. As announced on
  • 8. Page 8 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013
  • 9. Page 9 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 Tuesday of this week, the restructuring will encompass several Swiss production sites and the Research Center in Basel. It will lead to a reduction of up to 350 positions in the Basel area by the end of 2015.  As already announced in early April, we merged the Water and the Oilfield & Mining activities into a new global business unit. We also intend to divest the industrial water management business.  In the Leather & Textile Chemicals business, BASF will increase its focus on the growing Asia Pacific region and high value adding applications. The global R&D activities for leather and textile chemicals will be concentrated in Shanghai, China.  These steps will strengthen the competitiveness and the profitability of the Performance Products segment.  Let me now discuss the Q1 2013 business development by segment. The restated numbers for the first quarter 2012 serve as a basis for comparison.
  • 10. Page 10 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 5 Chemicals Earnings increase due to higher margins Intermediates 700 +4% Monomers 1,680 +4% Petrochemicals 2,016 (9%) €4,396 -3% 556 601 569 445 650 0 200 400 600 800 Q1 Q2 Q3 Q4 Q1 EBIT before special items (million €) 20132012 Q1’13 segment sales (million €) vs. Q1’12 Sales development Period Volumes Prices Portfolio Currencies Q1’13 vs. Q1’12 (2%) 1% (1%) (1%)  BASF Q1 2013 Analyst Conference April 26, 2013  
  • 11. Page 11 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 [Chart 5: Earnings increase due to higher margins] In Chemicals, sales in the first quarter 2013 decreased mainly due to lower volumes. Prices, in turn, increased slightly. Higher earnings especially in Petrochemicals and Monomers led to a considerable increase in EBIT before special items.  In Petrochemicals, sales declined, as volumes were lower due to the planned shutdowns as well as maintenance work. Sales prices increased slightly driven by ongoing high raw material costs. Cracker margins improved in Europe and North America. In Asia, they were unsatisfactory due to low demand. EBIT before special items was up significantly.  Please note that there will be a scheduled turnaround of our cracker in Antwerp in May/June 2013, which will impact EBIT before special items by a double digit million euro amount in the second quarter.  Sales in Monomers increased, due to higher volumes and prices in the isocyanates business in all regions. EBIT before special items was up significantly. Higher isocyanates and ammonia margins compensated for declines in caprolactam and polyamide margins.  Sales in Intermediates increased, benefitting from higher demand. However, unfavorable supply/demand balances plus high costs for several key raw materials led to margin pressure in all regions. Nevertheless, EBIT before special items rose slightly due to higher volumes.
  • 12. Page 12 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 6 Performance Products Stable volumes but lower earnings Performance Chemicals 891 0% Care Chemicals 1,275 0% €3,880 -2% Paper Chemicals 362 (8%) Q1’13 segment sales (million €) vs. Q1’12 Nutrition & Health 493 +4% Dispersions & Pigments 859 (7%) 452 442 344 183 379 0 200 400 600 Q1 Q2 Q3 Q4 Q1 EBIT before special items (million €) 20132012 Sales development Period Volumes Prices Portfolio Currencies Q1’13 vs. Q1’12 0% (2%) 1% (1%)  BASF Q1 2013 Analyst Conference April 26, 2013 
  • 13. Page 13 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 [Chart 6: Stable volumes but lower earnings] Sales in Performance Products were slightly down. Volumes were stable but prices softened and we faced negative currency effects. The Pronova BioPharma business which we acquired in February made a positive contribution to sales and earnings. EBIT before special items declined due to weaker margins and increased R&D expenses, but more than doubled compared to Q4, 2012.  In Dispersions & Pigments, sales came in below prior year quarter. The European dispersions business suffered from the cold weather period. We experienced softer demand for pigments from key customers in all regions. Resins faced lower demand in North America and price pressure in Asia. Higher raw material costs could not be passed on to our customers resulting in a significant drop in EBIT before special items.  In Care Chemicals, sales were stable. Volumes increased thanks to higher demand for hygiene and personal care product ingredients. Prices decreased primarily due to the pass-through of lower raw material costs especially for lauric oils. Higher margins for personal care ingredients lifted EBIT before special items.  In Nutrition & Health, sales increased because of the consolidation of Pronova. Volumes and prices were affected by weaker demand in animal and human nutrition. Pressure on vitamin prices continued. EBIT before special items came in significantly lower than a year ago. Special items of minus 10 million euros mainly resulted from the depreciation of the inventory step-up for the acquired Pronova business.
  • 14. Page 14 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013
  • 15. Page 15 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013  In Paper Chemicals, lower demand for paper products led to a significant sales decline in all regions. We experienced intense competition, particularly in Asia and North America. EBIT before special items decreased considerably due to lower volumes.  Sales in Performance Chemicals were stable. A slight increase in volumes and prices was offset by negative currency effects. Fuel and lubricants, plastic additives and water solutions experienced a drop in sales. Oilfield and mining solutions contributed positively to sales. EBIT before special items decreased compared to the previous year’s first quarter.
  • 16. Page 16 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 7 Functional Materials & Solutions Increased demand in Performance Materials Catalysts 1,453 (1%) Construction Chemicals 458 (9%) Coatings 698 (2%) €4,181 +0% Q1’13 segment sales (million €) vs. Q1’12 257 216 231 228 239 0 50 100 150 200 250 300 Q1 Q2 Q3 Q4 Q1 EBIT before special items (million €) 20132012 Sales development Period Volumes Prices Portfolio Currencies Q1’13 vs. Q1’12 2% 0% 0% (2%)  BASF Q1 2013 Analyst Conference April 26, 2013 Performance Materials 1,572 +6% 
  • 17. Page 17 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 [Chart 7: Increased demand in Performance Materials] In Functional Materials & Solutions, sales were stable. Overall volumes were up especially in the newly created Performance Materials division. EBIT before special items declined mainly due to lower earnings in our Catalysts division.  Sales in Catalysts were slightly down due to lower rare earth prices which were passed through. While demand grew for refinery and mobile emission catalysts, our business with chemical catalysts developed weaker than in the prior year. Demand growth for mobile emission catalysts in Asia and North America overcompensated lower demand in Europe. However, lower chemical catalyst sales as well as start-up and R&D costs incurred by the battery materials business led to a decline of EBIT before special items.  Sales in Construction Chemicals declined in this seasonally weak quarter. Demand in Europe and North America decreased significantly mainly due to the long cold weather period. We saw continued structural weakness in Southern European markets. Margins improved supported by selective price increases and lower raw material costs. Thanks to our global restructuring program, EBIT before special items came in slightly higher.  In Coatings, sales were slightly below the prior-year quarter. OEM coatings demand grew strongly in the Americas and Asia. In Europe it was stable due to our strong business relations with premium car manufacturers. Demand for refinish coatings was up in Asia and South America.
  • 18. Page 18 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013
  • 19. Page 19 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 Sales for decorative paints were impacted by weaker demand and negative currency effects in South America as well as the divestiture of the Relius business in Europe. EBIT before special items matched the level of the previous year.  Sales in the new Performance Materials division were up on higher volumes for polyurethane systems, engineering plastics and polyurethane solutions. Our business with premium automotive manufacturers in Europe continued to perform well. Volumes for Styropor and Neopor foams which are mainly sold to the construction industry were weak due to the long cold weather period in Europe. Nevertheless, we were able to slightly increase EBIT before special items.
  • 20. Page 20 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 8 Agricultural Solutions Excellent start into the year, record sales and earnings Q1’13 segment sales (million €) vs. Q1’12 EBIT before special items (million €) 20132012 0 200 400 Q1 Q1 20132012 0 500 1.000 1.500 Q1 Q1 1,556 498 4191,327 Sales development Period Volumes Prices Portfolio Currencies Q1’13 vs. Q1’12 13% 1% 4% (1%) BASF Q1 2013 Analyst Conference April 26, 2013   
  • 21. Page 21 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 [Chart 8: Agricultural Solutions – Excellent start into the year] Agricultural Solutions delivered an excellent quarter. Sales rose strongly, driven by high demand for our products in the Northern Hemisphere. Slightly higher prices were offset by currency effects. The integration of the former Becker Underwood business led to a positive portfolio effect. With an EBIT before special items of almost 500 million euros, Q1 2013 marked an all-time record. Special items of minus six million euros were mainly related to the depreciation of the inventory step-up for the former Becker Underwood business.  In Europe, we realized considerable sales growth due to high demand for herbicides and fungicides. We saw strong sales in France, Germany and Eastern Europe despite the delayed spring season.  North America delivered an excellent performance, thanks to strong herbicide demand and excellent sales of our Xemium fungicide. Sales rose by more than thirty percent, excluding the contribution of Becker Underwood.  Sales in Asia were up slightly. The strong growth of our fungicide and herbicide business in India and China was largely offset by negative currency effects.  South American sales decreased compared to the strong previous year quarter, as some product lines saw high competitive pressure towards the end of the season.  Following the very positive first quarter development we are confident to once again increase sales and earnings in 2013. Our optimism is backed by our innovative product portfolio, sound demand growth and the performance of the acquired Becker Underwood business.
  • 22. Page 22 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 9 Oil & Gas Sales growth due to higher production Exploration & Production 789 +14% Natural Gas Trading 3,871 +21% €4,660 +20% Q1’13 segment sales (million €) vs. Q1’12 EBIT bSI/Net income (million €) 201 415 162 397 0 200 400 600 800 Q1/2012 Net Income Q1/2013 Net Income Natural Gas Trading Exploration & Production Net income 640 Sales development Period Volumes Prices/Currencies Portfolio Q1’13 vs. Q1’12 19% 1% 0%  BASF Q1 2013 Analyst Conference April 26, 2013 439 468 630
  • 23. Page 23 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 [Chart 9: Oil & Gas – Increased oil and gas production] Sales in Oil & Gas grew strongly mainly due to higher volumes in Exploration & Production as well as in Natural Gas Trading. EBIT before special items came in slightly lower at 630 million euros. Please note that due to changes in IFRS 10 & 11 sales from our onshore production in Libya are no longer reported in the top line. Instead, the equity income is considered in the EBIT line since January 1, 2013.  The significant sales increase in Exploration & Production was driven by higher volumes due to the start-up of additional wells of our Achimgaz joint venture late in 2012 and by higher offshore production in Libya. The higher volumes more than compensated for a lower oil price. Overall, EBIT before special items in Exploration & Production increased, as the additional more than offset the negative impact from the lower oil price.  Sales in Natural Gas Trading grew strongly, mainly caused by significantly higher volumes. This was driven by an increase in demand due to the long cold weather period as well as higher spot market sales in Europe. Margins, however, decreased due to stronger competition. Earnings came in below the very high level of the prior year’s first quarter. Net income in Oil & Gas decreased slightly to 397 million euros.
  • 24. Page 24 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 10 Review of “Other” Million € Q1’13 Q1’12 Sales 1,065 976 EBIT before special items (182) (314) thereof Corporate research Group corporate costs Currency results, hedges and other valuation effects Styrenics, fertilizers,other businesses (97) (56) 56 59 (97) (58) (206) 145 Special items (28) 578 EBIT (210) 264 BASF Q1 2013 Analyst Conference April 26, 2013
  • 25. Page 25 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 [Chart 10: Review of ‘Other’] Sales in ‘Other’ increased to 1.1 billion euros mainly due to higher sales of the Ellba joint venture. EBIT before special items came in at minus 182 million euros. The improvement versus a year ago was also triggered by a large swing in provisions for our long-term incentive program. Special items of minus 28 million euros were mainly related to the relocation of our plant biotechnology activities to the US and subsequent organizational measures. In the prior year first quarter, the 645 million euro disposal gain from the sale of our fertilizer activities led to positive special items of 578 million euros.
  • 26. Page 26 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 11 Strong operating cash flow of €2 billion Million € Q1’13 Q1’12 Cash provided by operating activities 2,041 1,539 thereof Changes in net working capital Miscellaneous items (713) 615 (310) (560) Cash provided by investing activities (1,637) 176 thereof Payments related to tangible / intangible assets (831) (697) Acquisitions / divestitures (514) 683 Cash used in financing activities 363 (44) thereof Changes in financial liabilities Dividends 429 (66) 33 (72)  Net working capital increased by €713 million mainly as a result of higher trade accounts receivable  Cash outflows in acquisitions/divestitures of -€514 million primarily as a result of the Pronova BioPharma acquisition  Free cash flow amounted to €1.2 billion, an increase of €368 million vs. Q1 2012 First quarter 2013 BASF Q1 2013 Analyst Conference April 26, 2013
  • 27. Page 27 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 [Chart 11: Strong operating cash flow of €2.0 billion] Cash provided by operating activities was 2.0 billion euros in the first quarter of this year, an increase of about 500 million euros versus Q1 2012. The rise in net working capital led to an outflow of more than 700 million euros, mainly related to an increase of trade accounts receivables. However, this was mostly offset by an increase of liabilities in the magnitude of 600 million euros related to the disposal group for the assets to be swapped with Gazprom. This is reported under miscellaneous items. Cash used in investing activities amounted to minus 1.6 billion euros. This included cash outflows for acquisitions of 514 million euros, primarily for Pronova BioPharma. In Q1 2012, the divestiture of our fertilizer activities had led to a cash inflow of 680 million euros. Capex amounted to 831 million euros compared to 700 million euros in the previous year’s quarter. Free cash flow came in at 1.2 billion euros compared to 0.8 billion euros in Q1 2012.
  • 28. Page 28 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 Balance sheet remains strong Balance sheet March 31, 2013 vs. Dec. 31, 2012 (billion €) Liquid funds Accounts receivable Long-term assets 27.7 13.3 23.2 35.3 9.5 1.6 Other liabilities Financial debt Stockholders’ equity Dec 31 2012 Dec 31 2012 March 31 2013 March 31 2013 62.7 25.6 12.8 22.3 Inventories Other assets 9.6 3.4 62.7 Highlights March 31, 2013  Long term assets increased mainly due to consolidation of former Pronova BioPharma business  Short term assets up due to increase in accounts receivable  Increase in financial debt due to issuance of long-term bonds  Net debt: €10.9 billion  Equity ratio: 41% 36.5 11.1 2.4 9.9 3.7 66.7 3.1 66.7 Disposal group 2.5 Disposal group 12 3.3 2.0 BASF Q1 2013 Analyst Conference April 26, 2013
  • 29. Page 29 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 [Chart 12: “Balance sheet remains strong”] Let’s now have a look at our balance sheet.  Total assets compared to year-end 2012 rose by 4.0 billion euros to 66.7 billion euros.  The Pronova BioPharma acquisition resulted in a net increase in long-term assets by about 550 million euros. This was due to an increase in both intangible assets as well as in property, plant and equipment. Intangible assets contain goodwill of 158 million euros related to Pronova BioPharma.  BASF’s inventories remained fairly constant. Accounts receivable, however, were up by 1.5 billion euros reflecting in particular the strong sales in Agricultural Solutions.  Our financial indebtedness increased from 12.8 billion euros at year-end 2012 to 13.3 billion euros by the end of the first quarter 2013. Given favorable market conditions, we issued long-term bonds with a total amount of 1.2 billion euros.  Net debt amounted to 10.9 billion euros, a decrease of roughly 300 million euros versus the end of 2012.  At 41 percent, our equity ratio remained on a strong level.
  • 30. Page 30 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 13  Excluding the effects of acquisitions and divestitures, we strive to increase our sales volumes in 2013  We aim to exceed the 2012 restated levels in sales and EBIT before special items  The expected increase in demand, together with our measures to improve operational excellence and raise efficiency, will contribute to this  We aim to earn a high premium on cost of capital once again in 2013 Outlook 2013  GDP: +2.4%  Industrial production: +3.4%  Chemical production: +3.6%  US$ / Euro: 1.30  Oil price (US$ / bbl): 110 Assumptions 2013 BASF Q1 2013 Analyst Conference April 26, 2013 Outlook 2013 confirmed
  • 31. Page 31 BASF 1 st Quarter 2013 Analyst Conference Call April 26, 2013 [Chart 13: Outlook 2013 confirmed] Let me now come to our outlook for 2013. We keep our macroeconomic assumptions for the year unchanged. However, uncertainties have increased during Q1 mainly because growth in China was below expectations and new concerns in the Euro area came up. On the positive side, US growth has been more robust than expected and sentiment in Japan is currently improving. We expect global chemical production to grow by about 3.6 percent. However, in Q1 growth still has been below. Today we confirm our outlook 2013 for BASF Group, based on the restated figures we provided in March of this year:  We strive to increase volumes in 2013, excluding the effects of acquisitions and divestitures.  We want to exceed the 2012 levels in sales and EBIT before special items.  The expected increase in demand, together with our measures to improve operational excellence and raise efficiency, will contribute to this.  And last but not least, we aim to earn a high premium on our cost of capital once again in 2013. Thank you for your attention. We are now happy to take your questions.