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Analyst Conference Call
Full Year 2023
Ludwigshafen, February 23, 2024
February 23, 2024
2 | BASF FY 2023 Analyst Conference Call
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 in
particular those discussed in Opportunities and Risks on pages 173 to 183 of the BASF Report 2023.
BASF does not assume any obligation to update the forward-looking statements contained in this
presentation above and beyond the legal requirements.
February 23, 2024
3 | BASF FY 2023 Analyst Conference Call
6.6
7.5
10.9
2022 2023 Q4 2023
Global chemical production grew by 1.7% in the full year 2023
and by 6.9% in Q4 2023, driven by strong growth in China
Chemical production compared with prior year1
%
-5.2 -7.6
1.8
2022 2023 Q4 2023
% 2023 2022
Global GDP 2.6 3.1
Global industrial production 1.4 2.9
Global chemical production 1.7 2.1
Growth rates
North America EU Asia excl. mainland China
Mainland China
1.8
-1.1
2.6
2022 2023 Q4 2023
-3.9 -4.9
0.4
2022 2023 Q4 2023
1 Source: BASF, Q4 2023 partly based on estimates. Data sources: S&P Global, NBS China, Feri, Fed, Eurostat, METI,
ONS. All data subject to statistical revision. Growth rates for regional aggregates might differ from official data releases
due to different country coverage and weights. China 2023 growth rate adjusted based on BASF proxy calculation.
China production index is 9.6% for FY 2023.
February 23, 2024
4 | BASF FY 2023 Analyst Conference Call
In Q4 2023, BASF Group’s sales volumes were almost stable;
excluding precious metals, volumes increased slightly
373
1,931
1,007
575
292
0
1,000
2,000
Q4
2022
Q1
2023
Q2
2023
Q3
2023
Q4
2023
EBIT before special items
Million €
Sales development Volumes Prices Portfolio Currency
Q4 2023 vs. Q4 2022 -0.4 -13.9 -0.1 -3.5
FY 2023 vs. FY 2022 -8.4 -10.0 -0.2 -2.5
   
  
 In Q4 2023, sales declined by 17.9% to €15.9 billion,
mainly due to lower prices and negative currency effects;
all segments recorded price decreases as a result of
subdued demand and in line with lower raw materials prices
 Excluding precious metals, sales volumes of BASF
Group increased by 2.6%; including precious metals,
sales volumes were almost stable compared with Q4 2022
 In Q4 2023, EBIT before special items declined by
€81 million to €292 million
 EBIT before special items in the Industrial Solutions,
Nutrition & Care, Surface Technologies and Materials
segments improved, while the remaining two segments
and Other recorded a decline versus the prior-year quarter

February 23, 2024
5 | BASF FY 2023 Analyst Conference Call
Solid performance in all regions in difficult 2023 environment,
except in Ludwigshafen
EBIT before special items of BASF Group
Billion €
Europe without Germany
Other regions
Germany
2.0
0.5
-0.1 -0.6
2.5
1.9
2.1
1.5
2.2
5.4
4.9
2.9
6.7
7.8
6.9
3.8
2015 2021 2022 2023
 In 2015, Germany, Europe excluding
Germany, and the other regions each
contributed around one-third
 In 2023, Europe including Germany
contributed only ~25%, while the other
regions contributed ~75%
February 23, 2024
6 | BASF FY 2023 Analyst Conference Call
Further program with additional annual cost savings of €1 billion
in Ludwigshafen by the end of 2026
~0.6
~0.4
~0.5
~0.4
~1.0
~1.0
0
0.5
1.0
1.5
2.0
2023 status By the end of 2026
Cost savings
(run-rate)
Total cost savings
(run-rate)
~€2.1 billion
Total one-
time costs
~€1.8 billion
Additional cost savings
from further program
Further cost savings from
measures already announced
Expected annual cost savings1 from further program in Ludwigshafen
Expected annual cost savings1 from measures already announced2
Expected one-time costs for further program in Ludwigshafen
Expected one-time costs for measures already announced
One-time costs
Billion €
1 Run-rate by year end
2 The figures include the cost savings program in non-production units with
focus on Europe, measures in the Global Business Services and Global
Digital Services units outside of Europe and the cost savings related to
the adaptation of production structures at Ludwigshafen Verbund site.
 Further program will include cost
savings in both production as well as
non-production areas in
Ludwigshafen
 Employee representatives will be
involved regarding the different
measures that will be further detailed
in the coming months
February 23, 2024
7 | BASF FY 2023 Analyst Conference Call
Lower Scope 1 and Scope 2 emissions in 2023; new target for
Scope 3.1 emissions announced in December 2023
Reduction target
Reduce our absolute
CO2 emissions (Scope 1 and 2)
by 25% by 2030
(baseline: 2018)1
Million metric tons
21.9
16.9
16.4
2018 2023 status 2030 target
 In 2023, Scope 1 and 2 emissions
declined by 5 million metric tons compared
with the baseline 2018, mainly driven by
lower production volumes due to lower
demand
 Slight increase in specific Scope 3.1
emissions in 2023 compared with the
baseline 2022 due to the lower share of
raw materials produced in Europe
Reduce our specific
CO2 emissions (Scope 3.1)
by 15% by 2030
(baseline: 2022)2
1.58 1.61
1.34
2022 2023 status 2030 target
Kilograms CO2 per kilogram of
raw material bought
1 Scope 1 and Scope 2 (excluding the sale of energy to third parties). The target includes greenhouse gases according to
the Greenhouse Gas Protocol, which are converted into CO2 equivalents (CO2e).
2 Scope 3.1, raw materials excluding battery materials, services and technical goods, excluding greenhouse gas
emissions from BASF trading business. Future adjustment of the baseline in line with the TfS guideline possible
depending on the availability of further primary data.
3 The figure for 2022 was adjusted due to increased data availability.
3
February 23, 2024
8 | BASF FY 2023 Analyst Conference Call
BASF Group 2023: Key financial figures
EBITDA before special items
2023 vs. 2022
€7,671 million
-28.7%
Net income
2023 vs. 2022
€225 million
.
Operating cash flow
2023 vs. 2022
€8,111 million
+5.2%
EBIT before special items
2023 vs. 2022
€3,806 million
-44.7%
Equity ratio
Dec. 31, 2023 / Dec. 31, 2022
47.3%
48.4%
Free cash flow
2023 vs. 2022
€2,715 million
-18.5%
February 23, 2024
9 | BASF FY 2023 Analyst Conference Call
EBIT before
special items
Million €
BASF
Group Chemicals Materials
Industrial
Solutions
Surface
Technologies
Nutrition
& Care
Agricultural
Solutions Other
BASF
Group
Q4 2023
vs. Q4 2022
FY 2023
vs. FY 2022
In Q4 2023, EBIT before special items declined due to lower
contributions from Agricultural Solutions, Chemicals and Other
361 826 625 938 107 1,563 -614
-129 161 162 188 7 37 -135
Q4 2023
FY 2023
Q4 2022
Q4 2023
FY 2022
FY 2023
February 23, 2024
10 | BASF FY 2023 Analyst Conference Call
Strong cash flow generation in Q4 2023
1 Free cash flow: cash flows from operating activities minus payments made
for property, plant and equipment and intangible assets
Q4 2023
Million €
1
FY 2023
Million €
1
Q4 2023 vs. Q4 2022
 Cash flows from operating activities
decreased by €207 million to €4.3 billion
 Increased focus on reducing inventory
levels paid off; changes in net working
capital led to a cash inflow of €3.2 billion
 Payments made for property, plant and
equipment and intangible assets rose by
€160 million to €2.0 billion
 Free cash flow decreased by €368 million
to €2.2 billion
Payments made
for property, plant
and equipment
and intangible
assets
Payments made
for property, plant
and equipment
and intangible
assets
February 23, 2024
11 | BASF FY 2023 Analyst Conference Call
Strong balance sheet
Balance sheet December 31, 2023, vs. December 31, 2022
Billion €
Liquid funds
Accounts
receivable, trade
Noncurrent
assets
Inventories
Other assets
2.7 2.7
4.5 6.6
10.4
12.1
13.9
16.0
45.9
47.1
Dec. 31, 2023 Dec. 31, 2022
84.5
77.4
Other
liabilities
Financial
debt
Equity
21.5
24.6
19.3
19.0
36.6
40.9
Dec. 31, 2023 Dec. 31, 2022
84.5
77.4
 Total assets decreased by €7.1 billion to
€77.4 billion, mainly due to strong focus on
net working capital management
 Net debt of €16.6 billion only slightly above
the level of €16.3 billion at year end 2022
 Equity ratio: 47.3%
(Dec. 31, 2022: 48.4%)
 BASF has good credit ratings1, especially
compared with competitors
1 Current ratings: Moody’s A3/P-2/outlook stable, S&P A-/A-2/outlook stable, Fitch A/F1/outlook stable
February 23, 2024
12 | BASF FY 2023 Analyst Conference Call
0
2
4
6
2024 2025 2026 2027
Continued strict management of capital expenditures
Capex budget by type of investment
Billion €, 2024–2027
Investments in
ongoing businesses
€19.5 billion,
thereof €6.2
billion in 2024
Overall capex budget
Billion €, 2024–2027
Investments in
net-zero transformation
Growth projects
Zhanjiang Verbund
site and battery
materials
Capex 2024 + 2025
~ -40%
Capex 2026 + 2027
February 23, 2024
13 | BASF FY 2023 Analyst Conference Call
Key elements of the agreement signed by Harbour Energy and the
shareholders of Wintershall Dea in December 2023
 E&P business1 of Wintershall Dea, excluding Russia-related activities,
to be acquired by Harbour Energy plc (Harbour); closing targeted for
Q4 2024
 In exchange, at closing, BASF will hold a share of 39.6% in Harbour
and will receive cash consideration of $1.56 billion
 With this transaction, BASF takes a major step towards achieving its
announced strategic goal to exit the oil and gas business
 In parallel to the transaction with Harbour, the legal separation of
Wintershall Dea’s Russia-related business, which is not part of the
transaction, is progressing as planned; significant federal German
investment guarantees are in place
 Furthermore, Wintershall Dea is continuing its preparations for a
separate sale of its stake in WIGA Transport Beteiligungs-GmbH
& Co. KG, which is not part of the transaction
1 Consisting of its producing and development assets as well as exploration rights in Norway,
Argentina, Germany, Mexico, Algeria, Libya (excluding Wintershall AG), Egypt and
Denmark (excluding Ravn) as well as Wintershall Dea’s carbon storage licenses.
February 23, 2024
14 | BASF FY 2023 Analyst Conference Call
Dec. 2023
Next steps regarding Wintershall Dea transaction
H1 2024 Q1-Q4 2024 Q4 2024
H1 2024
Harbour shareholders’
approval
Preparation of closing and of integration
Regulatory and
government approvals
Targeted
completion
Harbour prospectus
and circular published
Transaction
announced
February 23, 2024
15 | BASF FY 2023 Analyst Conference Call
Attractive shareholder return – also in challenging times
Key facts 2023
 We stick to our practice to increase the
dividend per share each year or
keep it stable
 Dividend proposal to Annual
Shareholders’ Meeting of €3.40 per share
 In total, we will pay out €3.0 billion2,
90% of which is covered by our free
cash flow
 Dividend yield of 7.0% based on the
share price of €48.78 at year end 2023
Dividend per share
€
2.80 2.90 3.00 3.10 3.20 3.30 3.30 3.40 3.40 3.40
0.00
1.00
2.00
3.00
4.00
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
4.0% 3.4%
4.1% 3.4% 5.3% 4.9% 5.1% 5.5% 7.3%
Yield1
Proposal
7.0%
2 Based on the 892,522,164 shares outstanding as of December 31, 2023
1 Dividend yield based on share price at year end
February 23, 2024
16 | BASF FY 2023 Analyst Conference Call
Outlook 2024 for BASF Group
Outlook 2024
EBITDA before special items €8.0 billion – €8.6 billion
Free cash flow €0.1 billion – €0.6 billion
CO2 emissions 16.7 million – 17.7 million metric tons
Underlying assumptions (prior-year figures in parentheses)
 Growth in gross domestic product: 2.3% (2.6%)
 Growth in industrial production: 2.2% (1.4%)
 Growth in chemical production: 2.7% (1.7%)
 Average euro/dollar exchange rate: $1.10 per euro ($1.08 per euro)
 Average annual oil price (Brent crude): $80 per barrel ($82 per barrel)
Presentation BASF Analyst Conference FY2023

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Presentation BASF Analyst Conference FY2023

  • 1. Analyst Conference Call Full Year 2023 Ludwigshafen, February 23, 2024
  • 2. February 23, 2024 2 | BASF FY 2023 Analyst Conference Call 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 in particular those discussed in Opportunities and Risks on pages 173 to 183 of the BASF Report 2023. BASF does not assume any obligation to update the forward-looking statements contained in this presentation above and beyond the legal requirements.
  • 3. February 23, 2024 3 | BASF FY 2023 Analyst Conference Call 6.6 7.5 10.9 2022 2023 Q4 2023 Global chemical production grew by 1.7% in the full year 2023 and by 6.9% in Q4 2023, driven by strong growth in China Chemical production compared with prior year1 % -5.2 -7.6 1.8 2022 2023 Q4 2023 % 2023 2022 Global GDP 2.6 3.1 Global industrial production 1.4 2.9 Global chemical production 1.7 2.1 Growth rates North America EU Asia excl. mainland China Mainland China 1.8 -1.1 2.6 2022 2023 Q4 2023 -3.9 -4.9 0.4 2022 2023 Q4 2023 1 Source: BASF, Q4 2023 partly based on estimates. Data sources: S&P Global, NBS China, Feri, Fed, Eurostat, METI, ONS. All data subject to statistical revision. Growth rates for regional aggregates might differ from official data releases due to different country coverage and weights. China 2023 growth rate adjusted based on BASF proxy calculation. China production index is 9.6% for FY 2023.
  • 4. February 23, 2024 4 | BASF FY 2023 Analyst Conference Call In Q4 2023, BASF Group’s sales volumes were almost stable; excluding precious metals, volumes increased slightly 373 1,931 1,007 575 292 0 1,000 2,000 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 EBIT before special items Million € Sales development Volumes Prices Portfolio Currency Q4 2023 vs. Q4 2022 -0.4 -13.9 -0.1 -3.5 FY 2023 vs. FY 2022 -8.4 -10.0 -0.2 -2.5         In Q4 2023, sales declined by 17.9% to €15.9 billion, mainly due to lower prices and negative currency effects; all segments recorded price decreases as a result of subdued demand and in line with lower raw materials prices  Excluding precious metals, sales volumes of BASF Group increased by 2.6%; including precious metals, sales volumes were almost stable compared with Q4 2022  In Q4 2023, EBIT before special items declined by €81 million to €292 million  EBIT before special items in the Industrial Solutions, Nutrition & Care, Surface Technologies and Materials segments improved, while the remaining two segments and Other recorded a decline versus the prior-year quarter 
  • 5. February 23, 2024 5 | BASF FY 2023 Analyst Conference Call Solid performance in all regions in difficult 2023 environment, except in Ludwigshafen EBIT before special items of BASF Group Billion € Europe without Germany Other regions Germany 2.0 0.5 -0.1 -0.6 2.5 1.9 2.1 1.5 2.2 5.4 4.9 2.9 6.7 7.8 6.9 3.8 2015 2021 2022 2023  In 2015, Germany, Europe excluding Germany, and the other regions each contributed around one-third  In 2023, Europe including Germany contributed only ~25%, while the other regions contributed ~75%
  • 6. February 23, 2024 6 | BASF FY 2023 Analyst Conference Call Further program with additional annual cost savings of €1 billion in Ludwigshafen by the end of 2026 ~0.6 ~0.4 ~0.5 ~0.4 ~1.0 ~1.0 0 0.5 1.0 1.5 2.0 2023 status By the end of 2026 Cost savings (run-rate) Total cost savings (run-rate) ~€2.1 billion Total one- time costs ~€1.8 billion Additional cost savings from further program Further cost savings from measures already announced Expected annual cost savings1 from further program in Ludwigshafen Expected annual cost savings1 from measures already announced2 Expected one-time costs for further program in Ludwigshafen Expected one-time costs for measures already announced One-time costs Billion € 1 Run-rate by year end 2 The figures include the cost savings program in non-production units with focus on Europe, measures in the Global Business Services and Global Digital Services units outside of Europe and the cost savings related to the adaptation of production structures at Ludwigshafen Verbund site.  Further program will include cost savings in both production as well as non-production areas in Ludwigshafen  Employee representatives will be involved regarding the different measures that will be further detailed in the coming months
  • 7. February 23, 2024 7 | BASF FY 2023 Analyst Conference Call Lower Scope 1 and Scope 2 emissions in 2023; new target for Scope 3.1 emissions announced in December 2023 Reduction target Reduce our absolute CO2 emissions (Scope 1 and 2) by 25% by 2030 (baseline: 2018)1 Million metric tons 21.9 16.9 16.4 2018 2023 status 2030 target  In 2023, Scope 1 and 2 emissions declined by 5 million metric tons compared with the baseline 2018, mainly driven by lower production volumes due to lower demand  Slight increase in specific Scope 3.1 emissions in 2023 compared with the baseline 2022 due to the lower share of raw materials produced in Europe Reduce our specific CO2 emissions (Scope 3.1) by 15% by 2030 (baseline: 2022)2 1.58 1.61 1.34 2022 2023 status 2030 target Kilograms CO2 per kilogram of raw material bought 1 Scope 1 and Scope 2 (excluding the sale of energy to third parties). The target includes greenhouse gases according to the Greenhouse Gas Protocol, which are converted into CO2 equivalents (CO2e). 2 Scope 3.1, raw materials excluding battery materials, services and technical goods, excluding greenhouse gas emissions from BASF trading business. Future adjustment of the baseline in line with the TfS guideline possible depending on the availability of further primary data. 3 The figure for 2022 was adjusted due to increased data availability. 3
  • 8. February 23, 2024 8 | BASF FY 2023 Analyst Conference Call BASF Group 2023: Key financial figures EBITDA before special items 2023 vs. 2022 €7,671 million -28.7% Net income 2023 vs. 2022 €225 million . Operating cash flow 2023 vs. 2022 €8,111 million +5.2% EBIT before special items 2023 vs. 2022 €3,806 million -44.7% Equity ratio Dec. 31, 2023 / Dec. 31, 2022 47.3% 48.4% Free cash flow 2023 vs. 2022 €2,715 million -18.5%
  • 9. February 23, 2024 9 | BASF FY 2023 Analyst Conference Call EBIT before special items Million € BASF Group Chemicals Materials Industrial Solutions Surface Technologies Nutrition & Care Agricultural Solutions Other BASF Group Q4 2023 vs. Q4 2022 FY 2023 vs. FY 2022 In Q4 2023, EBIT before special items declined due to lower contributions from Agricultural Solutions, Chemicals and Other 361 826 625 938 107 1,563 -614 -129 161 162 188 7 37 -135 Q4 2023 FY 2023 Q4 2022 Q4 2023 FY 2022 FY 2023
  • 10. February 23, 2024 10 | BASF FY 2023 Analyst Conference Call Strong cash flow generation in Q4 2023 1 Free cash flow: cash flows from operating activities minus payments made for property, plant and equipment and intangible assets Q4 2023 Million € 1 FY 2023 Million € 1 Q4 2023 vs. Q4 2022  Cash flows from operating activities decreased by €207 million to €4.3 billion  Increased focus on reducing inventory levels paid off; changes in net working capital led to a cash inflow of €3.2 billion  Payments made for property, plant and equipment and intangible assets rose by €160 million to €2.0 billion  Free cash flow decreased by €368 million to €2.2 billion Payments made for property, plant and equipment and intangible assets Payments made for property, plant and equipment and intangible assets
  • 11. February 23, 2024 11 | BASF FY 2023 Analyst Conference Call Strong balance sheet Balance sheet December 31, 2023, vs. December 31, 2022 Billion € Liquid funds Accounts receivable, trade Noncurrent assets Inventories Other assets 2.7 2.7 4.5 6.6 10.4 12.1 13.9 16.0 45.9 47.1 Dec. 31, 2023 Dec. 31, 2022 84.5 77.4 Other liabilities Financial debt Equity 21.5 24.6 19.3 19.0 36.6 40.9 Dec. 31, 2023 Dec. 31, 2022 84.5 77.4  Total assets decreased by €7.1 billion to €77.4 billion, mainly due to strong focus on net working capital management  Net debt of €16.6 billion only slightly above the level of €16.3 billion at year end 2022  Equity ratio: 47.3% (Dec. 31, 2022: 48.4%)  BASF has good credit ratings1, especially compared with competitors 1 Current ratings: Moody’s A3/P-2/outlook stable, S&P A-/A-2/outlook stable, Fitch A/F1/outlook stable
  • 12. February 23, 2024 12 | BASF FY 2023 Analyst Conference Call 0 2 4 6 2024 2025 2026 2027 Continued strict management of capital expenditures Capex budget by type of investment Billion €, 2024–2027 Investments in ongoing businesses €19.5 billion, thereof €6.2 billion in 2024 Overall capex budget Billion €, 2024–2027 Investments in net-zero transformation Growth projects Zhanjiang Verbund site and battery materials Capex 2024 + 2025 ~ -40% Capex 2026 + 2027
  • 13. February 23, 2024 13 | BASF FY 2023 Analyst Conference Call Key elements of the agreement signed by Harbour Energy and the shareholders of Wintershall Dea in December 2023  E&P business1 of Wintershall Dea, excluding Russia-related activities, to be acquired by Harbour Energy plc (Harbour); closing targeted for Q4 2024  In exchange, at closing, BASF will hold a share of 39.6% in Harbour and will receive cash consideration of $1.56 billion  With this transaction, BASF takes a major step towards achieving its announced strategic goal to exit the oil and gas business  In parallel to the transaction with Harbour, the legal separation of Wintershall Dea’s Russia-related business, which is not part of the transaction, is progressing as planned; significant federal German investment guarantees are in place  Furthermore, Wintershall Dea is continuing its preparations for a separate sale of its stake in WIGA Transport Beteiligungs-GmbH & Co. KG, which is not part of the transaction 1 Consisting of its producing and development assets as well as exploration rights in Norway, Argentina, Germany, Mexico, Algeria, Libya (excluding Wintershall AG), Egypt and Denmark (excluding Ravn) as well as Wintershall Dea’s carbon storage licenses.
  • 14. February 23, 2024 14 | BASF FY 2023 Analyst Conference Call Dec. 2023 Next steps regarding Wintershall Dea transaction H1 2024 Q1-Q4 2024 Q4 2024 H1 2024 Harbour shareholders’ approval Preparation of closing and of integration Regulatory and government approvals Targeted completion Harbour prospectus and circular published Transaction announced
  • 15. February 23, 2024 15 | BASF FY 2023 Analyst Conference Call Attractive shareholder return – also in challenging times Key facts 2023  We stick to our practice to increase the dividend per share each year or keep it stable  Dividend proposal to Annual Shareholders’ Meeting of €3.40 per share  In total, we will pay out €3.0 billion2, 90% of which is covered by our free cash flow  Dividend yield of 7.0% based on the share price of €48.78 at year end 2023 Dividend per share € 2.80 2.90 3.00 3.10 3.20 3.30 3.30 3.40 3.40 3.40 0.00 1.00 2.00 3.00 4.00 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 4.0% 3.4% 4.1% 3.4% 5.3% 4.9% 5.1% 5.5% 7.3% Yield1 Proposal 7.0% 2 Based on the 892,522,164 shares outstanding as of December 31, 2023 1 Dividend yield based on share price at year end
  • 16. February 23, 2024 16 | BASF FY 2023 Analyst Conference Call Outlook 2024 for BASF Group Outlook 2024 EBITDA before special items €8.0 billion – €8.6 billion Free cash flow €0.1 billion – €0.6 billion CO2 emissions 16.7 million – 17.7 million metric tons Underlying assumptions (prior-year figures in parentheses)  Growth in gross domestic product: 2.3% (2.6%)  Growth in industrial production: 2.2% (1.4%)  Growth in chemical production: 2.7% (1.7%)  Average euro/dollar exchange rate: $1.10 per euro ($1.08 per euro)  Average annual oil price (Brent crude): $80 per barrel ($82 per barrel)