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BASF SE Financial Statements 2010

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BASF SE Financial Statements 2010 BASF SE Financial Statements 2010 BASF SE Financial Statements 2010 1 Contents Management’s Analysis of BASF SE 2 Report of the Supervisory Board 26 Business Development 3 Financial Statements of BASF SE 29 Employees and Society 5 Risk Report 6 Statement of Income 29 Outlook 11 Balance Sheet 30 Corporate Governance Statement According to Notes 31 Section 289a HGB 12 Corporate Governance Report 12 Assurance Pursuant to Sections 264 (2), 289 (1) of the Declaration of Conformity 17 German Commercial Code (HGB) 64 Compensation Report 18 Auditor’s Report 65 Management and Supervisory Boards 23 2 BASF SE Financial Statements 2010 Management’s Analysis of BASF SE Corporate structure Trends in the global economy BASF SE is headquartered in Ludwigshafen, Germany, and There was a dynamic recovery in the global economy in all takes the central role as the largest operating company in the regions in 2010 following the severe recession in the previous BASF Group. Directly or indirectly, it holds the shares in the com- year. The strong upturn in the first half of the year was followed panies that belong to the BASF Group. All of BASF SE’s shares by weaker growth in the second half. Global gross domestic are available for public trading on stock exchanges. product rose significantly overall in comparison with the previ- BASF’s six business segments contain 15 divisions which ous year (+3.9%) and was higher than our original 2010 forecast bear the operational responsibility and manage our 73 global (+2.7%). and regional business units. Following a sharp drop in the previous year (–8.1%), global The operational business of BASF SE represents only a industrial production grew considerably in 2010 (+8.9%). The portion of the global overall business. Only the Consolidated recovery was more pronounced than we had forecast. The main Financial Statements of the BASF Group provide a complete reasons for the economic upturn included the strong growth in insight. To assess the net income of BASF SE, a differentiation Asia as well as the fiscal and monetary stimulus programs must be made between income from operations from BASF SE’s around the world. In Asia’s emerging markets, industrial produc- own production and from the sale of products of other tion (+14.5%) grew twice as fast as in the OECD industrialized European BASF Group companies as well as the income from countries (+7.2%). the function of BASF SE as a parent company. This function as There was a strong upturn in the chemical industry in 2010: a parent company is primarily reflected in the financial result. Following negative growth rates in the previous two years, global chemical production in 2010 again reached the pre-crisis level. Accounting principles The first half of the year was particularly characterized by an The Consolidated Financial Statements of the BASF Group exceptionally strong recovery. Growth became less dynamic in incorporate the Financial Statements of BASF SE which are the second half. Global chemical production (excluding phar- prepared in accordance with International Financial Reporting maceuticals) grew by 9.3%. Standards (IFRS). In the following, we comment on the Financial Statements of BASF SE, which are prepared in accordance with the German Commercial Code (Handelsgesetzbuch, HGB). Corporate Governance Statement according to Section 289a HGB The Corporate Governance Statement according to Section 289a HGB, printed on pages 12 to 17 (Corporate Governance Report, Declaration of Conformity) is an element of the Manage- ment’s Analysis. Disclosures in the Corporate Governance Report in accordance with Section 317 (2) Sentence 3 HGB are not included in the audit of the external auditor, with the excep- tion of the disclosures according to Section 289 (4) HGB. BASF SE Financial Statements 2010 3 Business Development Results of operations Million € 2010 2009 Sales 20,741 14,079 Gross profit on sales 5,283 3,604 Income from operations (EBIT) 1,403 786 Income from participations 3,033 1,803 Interest result (220) (306) Other financial result 15 203 Financial result 2,828 1,700 Extraordinary result (39) – Income before taxes1 4,192 2,486 Net income 3,737 2,176 1 Income before taxes less extraordinary result corresponds to income from ordinary operations. Sales Change 2010 2009 Million € % Million € % Change in volumes 4,947 35.1 (1,546) (9.0) Change in prices 1,519 10.8 (1,417) (8.3) Currency effects 282 2.0 95 0.5 Commissions, licenses, other businesses, etc. (86) (0.6) (196) (1.1) 6,662 47.3 (3,064) (17.9) Regions (million €) 2010 2009 Europe 15,310 10,692 Thereof Germany 5,236 3,896 North America 1,440 988 Asia Pacific 2,636 1,532 South America, Africa, Middle East 1,355 867 20,741 14,079 The previous year’s values have been adjusted to reflect the current regional structure. Income from operations Income from operations increased by €617 million to €1,403 million In 2010, BASF SE’s sales increased by 47% compared with the despite the negative impacts of an increase of €300 million in other previous year. The rise in sales resulted primarily from higher operating expenses and a decrease of €323 million in other operat- sales volumes and sales prices. With increased raw materials ing income. These changes were primarily attributable to a change and energy costs, stable margins were maintained. Furthermore, in the reporting of variable compensation amounting to €232 million gross profit on sales improved compared with the previous year in 2010, which had been allocated to functional costs in 2009. by €1,679 million due to the demand-driven increase in capac- Furthermore, foreign currency results declined compared with the ity utilization as well as the integration of Ciba businesses previous year by €229 million. acquired in the previous year into BASF SE. 4 BASF SE Financial Statements 2010 Financial result Net income The financial result rose by €1,128 million, chiefly as a result of Net income in 2010 amounted to €3,737 million, representing an higher income from participations. Higher dividends and higher increase of €1,561 million, or 72%, compared with the previous year. income from profit transfer agreements led to an improvement This was due mainly to the significant increase in the finan- in income from participations of €1,230 million. cial result, as well as to the stronger operative business. It was This was partially offset by lower gains on the plan assets partially offset by a rise in income taxes as a result of the increase of BASF Pensionstreuhand e.V. (Contractual Trust Arrangement, in effective tax. The extraordinary income of €(39) million was CTA). attributable to the conversion to the provisions of the German Act to Modernize Accounting Law (Bilanzrechtsmodernisierungs- gesetz, BilMoG). Balance sheet structure and financial position 2010 2009 Million € % Million € % Fixed assets 25,429 64.6 21,052 56.9 Current assets and other assets 13,947 35.4 15,975 43.1 Total assets 39,376 100.0 37,027 100.0 Stockholders’ equity 11,214 28.5 9,000 24.3 Provisions 2,558 6.5 6,251 16.9 Liabilities and other liabilities 25,604 65.0 21,776 58.8 Total stockholders’ equity and liabilities 39,376 100.0 37,027 100.0 Balance sheet structure Cash flow from financing activities amounted to €1,563 million The balance sheet total increased by €2,349 million, or 6%, to in 2010 (2009: €(820) million), and was affected by internal Group €39,376 million. borrowing and the dividend payment. The increase in fixed assets by €4,377 million resulted Cash and cash equivalents declined by €4,283 million to mainly from the rise in the value of financial assets due to cap- €581 million. The decrease resulted from the offsetting of ital increases at subsidiaries. Repayment of capital by subsid- the plan assets with the pension provisions. Of this amount, iaries partially offset this effect. €2,077 million related to cash and €1,824 million to securities. The decline in current assets is primarily attributable to the Furthermore, cash was reduced by €82 million by cash busi- change in reporting of the plan assets of BASF Pensionstreu- ness transactions from the previously mentioned cash flows in hand e.V. (see section “Conversion to the Provisions of the 2010. Furthermore, securities with a value of €300 million were German Act to Modernize Accounting Law”). Due mainly to the sold. offsetting of the plan assets with provisions for pension obliga- Corporate bonds form the basis of our mid- to long-term tions, cash and cash equivalents declined by €4,283 million. In debt financing. We issue these in euro and other currencies with contrast, inventories as well as receivables and other assets different maturities to ensure a balanced maturity profile and a increased by €2,271 million. diverse range of investors. The €2,214 million increase in stockholders’ equity resulted Following the June 2010 announcement of the acquisition chiefly from the fact that net income was higher than the divi- of specialty chemicals company Cognis, Standard & Poor’s low- dend paid in 2010. Provisions declined by €3,693 million ered BASF’s long-term rating by one notch to “A.” In November, owing mainly to the offsetting of the plan assets with pension Moody’s confirmed BASF’s A1 long-term rating, however, with provisions. a negative outlook. BASF’s short-term ratings were confirmed Liabilities and other liabilities increased by €3,828 million. by both agencies. With “A/A-1 outlook stable” from rating agency While liabilities to affiliated companies grew by €3,790 million, Standard & Poor’s and “A1/P-1 outlook negative” from Moody’s, the other liabilities remained nearly unchanged.
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