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BASF SE Financial Statements 2019 and Management's Report

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BASF SE Financial Statements 2019 and Management's Report BASF SE Financial Statements 2019 and Management’s Report Management’s Report of BASF SE 1 Management and Supervisory Boards 63 Business Development 3 Board of Executive Directors 63 Digitalization and Innovation 6 Supervisory Board 64 Nonfinancial Statement in Accordance with Sections 289b Report of the Supervisory Board 66 to 289e of the German Commercial Code (HGB) 7 Financial Statements of BASF SE 71 Opportunities and Risks 30 Statement of Income 71 Outlook 38 Balance Sheet 72 Corporate Governance Statement Pursuant to Notes 73 Section 289f of the German Commercial Code (HGB) 39 Assurance Pursuant to Sections 264(2) and 289(1) Corporate Governance Report 39 of the German Commercial Code (HGB) 109 Compliance 46 Independent Auditor’s Report 110 Declaration of Conformity 48 Compensation Report 49 1 Management’s Report of BASF SE1 Corporate structure BASF SE’s most important financial key performance indicators are sales and income from operations. BASF SE’s function as the parent As the publicly traded parent company in the BASF Group, BASF SE company of the BASF Group is primarily reflected in the financial takes a central position: Directly or indirectly, it holds the shares in result. the companies belonging to the BASF Group, and is also one of the largest operating companies. The Board of Executive Directors of Organizational realignment as of January 1, 2020 BASF SE manages and steers the BASF Group. BASF has created the conditions for greater customer proximity, As of January 1, 2019, the BASF Group’s portfolio is divided into the increased competitiveness and profitable growth with an organiza- Chemicals, Materials, Industrial Solutions, Surface Technologies, tional realignment as part of the implementation of its strategy. We Nutrition & Care and Agricultural Solutions segments. Within these are streamlining our administration, sharpening the roles of services six segments, 11 divisions bear operational responsibility and are and regions, and simplifying procedures and processes as part of organized according to sectors or products.2 They manage the our ongoing Excellence Program. Customer-focused operating divi- 54 global and regional business units and develop strategies for the sions, cross-functional service units and regions as well as a lean 76 strategic business units. BASF has companies in more than Corporate Center are the cornerstones of the new organization. 90 countries. The BASF Group operates six Verbund sites and 361 additional production sites worldwide. The Corporate Center units support the Board of Executive Direc- tors in steering the company as a whole. These include central tasks The operating business of BASF SE represents a portion of the from the following areas: strategy; finance; law, compliance and tax; BASF Group’s global business and is managed and steered by the environmental protection, health and safety; human resources; respective divisions and business units as well as the functional communications; investor relations and internal audit. and corporate units based on the performance indicators of the BASF Group. These units provide services in areas such as finance, In addition, four global service units were established: Global Engi- investor relations, communications, human resources, engineering neering Services and Global Digital Services offer services for indi- and site management, as well as environmental protection, health vidual sites, globally for the divisions or other units of the BASF Group. and safety. Global Procurement makes purchasing even more effective. The newly established Global Business Services unit will be a global, Ten of the 11 operating divisions have production plants at the flexible and demand-driven service unit that strengthens the com- BASF SE site in Ludwigshafen, Germany. This underscores the petitiveness of the divisions and provides services in areas such as importance of this Verbund site for the BASF Group. From Lud- finance, human resources, environmental protection, health and wigshafen, BASF SE supplies products and services to around safety, intellectual property, communications, supply chain and 9,200 customers from various sectors in almost every country in the consulting. world. Our customer portfolio ranges from major global customers and medium-sized businesses to end consumers. The role of regions and countries is being sharpened. Going forward, they will primarily represent BASF locally and even better support Our over 9,000 suppliers also come from many different sectors. the growth of business units with local proximity to customers. They supply us with important raw materials, chemicals, investment goods and consumables, and perform a range of services. Some of Nonfinancial statement (NFS) in accordance with sections the most important raw materials are naphtha, natural gas, metha- 289b to 289e of the German Commercial Code (HGB) nol, ammonia and benzene. The nonfinancial statement in accordance with sections 289b to BASF SE had 34,896 employees on December 31, 2019, of which 289e HGB can be found on pages 7 to 29 and are a part of the 4,302 in Research and Development. Management’s Report. Within the scope of the audit of the annual financial statements, the external auditor KPMG checked pursuant A complete overview of BASF SE’s operating business is provided to section 317(2) sentence 4 HGB that the NFS was presented in by the Consolidated Financial Statements of the BASF Group. To accordance with the statutory requirements. KPMG also conducted assess the operations of BASF SE, a distinction must be made a substantive audit with limited assurance of the NFS. A report between sales and income from operations from BASF SE’s own on this substantive audit can be found online at basf.com/nfs- production and from the sale of products of other European audit-2019/basf-se. The audit was conducted in accordance with BASF Group companies. In addition, due to its Group management ISAE 3000 (Assurance Engagements other than Audits or Reviews function, central tasks that also have an effect on income from of Historical Financial Information) and ISAE 3410 (Assurance operations are allocated to BASF SE. Engagements on Greenhouse Gas Statements), the relevant inter- national auditing standards for sustainability reporting. 1 Links and additional content on BASF’s websites referenced in this report are not part of the information audited by KPMG. 2 On December 21, 2019, BASF and an affiliate of Lone Star signed an agreement on the sale of BASF’s construction chemicals business. Since the agreement was signed, we have no longer reported on BASF’s construction chemicals business as a separate division. BASF SE Financial Statements 2019 2 Accounting principles The year-on-year change was particularly pronounced in the United States (2019: –0.4%, 2018: +4.1%). Consequently, our forecast for The Financial Statements of BASF SE are prepared in accordance 2019 (+3.2%) was also significantly undershot. The drop in growth with the German Commercial Code (HGB) and the German Stock there was mainly attributable to weak domestic demand from the Corporation Act (AktG). automotive industry, agriculture and the construction industry. In addition, U.S. chemical exports to China fell significantly as a result The Consolidated Financial Statements of the BASF Group, how- of the trade conflict. In South America, too, chemical production ever, take into account the Financial Statements of BASF SE, which declined by 2.0% amid a weak overall economic environment (2018: are prepared in accordance with International Financial Reporting –0.6%). Standards (IFRS). By contrast, chemical production in the emerging markets of Asia Corporate Governance Statement pursuant to section 289f grew by 4.0%, slightly stronger than expected (+3.6%). This was of the German Commercial Code (HGB) primarily driven by continued solid growth in China (+4.7%). Chemi- cal production in the remaining emerging markets in the region only The Corporate Governance Statement in accordance with section rose by 1.1% (2018: +2.7%). By contrast, Japan saw a decline of 289f HGB, printed on pages 39 to 48 (Corporate Governance 0.4%. Report, Compliance, Declaration of Conformity), is an element of the Management’s Report. The audit of the disclosures required by section 289f(2) and (5) HGB pursuant to section 317(2) sentence 6 HGB is limited to whether the disclosures have been made. Economic environment Global economic growth in 2019 was weaker than we forecast at the beginning of the year.1 Industrial production in particular remained well below our expectations. Against a background of high political uncertainty and mounting trade barriers, global gross domestic product (GDP) only rose by 2.6%, considerably slower than in 2018 (+3.2%). Growth in the industry as a whole declined at a much faster rate to only 1.5% (2018: +3.1%). As a result, growth in chemical production (excluding pharmaceuticals) was also con- siderably slower than in the previous year, at 1.8% (2018: +2.8%). The average price for a barrel of Brent crude oil decreased to $64 per barrel (2018: $71 per barrel). Global industrial production grew by only 1.5% in 2019, roughly half as strongly as in 2018 (+3.1%). Production declined overall in the advanced economies (2019: –0.5%, 2018: +1.8%). Growth in the emerging markets weakened considerably (2019: +3.4%, 2018: +4.4%). Industrial production was largely stagnant in the E.U. (2019: –0.3%, 2018: +1.4%) and the United States (2019: –0.1%, 2018: +2.7%). By contrast, this declined in Japan (2019: –1.7%, 2018: +0.8%) and South America (2019: –1.3%, 2018: +0.5%). The gradual slowdown in China continued, with industrial growth declining from 5.8% in the previous year to 5.7%. In the remaining emerging markets of Asia, growth fell from 5.3% to only 2.6%. One of the key drivers here was below-average momentum in India (2019: +3.9%, 2018: +6.0%). The global chemical industry (excluding pharmaceuticals) grew by only 1.8%, well below our expectations (+2.7%) and the 2018 figure (+2.8%).
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