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BASF SE Financial Statements 2017 and Management's Report

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BASF SE Financial Statements 2017 and Management's Report BASF SE Financial Statements 2017 and Management’s Report Contents Management’s Report of BASF SE 1 Management and Supervisory Boards 58 Business Development 3 Board of Executive Directors 58 Innovation 6 Supervisory Board 60 Nonfinancial Statement in Accordance with Sections Report of the Supervisory Board 61 289b to 289e of the German Commercial Code (HGB) 7 Financial Statements of BASF SE 66 Opportunities and Risks Report 27 Statement of Income 66 Outlook 34 Balance Sheet 67 Corporate Governance Statement Pursuant to Notes 68 Section 289f of the German Commercial Code (HGB) 35 Assurance Pursuant to Sections 264(2) and 289(1) Corporate Governance Report 35 of the German Commercial Code (HGB) 100 Compliance 43 Auditor’s Report 101 Declaration of Conformity 45 Compensation Report 46 BASF SE Financial Statements 2017 1 Management’s Report of BASF SE Corporate structure from BASF SE’s own production and from the sale of products of other European BASF Group companies. BASF SE’s function As the publicly traded parent company in the BASF Group, as the parent company of the BASF Group is primarily reflec­ BASF SE takes a central position: Directly or indirectly, it holds ted in the financial result. the shares in the companies belonging to the BASF Group, and is also the Group’s largest operating company. The Board Nonfinancial statement (NFS) in accordance of Executive Directors of BASF SE manages and steers the with sections 289b to 289e of the German BASF Group. Commercial Code (HGB) The BASF Group’s portfolio is arranged into the segments Chemicals, Performance Products, Functional Materials & The nonfinancial statement in accordance with sections 289b Solutions, Agricultural Solutions and Oil & Gas. Within these to 289e HGB can be found on pages 7 to 26 and are a part five segments, 13 divisions bear operational responsibility of the Management’s Report. Pursuant to section 317(2) and manage the 55 global and regional business units. The sentence 4 HGB, the auditor checked that the NFS was divisions develop strategies for 86 strategic business units and presented in accordance with the statutory requirements. The are organized according to sectors or products. Business Supervisory Board also engaged KPMG with a substantive processes are the shared responsibility of the divisions and audit with limited assurance of the NFS. An assurance report the functional units. BASF has companies in more than 80 on this substantive audit can be found online at basf.com/ countries. We operate six Verbund sites and 345 additional nfs­audit/basf­se and is part of the BASF SE report. The audit production sites worldwide. was conducted with limited assurance using ISAE 3000 The operating business of BASF SE represents a portion (Assurance Engagements other than Audits or Reviews of of the BASF Group’s global business and is managed and Historical Financial Information) and ISAE 3410 (Assurance steered by the respective divisions and business units as well Engagements on Greenhouse Gas Statements), the relevant as the corporate and functional units based on the perfor­ international auditing standards for sustainability reporting. mance indicators of the BASF Group. The functional and cor­ porate units provide services in areas such as finance, investor Accounting principles relations, communications, human resources, engineering and site management, as well as environmental protection, health The Financial Statements of BASF SE are prepared in accor­ and safety. dance with the German Commercial Code (HGB) and the Over 70% of the strategic business units have production German Stock Corporation Act (AktG). Since January 1, plants at the BASF SE site in Ludwigshafen, Germany. This 2016, the Financial Statements of BASF SE have been in underscores the importance of this Verbund site for the BASF accord with the provisions of the German Accounting Directive Group. From Ludwigshafen, BASF SE supplies products and Implementation Act (BilRUG). services to over 10,000 customers from various sectors in The Consolidated Financial Statements of the BASF almost every country in the world. Our customer portfolio Group, however, take into account the Financial Statements ranges from major global customers and medium­sized busi­ of BASF SE that are prepared in accordance with the Interna­ nesses to end consumers. tional Financial Reporting Standards (IFRS). Our 9,000 or so suppliers also come from many different sectors. They supply us with important raw materials, chemi­ Corporate Governance Statement pursuant to cals, investment goods and consumables, and perform a section 289f HGB range of services. Some of the most important raw materials are naphtha, natural gas, methanol, ammonia and benzene. The Corporate Governance Statement in accordance with BASF SE had 34,923 employees on December 31, 2017, section 289f HGB, printed on pages 35 to 43 (Corporate of which 4,537 in Research and Development. Governance Report, Compliance, Declaration of Conformity), A complete overview of BASF SE’s operating business is is an element of the Management’s Report. The audit of the provided by the Consolidated Financial Statements of the disclosures required by section 289f(2) and (5) HGB pursuant BASF Group. To assess the operations of BASF SE, a distinc­ to section 317(2) sentence 6 HGB is limited to whether the tion must be made between sales and income from operations disclosures have been made. 2 BASF SE Financial Statements 2017 Economic environment Global economic expansion in 2017 was stronger than we expected at the beginning of 2017. Both the advanced economies and the emerging markets posted significantly higher growth compared with the previous year. The economy gained momentum in almost all European Union (E.U.) coun­ tries. In China, economic growth was slightly stronger than in the previous year on the back of government investment incentives. This benefited the neighboring Asian countries in particular. China’s robust economy also had a positive impact on raw materials exporters worldwide, enabling Russia and Brazil to shake off recession, for example. Overall, global gross domestic product (GDP) grew by 3.1%, significantly faster than in 2016 (+2.4%). The average price for a barrel of Brent blend crude oil rose to $54 per barrel (2016: $44 per barrel). Global industrial production grew by 3.3% in 2017, signif­ icantly faster than in the previous year (+2.1%). Growth in the advanced economies accelerated particularly strongly (2017: +2.6%; 2016: +0.8%) and the emerging markets also posted a slight increase (2017: +4.0%; 2016: +3.5%). The uptick in growth was especially pronounced in the E.U. (2017: +3.3%; 2016: +1.4%) and Japan (2017: +3.9%; 2016: +0.3%). North America saw noticeable growth based on the low prior­year level (2017: +1.6%; 2016: +0.3%). In the emerging markets of Asia, growth in industrial production was down slightly on the previous year, at 5.5% (2016: +5.8%). Industry growth remained stable in China but cooled some­ what in the other countries. At 0.2%, industrial production in South America returned to slow growth (2016: −4.6%). The global chemical industry (excluding pharmaceuticals) grew by 3.5%, roughly on a level with our expectations at the beginning of 2017 (+3.4%) as well as the 2016 level (+3.4%). Chemical production in the E.U. expanded at a much faster rate as a result of growing demand from local customer industries and higher exports (2017: +3.8%; 2016: +0.4%). By contrast, the chemical industry in Asia saw lower growth (2017: +4.1%; 2016: +5.2%). Unusually strong growth in Japan, primarily from higher exports to China, was unable to completely offset the decline of growth in China. In North America, chemical production was negatively impacted by Hurricane Harvey, which led to significant production outages in the United States in the third quarter. Chemical production in the United States nevertheless rose by 2.9%. BASF SE Financial Statements 2017 3 Business Development Results of operations Million € 2017 2016 Sales revenue 23,195 21,954 Gross profit on sales 5,002 5,330 Income from operations (EBIT) 899 894 Income from shareholdings 2,712 2,352 Interest result (284) (126) Other financial result 48 53 Financial result 2,476 2,279 Income before taxes 3,375 3,173 Net income 3,130 2,808 Sales Regions (million €) 2017 2016 Europe 17,336 16,027 Thereof Germany 5,970 5,536 North America 1,717 1,878 Asia Pacific 2,666 2,647 South America, Africa, Middle East 1,476 1,402 23,195 21,954 Income from operations In 2017, BASF SE’s sales rose by 5.7% year­ on­ year to operating income and expenses improved by €439 million €23,195 million, exceeding our forecast from the previous year­ on­ year. In the reporting year, income of €344 million year. Higher sales prices in particular led to sales growth in was recorded from insurance refunds for the damage caused the operating business. Sales in the reporting year were again by the fire at the North Harbor in Ludwigshafen and damage impacted by the consequences of the fire damage at the to a production plant in 2016. This item was also impacted by North Harbor in Ludwigshafen in October 2016, as well as by the €59 million increase in income from the release of damage to production plants. Higher raw materials prices provisions for share price­-based variable compensation (LTI and energy costs led to lower margins compared with the program), as well as the €124 million decrease in expenses previous year. As a result, gross profit on sales declined by a from additions to these provisions. The foreign currency result considerable 6.2% to €5,002 million, despite slightly higher improved by €22 million in the reporting year.
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