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26308/GBÕ93 E/Teil 1/1-37 Our photo theme: BASF products for information and communication Annual Report 1993 BASF Group 1993 1992 Change million DM % Sales (without petroleum and natural gas taxes) 40,568 41,933 – 3.3 Petroleum and natural gas taxes 2,555 2,589 –1.3 Sales 43,123 44,522 – 3.1 Income from operations 1,032 1,311 – 21.3 Profit before taxes 1,058 1,239 –14.6 Net income after taxes and minority interests 858 615 +39.5 Cash flow from ordinary activities 4,635 4,451 +4.1 Capital expenditures 4,139 4,151 – 0.3 Research and development expense 1,934 2,048 – 5.6 Dividend paid by BASF Aktiengesellschaft 468 570 –17.9 Dividend per share in DM 8.00 10.00 – 20.0 Number of employees (as of December 31) 112,020 123,254 – 9.1 Operations 1993 1992 Change At a Glance Sales in millions of DM % The BASF Group comprises Oil and Gas 4,352 4,193 +3.8 BASF Aktiengesellschaft and all Products for Agriculture* 3,781 4,671 –19.1 companies which are directly or Plastics and Fibers 9,811 10,428 – 5.9 indirectly at least 50 percent Chemicals 5,371 5,363 +0.1 owned by BASF Aktiengesell- Dyestuffs and Finishing Products 7,572 7,638 – 0.9 schaft.The Financial Statements Consumer Products 8,740 8,824 –1.0 of the Group include majority Other** 941 816 +15.3 holdings in full, and 50 percent participations on a pro rata 40,568 41,933 – 3.3 basis. Group companies of minor significance are not con- Income from operations in millions of DM 1993 1992 Change solidated. million DM Oil and Gas 297 – 38 +335 Products for Agriculture* –129 45 –174 Plastics and Fibers – 340 – 81 – 259 Chemicals 755 843 – 88 Dyestuffs and Finishing Products 402 600 –198 Consumer Products –171 – 103 – 68 Other** 218 45 +173 1,032 1,311 – 279 Regions (location of customers) 1993 1992 Change Sales in millions of DM % Europe 25,378 27,649 – 8.2 thereof Germany 11,822 13,472 –12.2 North America 8,523 7,922 +7.6 Latin America 2,495 2,193 +13.8 Asia, Australia, Africa 4,172 4,169 +0.1 40,568 41,933 – 3.3 ** Including sales and income from the potash and rock salt operations up to June 30, 1993 ** Sales from other activities, and income from other activities including expense and income not allocatable to Operations Modern communica- 2 Preface tions technology is unthinkable without 3 The BASF share modern materials. These parabolic dishes high up in 4 Management’s Analysis the mountains, with disks, coatings and 16 Operations mountings made from 30 Operations by Region plastics that stand up to extreme climatic 32 Research and Development conditions, are one 34 Environment and Safety example of the photo theme of this Annual 36 BASF Products for Informa- Report: BASF products for tion and Communications information and com- munications. 38 Major Affiliates 40 Annual Financial Statements 44 Development of Fixed Assets 46 Notes BASF Group and BASF Aktiengesellschaft 60 Report of the Supervisory Board 61 Supervisory Board 62 Board of Executive Directors 63 Division Heads 64 Ten-Year Summary Presented to the 42nd Annual Meeting on Thursday, April 28, 1994, 10.00 a.m., at BASF Feierabendhaus, Leuschnerstrasse 47, Ludwigshafen am Rhein Preface Dear 1993 was even more diffi- ment of 1992 and 1993: a our future. We therefore Shareholders cult than we had expected. number of plants were encourage innovations and Western Europe, especially started up under an ambi- will turn them into market Germany, and Japan went tious capital expenditure successes even more through a period of reces- program totaling some quickly. To this end, how- sion. The impact on our DM 10 billion. Together with ever, we need technology business was only partially acquisitions, divestitures and science to be accepted offset by growth in North and new joint ventures by society. America, Latin America and these plants improved our My thanks are due to all of large areas of South and business structure. This is you for your confidence in East Asia. also the aim of the progres- BASF. These thanks also go Demand for important prod- sive internationalization of to our employees for their ucts was insufficient for the our business, for example loyalty and enthusiastic high production capacities the expansion of our posi- commitment to mastering Hermann Josef Abs died on throughout the world to be tions in North America and the difficult economic situa- February 5, 1994 aged 92. fully utilized. New suppliers China. tion, and to our customers The architect of the German from the Far East and East- Our adaptation to the and suppliers for the spirit economy after World War II ern Europe adopted an changes in market require- of partnership in our busi- played an influential role in aggressive pricing policy in ments has already borne ness relations. the re-founding of BASF. He their efforts to gain market fruit: business stabilized at was Chairman of our Super- share. We substantially the end of 1993, if at an Yours sincerely visory Board from 1952 to maintained our market posi- unsatisfactorily low level. In 1965, and then Deputy tions. However, prices in the this we see confirmation Chairman up to 1970. In the world market lost far more that we must build more on decisive phase of recon- ground than we could make our own efforts than solely struction and orientation up by cutting costs. BASF on the economic upswing. toward an internationally Group pre-tax profit there- Our employees may be Jürgen Strube operating group of compa- fore dropped. Earnings after proud of what was achieved Chairman of the Board of nies, his advice was impor- taxes and minority interests together in spite of the dis- Executive Directors of tant for the development of were higher than in the pre- appointing earnings. We BASF Aktiengesellschaft BASF. We stand greatly in vious year. also see scientific and tech- his debt. We further strengthened nological progress as an BASF in the difficult environ- important way of securing 2 The BASF Share Key BASF Share Data 1993 1992 Change in value of a BASF share portfolio 1993 Number of shares outstanding (without the tax credit) as of Dec. 31: millions of shares 58.5* 57.0 160 Per share in DM 150 Dividend 8.00 10.00 Dividend including 140 tax credit 11.43 15.63 Net income 14.67 10.78 BASF portfolio Net income (DVFA/SG result) 9.20 12.00 130 Cash flow 79.30 78.03 Equity 255.67 255.66 120 Year-end price 299.20 208.70 DAX portfolio Year’s high 299.20 252.00 110 Year’s low 207.60 201.00 100 * Number of shares still to be issued for the exer- cise of stock warrants: 5.4 million (see page 52) DJFMAMJJASOND The BASF Share Above-average dividend by the end of the year, rep- eign exchanges, the BASF yield resenting an annual return share achieved its highest The BASF share developed of 50.3 percent. By compar- turnover in London. The BASF share gratifyingly, as did the ison the DAX securities, is one of those German equity market as where dividend payments Continuity of the Investor a whole. Based on the are also taken into account, Relations Program German shares 1993 year-end price of rose by 47.9 percent. Includ- At Company presentations whose high DM 299.20, the dividend ing the tax credit for eligible and round-table discus- liquidity is attrac- proposed to the Annual shareholders resident in sions, we again provided Meeting, including the tax Germany, the value of the information to investors and tive to domestic credit for shareholders resi- investment in BASF would financial analysts employed and particularly dent in Germany, represents have risen to as much as by German and foreign to foreign inves- a yield of 3.8 percent. The DM 15,389, an increase of financial institutions. The average dividend yield for 53.9 percent. primary aim of our Investor tors. Its intrinsic all listed German shares is Relations Program is to value, dividend 2.9 percent. High stock exchange ensure a proper valuation of yield and long- turnover the BASF share on national Share price improved The BASF share is officially and international capital term earning In 1993, the price of the quoted on all eight stock markets. Other aims are to prospects make BASF share rose, despite exchanges in Germany, and internationalize our share- it a sound the unsatisfactory economic ten elsewhere. In 1993 holder base and strengthen situation and continuing the turnover on the German contacts with private and investment. softness, from DM 208.00 exchanges alone was institutional investors in at the beginning of the year DM 44.6 billion, or about order to enhance our to DM 299.20 at year-end. 2.3 percent of the entire shareholders’ confidence in This is an increase of 43.8 turnover in German shares. a long-term commitment. percent. Shareholders who This made the BASF share reinvested their dividends in one of the ten most fre- additional shares obtained quently traded securities. an even higher yield. Further transactions in For example, if investors had BASF shares accounting for put DM 10,000 into BASF about 25 percent of the shares at the start of 1993 BASF share turnover on the and used their dividends German exchanges were (without the tax credit) to realized in 1993 via IBIS, the buy additional BASF stock Integrated German Secur- they would have increased ities Exchange Trading and their stakes to DM 15,028 Information System.
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