BASF Third-Quarter Results 2003.Energy Editors/Business Editors LUDWIGSHAFEN Lud·wigs·ha·fen A city of southwest Germany on the Rhine River opposite Mannheim. Founded as a fortress in the early 17th century, it is now a leading center of the country's chemical industry. Population: 162,000. , Germany--(BUSINESS WIRE)--Nov. 13, 2003 Difficult third quarter - BASF BASF Bar Association of San Francisco (since 1872; San Francisco, California) BASF Badische Anilin und Soda Fabrik (German chemical products company) BASF Builders Association of South Florida (NYSE NYSE See: New York Stock Exchange : BF; FWB (Fixed Wireless Broadband) See fixed wireless. : BAS BAS abbr. 1. Bachelor of Agricultural Science 2. Bachelor of Applied Science ; LSE LSE - Language Sensitive Editor : BFA BFA abbr. Bachelor of Fine Arts BFA abbr BFA, B.F.A Bachelor of Fine Arts; first degree in Fine Arts. ) proceeds with its restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). measures -- Sales increase slightly despite negative currency effects -- EBIT EBIT See: Earnings Before Interest and Taxes EBIT See earnings before interest and taxes (EBIT). before special items below the previous year's good level -- Significant improvement in Agricultural Products & Nutrition nutrition, study of the materials that nourish an organism and of the manner in which the separate components are used for maintenance, repair, growth, and reproduction. Nutrition is achieved in various ways by different forms of life. -- Oil & Gas makes largest contribution to income -- Outlook for full-year 2003: EBIT before special items below previous year's level In a business environment characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by high raw material prices, margin pressure and a weak U.S. dollar, BASF Aktiengesellschaft Aktiengesellschaft (IPA: ['aktsiəngəzεlʃaft]; abbreviated AG) is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders. increased its sales in the third quarter of 2003 by 2.1 percent to EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 7.7 billion compared with the same period in 2002. Excluding negative currency translation effects, sales increased by 7.6 percent. Price increases contributed 2.1 percent to sales, but prices still remain at an unsatisfactory level. Sales volumes were up 4.5 percent. "The latest figures for our ongoing business give grounds for hope that we have now reached the bottom of the downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. . However, there has still not yet been a real breakthrough. 2003 remains a difficult year, as demonstrated by the weak third quarter," said Dr. Jurgen Jurgen regaining his lost youth, he has strange “adventures with a host of mythical persons. [Am. Lit.: Jurgen in Magill I, 464] See : Fantasy Jurgen Hambrecht, Chairman of the Board of Executive Directors of BASF Aktiengesellschaft, at a press conference to present BASF's third-quarter results. Third-quarter income from operations (EBIT) before special items fell 31.8 percent to EUR403 million compared with 2002. This unsatisfactory operating result is due mainly to continuing pressure on margins in the Chemicals, Plastics and Performance Products segments. High oil prices kept purchasing prices for naphtha naphtha (năp`thə, năf`–), term usually restricted to a class of colorless, volatile, flammable liquid hydrocarbon mixtures. and natural gas high. BASF's chemicals operations remain burdened by overcapacities, especially in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . Prices could therefore
not be increased to the extent necessary.
EBIT after special items declined 20 percent to EUR374 million. Special charges related mainly to restructuring measures in the NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's region and integration costs for the crop protection business acquired by BASF. Net income in the third quarter fell 51 percent to EUR120 million. In the third quarter of 2002, the financial result contained tax-free tax-free adj. Not subject to taxation; tax-exempt. tax-free Adjective not needing to have tax paid on it: a tax-free lump sum Adj. 1. gains from the sale of marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has . The absence of these tax-free gains in 2003 led to a significant increase in the tax rate compared with the previous year. Third-quarter earnings per share were EUR0.21 compared with EUR0.43 in 2002. In the first nine months of 2003, BASF posted cumulative sales of EUR24.8 billion - slightly more than in the same period in 2002. Excluding currency effects, sales would have amounted to EUR26.7 billion, 10.2 percent more than in 2002. At EUR2.2 billion, EBIT before special items in the first nine months was 2.3 percent lower than in 2002. Cash provided by operating activities is a good indicator Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. of BASF's financial strength: At just over EUR3.5 billion, the figure for the first three quarters was already significantly higher than the full-year value for 2002 of EUR2.3 billion. Outlook: Full-year EBIT before special items lower than in 2002 "In the summer, it was already clear that major efforts would be needed to match the previous year's earnings level. But our own efforts are not enough if there is not a sustainable improvement in the economic climate. We saw no signs of such an improvement in the third quarter," said Hambrecht. "Although there are currently initial signs of an economic recovery, high raw material costs, unsatisfactory margins in some areas of our chemicals businesses and the weak U.S. dollar will continue to put pressure on our business in the fourth quarter," he continued. Based on a slight increase in sales, BASF expects EBIT before special items to be lower than in the previous year in both the fourth quarter and for the full year. Hambrecht also remains realistic when it comes to assessing future economic developments: "Even though more and more indicators are positive and pointing upward, we have to rely on facts rather than moods." He therefore stated that it is too soon to be able to predict when an economic recovery will set in, how strong it will be and how long it will last. BASF is therefore focusing on its extensive Group-wide programs and initiatives to optimize optimize - optimisation its portfolio, reduce costs and restructure its organization. "The success of such measures lies primarily in our own hands," said Hambrecht. Share buy-back program to be implemented as planned in 2003 In the first nine months of 2003, BASF shares have outperformed the EURO euro: see European Monetary System. euro Single currency of 15 countries of the European Union (EU), including Germany, France, and Italy. It is also the official currency in several areas outside the EU. STOXX STOXX A series of market indexes that are representative of the European and global markets. These indexes cover a wide range of market segments including the broad market, blue chips, individual sectors and global indexes. 50 index and have been included in the Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance Sustainability Index for the third year in succession succession: see ecology. . BASF aims to implement its share buy-back program as planned in 2003, buying buy back shares for a total of EUR500 million. The company intends to continue its share buy-back program in 2004. Performance of the segments in the third quarter of 2003 Agricultural Products & Nutrition and Oil & Gas posted significant increases in sales compared with the strong third quarter of 2002. Chemicals and Plastics maintained sales at the level of the previous year despite the weak dollar. Sales were slightly down in Performance Products. The situation is different with regard to EBIT before special items. All segments with the exception of Agricultural Products & Nutrition reported lower income compared with the good third quarter of 2002. This segment improved by more than 36 percent thanks to higher sales volumes as well as extensive cost-reduction measures. As is typical in this sector, third-quarter income was negative due to the seasonal nature of the business. At EUR271 million, the largest contribution to income came from the Oil & Gas segment. Sales increased 14.6 percent mainly due to higher volumes in the natural gas trading business. Significantly higher volumes of oil and gas were produced in the exploration and production activities. A higher oil price compared with the same period in 2002 led to an increase in sales, which, however, was partially offset by the weaker U.S. dollar. Income in the Chemicals segment was negatively impacted by persistently per·sis·tent adj. 1. Refusing to give up or let go; persevering obstinately. 2. Insistently repetitive or continuous: a persistent ringing of the telephone. 3. high raw material costs coupled with competitive pressure. Startup (STARTing UP) "At startup" means when the computer is first turned on or when a program is first loaded. See Startup folder. costs following conversion of part of the chlorine chlorine (klōr`ēn, klôr`–) [Gr.,=green], gaseous chemical element; symbol Cl; at. no. 17; at. wt. 35.453; m.p. −100.98°C;; b.p. −34.6°C;; density 3.2 grams per liter at STP; valence −1, +1, +3, +5, +7. production facilities at the Ludwigshafen site to a modern membrane membrane, structure composed mostly of lipid and protein that forms the external boundary of cells and of major structures within cells. Membrane organization is based on a sheet two molecules thick—a double layer of lipids aligned with their long hydrocarbon process reduced earnings, as did scheduled maintenance of key production plants. A fall in the price of polymers in Europe and the NAFTA region reduced income in the Plastics segment. In addition, fiber intermediates posted a loss. In September September: see month. , however, the company was able to implement initial price increases for important polymers. The integration of the business acquired from Honeywell In 1927, the Minneapolis Honeywell Regulator Company was formed as a merger of Alfred Butz' temperature control company (1885) and Mark Honeywell's water heater company (1906). In 1957, Honeywell, along with Ratheon, introduced one of the first computers in the U.S., the Datamatic 1000. is proceeding as planned and initial cost synergies Cost Synergy In the context of mergers, cost synergy is the savings in operating costs expected after two companies, who compliment each other's strengths, join. Notes: The savings in operating costs usually come in the form of laying off employees. have been realized. Third-quarter income in the Performance Products segment also failed to achieve the strong previous year's level. The weak dollar reduced income in the Performance Chemicals and Coatings divisions. The Functional Polymers Functional polymers are polymers with advanced optic and/or electronic properties. Advantages of functional polymers are low cost, ease of processing and a range of attractive mechanical characteristics for functional organic molecules. division improved margins and income despite a difficult market situation. BASF is the world's leading chemical company, offering its customers a range of high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" products, including chemicals, plastics, performance products, agricultural products, fine chemicals as well as crude oil and natural gas. Its distinctive approach to integration, known in German as "Verbund Verbund is the largest producer and transporter of electricity in Austria, and one of the largest in Europe. The company produced in 2006 around 28.1 billion kWh mainly from hydropower plants (85%), thermal plants (10%) and eco power plants (5%). ," is its strength. It enables BASF to achieve cost leadership and gives the company a competitive advantage. BASF conducts its business in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the principles of sustainable development Sustainable development is a socio-ecological process characterized by the fulfilment of human needs while maintaining the quality of the natural environment indefinitely. The linkage between environment and development was globally recognized in 1980, when the International Union . In 2002, BASF had sales of about EUR32 billion (circa circa prep. Abbr. ca In approximately; about. $34 billion) and over 89,000 employees worldwide. BASF shares are traded on the stock exchanges in Frankfurt Frankfurt (frängk`f rt) or Frankfurt am Main (frängk`f (BAS), London London, city, CanadaLondon, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. (BFA), New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (BF), Paris (BA) and Zurich (BAS). Further information on BASF is available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.basf.com. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This release contains forward-looking statements under the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on current expectations, estimates and projections of BASF management and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause the actual results, performance or achievements of BASF to be materially different from those that may be expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such statements. Such factors include those discussed in BASF's Form 20-F filed with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking statements contained in this release. You can also obtain further information from the Internet at the following address:
www.basf.de/pcon (English)
www.basf.de/pk (German)
07:30 a.m. CET Third Quarter 2003 Interim Report
Press Release
Photos
11:00 a.m. CET Speeches by Dr. Jurgen Hambrecht and
Dr. Andreas Kreimeyer (live transmission)
11:00 a.m. CET Speeches by Dr. Jurgen Hambrecht and
Dr. Andreas Kreimeyer (printed versions)
Third-Quarter Results 2003 July July: see month. - September 2003 (January January: see month. - September 2003), published on November November: see month. 13, 2003 Overview
BASF Group
3rd
Quarter Change
Million euro 2003 2002 in %
Sales 7,740 7,581 2.1
Earnings before interest, taxes,
depreciation and amortization (EBITDA) 957 1,080 (11.4)
Income from operations before special items 403 591 (31.8)
Income from operations (EBIT) 374 467 (19.9)
Financial result (108) (12) -
Income before taxes and minority interests 266 455 (41.5)
Net income 120 247 (51.4)
Earnings per share (euro ) 0.21 0.43 (51.2)
EBIT before special items in % of sales 5.2 7.8 -
Cash provided by operating activities 1,677 1,205 39.2
Additions to fixed assets (a) 523 534 (2.1)
Amortization and depreciation (a) 583 613 (4.9)
Segment assets (end of period)(b) 26,483 26,300 0.7
Personnel costs 1,388 1,436 (3.3)
Number of employees (end of period) 88,045 91,122 (3.4)
(a) Tangible and intangible fixed assets (including acquisitions)
(b) Tangible and intangible fixed assets, inventories and business-
related receivables
BASF Group
January - September
Change
Million euro 2003 2002 in %
Sales 24,821 24,199 2.6
Earnings before interest, taxes,
depreciation and amortization (EBITDA) 3,801 3,923 (3.1)
Income from operations before special items 2,179 2,231 (2.3)
Income from operations (EBIT) 2,090 2,098 (0.4)
Financial result (299) 20 .
Income before taxes and minority interests 1,791 2,118 (15.4)
Net income 757 1,305 (42.0)
Earnings per share (euro ) 1.34 2.24 (40.2)
EBIT before special items in % of sales 8.8 9.2 -
Cash provided by operating activities 3,555 2,028 75.3
Additions to fixed assets (a) 2,731 1,538 77.6
Amortization and depreciation (a) 1,711 1,825 (6.2)
Segment assets (end of period)(b) - - -
Personnel costs 4,192 4,441 (5.6)
Number of employees (end of period) - - -
(a) Tangible and intangible fixed assets (including acquisitions)
(b) Tangible and intangible fixed assets, inventories and business-
related receivables
Segments
Income from operations
before special items
Sales Change Change
Million
euro 2003 2002 in % 2003 2002 in %
3rd
Quarter
Chemicals 1,367 1,352 1.1 101 195 (48.2)
Plastics 2,135 2,159 (1.1) 67 182 (63.2)
Performance Products 1,930 2,027 (4.8) 144 204 (29.4)
Agricultural Products &
Nutrition 1,054 902 16.9 (97) (152) 36.2
Oil & Gas 927 809 14.6 271 298 (9.1)
Other (a) 327 332 (1.5) (83) (136) 39.0
Thereof costs of exploratory/
biotechnological
research - - - 44 50 (12.0)
7,740 7,581 2.1 403 591 (31.8)
January - September
Chemicals 4,319 3,953 9.3 380 467 (18.6)
Plastics 6,595 6,377 3.4 253 491 (48.5)
Performance Products 5,748 6,087 (5.6) 431 529 (18.5)
Agricultural Products &
Nutrition 3,855 3,939 (2.1) 349 212 64.6
Oil & Gas 3,338 2,914 14.6 953 874 9.0
Other (a) 966 929 4.0 (187) (342) 45.3
Thereof costs of exploratory/
biotechnological
research - - - 129 149 (13.4)
24,821 24,199 2.6 2,179 2,231 (2.3)
(a) "Other" includes the Fertilizers business and other businesses as
well as expenses, income and assets not allocated to the segments.
This item also includes foreign currency results from financial
indebtedness that are not allocated to the segments as well as from
currency positions that are macro- hedged (3rd quarter: euro (14)
million/previous year euro (5) million), cumulative: euro 2
million/previous year euro (89) million).
Segments
Income from operations (EBIT)
Change
Million euro 2003 2002 in %
3rd Quarter
Chemicals 99 177 (44.1)
Plastics 64 182 (64.8)
Performance Products 135 204 (33.8)
Agricultural Products & Nutrition (114) (254) 55.1
Oil & Gas 271 298 (9.1)
Other (a) (81) (140) 42.1
Thereof costs of exploratory/
biotechnological research 44 50 (12.0)
374 467 (19.9)
January - September
Chemicals 370 447 (17.2)
Plastics 240 488 (50.8)
Performance Products 414 533 (22.3)
Agricultural Products & Nutrition 303 104 191.3
Oil & Gas 953 874 9.0
Other (a) (190) (348) 45.4
Thereof costs of exploratory/
biotechnological research 129 149 (13.4)
2,090 2,098 (0.4)
(a) "Other" includes the Fertilizers business and other businesses as
well as expenses, income and assets not allocated to the segments.
This item also includes foreign currency results from financial
indebtedness that are not allocated to the segments as well as from
currency positions that are macro- hedged (3rd quarter: euro (14)
million/previous year euro (5) million), cumulative: euro 2
million/previous year euro (89) million).
BASF Group Business Review and Analysis -- Slight increase in sales despite negative currency effects -- EBIT before special items below the previous year's good level -- Outlook for full-year 2003: EBIT before special items below previous year's level Sales: In the third quarter, sales increased by 2.1 % compared with the same quarter of the previous year, in particular as a result of higher volumes. Excluding currency effects, sales increased by 7.6 %. It was possible to increase prices only slightly, and they remain unsatisfactory, especially in our chemicals businesses. Factors influencing sales in comparison with previous year % 3rd Quarter Jan. - Sept. Volumes 4.5 6.1 Prices 2.1 3.1 Currencies (5.5) (7.6) Acquisitions/divestitures 1.0 1.0 Total 2.1 2.6 Earnings: At euro 403 million, income from operations before special items was 32 % lower than in the third quarter of 2002. The Oil & Gas segment made the largest contribution to income. In the Agricultural Products & Nutrition segment, income improved significantly, mainly as a result of cost-reduction measures and strong sales of crop protection products in South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . The Chemicals, Plastics and Performance Products segments suffered from high raw material prices, which could not be passed on to our customers due to continuing oversupply o·ver·sup·ply n. pl. o·ver·sup·plies A supply in excess of what is appropriate or required. tr.v. o·ver·sup·plied, o·ver·sup·ply·ing, o·ver·sup·plies in the market. Restructuring measures in the NAFTA region and integration costs for the fipronil fipronil a reversible GABA-receptor inhibitor that acts on the nervous system of insects. Used topically in flea control programs. crop protec-tion business resulted in special charges. Income from operations after special items declined 20 % to euro 374 million. The financial result fell to euro (108) million and contains special charges related to restructuring measures at non-consolidated companies, in particular to the closure of production sites for printing inks in South America. In 2002, the financial result contained tax-free gains from the sale of marketable securities. In the third-quarter of 2003, income before taxes and minority interests fell by 42 % to euro 266 million compared with the previous year. The tax rate rose significantly due to the absence of tax-free gains in the financial result. In the third quarter, income taxes for oil production that are non-compensable with German taxes amounted to euro116 million and were below the previous year's value of euro123 million. Net income in the third quarter fell 51 % to euro 120 million. Earnings per share were euro 0.21 compared with euro 0.43 in 2002.
1st 2nd 3rd January -
Special items Quarter Quarter Quarter September
Million euro 2003 2002 2003 2002 2003 2002 2003 2002
Special items
- in income from operations (2) (4) (58) (5) (29)(124) (89)(133)
- in financial result - 114 (3) - (27) 130 (30) 244
Total (2) 110 (61) (5) (56) 6 (119) 111
Outlook: Although there are initial signs of an economic recovery, high raw material costs, unsatisfactory margins in our chemicals businesses and the weak U.S. dollar will continue to put pressure on our business in the fourth quarter. Based on a slight increase in sales, we expect EBIT before special items to be lower than in the previous year in both the fourth quarter and for the full year. We will therefore continue to rigorously rig·or·ous adj. 1. Characterized by or acting with rigor: a rigorous program to restore physical fitness. 2. Full of rigors; harsh: a rigorous climate. implement our measures to increase efficiency and reduce costs.
BASF shares
Jan. - Sept. Full-year
Key data 2003 2002
Share price (end of period)(a) euro 37.70 euro 36.08
High (a) euro 43.05 euro 49.80
Low (a) euro 28.41 euro 32.90
Average daily trade (number of
shares) (a) 3.40m 3.09m
BASF share performance (b) + 8.3 % - 11.2 %
DAX 30 performance (b) + 12.6 % - 43.9 %
EURO STOXX 50 performance (b) + 2.7 % -36.1 %
(a) XETRA trading
(b) with dividends reinvested
Supervisory Board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. changes: An Audit Committee was established in July. In August, employee representative Ralf Sikorski was appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. as a new member of the Supervisory Board of BASF Aktiengesellschaft, replacing Gerhard Zibell. Chemicals -- Sales up slightly on 2002 due to higher volumes -- Margin pressure and startup costs for investment projects in Asia burden income -- Inorganics portfolio strengthened by acquisition
Overview
3rd Quarter January - September
Change Change
Million euro 2003 2002 in % 2003 2002 in %
Sales 1,367 1,352 1.1 4,319 3,953 9.3
Thereof Inorganics 181 172 5.2 548 523 4.8
Petrochemicals 764 749 2.0 2,444 2,125 15.0
Intermediates 422 431 (2.1) 1,327 1,305 1.7
EBITDA 215 319 (32.6) 718 835 (14.0)
EBIT before special items 101 195 (48.2) 380 467 (18.6)
EBIT 99 177 (44.1) 370 447 (17.2)
Additions to fixed assets 142 65 118.5 396 351 12.8
Assets (end of period) 4,913 5,064 (3.0) - - -
Third-quarter sales increased slightly (volumes 6.4 %, prices/currency - 5.7%). Income from operations before special items was lower than in 2002 in all three divisions, with the Inorganics division showing the most stable performance. In the Inorganics division, strong demand for glues
This is a list of various types of glue. Historically, the term "glue" only referred to protein colloids prepared from animal flesh. The meaning has been extended to refer to any fluid adhesive. and impregnating resins resins, n.pl complex, insoluble, sticky substances secreted by plants. Used as astringents, antimicrobials, and antiinflammatories, and are burned as incense. Can cause oral ulcers and epidermal irritations. as well as catalysts had a positive effect on sales and income. However, the conversion of part of the chlorine production facilities at the Ludwigshafen site to a modern membrane process had a negative impact on income. We strengthened our inorganic inorganic /in·or·gan·ic/ (in?or-gan´ik) 1. having no organs. 2. not of organic origin. in·or·gan·ic n. 1. specialties business through the acquisition of the Callery Chemical Division of the U.S. Mine Safety Appliances Mine Safety Appliances, or MSA, is a maker of sophisticated safety products that help protect workers who may be exposed to a variety of hazardous conditions. The company’s product line includes gas monitoring and detection instruments, filter-type respirators, gas masks, Company in September 2003. In the Petrochemicals division, sales improved slightly thanks to higher volumes. Income, however, fell noticeably no·tice·a·ble adj. 1. Evident; observable: noticeable changes in temperature; a noticeable lack of friendliness. 2. Worthy of notice; significant. as a result of the decline in olefin olefin (ō`ləfĭn) or olefin series: see alkene. olefin or alkene Any unsaturated hydrocarbon containing one or more pairs of carbon atoms linked by a double bond (see prices as well as scheduled maintenance of important production plants. In the Intermediates division, sales of diols and organic acids declined particularly. Sales of amines amines (  mēnz´),n.pl organic compounds that contain nitrogen. , however, increased. Income was negatively impacted by declining margins as a result of persistent Permanent. See persistent data, persistent name and persistent object. persistent - persistence competitive pressure as well as startup costs for investment projects in Asia. Plastics -- Sales remain steady in a difficult market due to higher volumes -- Very weak margins for fiber intermediates reduce income -- New TDI TDI - Transport Driver Interface plant in South Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. already operating at high capacity
Overview
3rd Quarter January - September
Change Change
Million euro 2003 2002 in % 2003 2002 in %
Sales 2,135 2,159 (1.1) 6,595 6,377 3 .4
Thereof Styrenics 850 890 (4.5) 2,738 2,520 8.7
Performance Polymers 547 570 (4.0) 1,667 1,739 (4.1)
Polyurethanes 738 699 5.6 2,190 2,118 3.4
EBITDA 185 317 (41.6) 602 885 (32.0)
EBIT before special items 67 182 (63.2) 253 491 (48.5)
EBIT 64 182 (64.8) 240 488 (50.8)
Additions to fixed assets 85 169 (49.7) 427 447 (4.5)
Assets (end of period) 5,964 6,375 (6.4) - - -
Sales in the third quarter almost attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. the previous year's level (volumes 8.0 %, prices/currency - 7.8 %). Income from operations before special items was significantly lower than in 2002, mainly due to the loss posted by fiber intermediates. In the Styrenics division, sales and income declined despite slightly higher volumes. In particular, this decline was due to a fall in the price of polymers in Europe and the NAFTA region. Initial price increases were implemented in September. Sales in the Performance Polymers division declined due to the weak U.S. dollar and a low price level. Volumes of engineering plastics increased despite a difficult market environment. The integration of Honeywell's engineering plastics business is proceeding as planned and initial cost synergies have been realized. Income declined noticeably, however, as a result of the severe decline in margins for intermediates for the textile textile Any filament, fibre, or yarn that can be made into fabric or cloth, and the resulting material itself. The word originally referred only to woven fabrics but now includes knitted, bonded, felted, and tufted fabrics as well. and fibers industry. Sales and income in the Polyurethanes polyurethanes (pŏl'ēy r`əthānz), group of plastics that may be either thermosetting or thermoplastic. Polyurethane can be made into both flexible and rigid foams. division increased. In
particular, volumes increased significantly in Europe and Asia. Our new
Korean Korean, language of uncertain ancestry. It is thought by some scholars to be akin to Japanese, by others to be a member of the Altaic subfamily of the Ural-Altaic family of languages (see Uralic and Altaic languages), and by still others to be unrelated to any known plant for TDI - a key component in the production of
polyurethanes - started operations in the third quarter and capacity
utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. is already high.
Performance Products -- Sales decline due to currency effects -- Income down on previous year's good level -- Profitability of Functional Polymers increases
Overview
3rd Quarter January - September
Change Change
Million euro 2003 2002 in % 2003 2002 in %
Sales 1,930 2,027 (4.8) 5,748 6,087 (5.6)
Thereof Performance Chemicals 788 839 (6.1) 2,386 2,543 (6.2)
Coatings 500 527 (5.1) 1,509 1,625 (7.1)
Functional Polymers 642 661 (2.9) 1,853 1,919 (3.4)
EBITDA 247 328 (24.7) 726 907 (20.0)
EBIT before special items 144 204 (29.4) 431 529 (18.5)
EBIT 135 204 (33.8) 414 533 (22.3)
Additions to fixed assets 59 53 11.3 157 188 (16.5)
Assets (end of period) 4,909 5,394 (9.0) - - -
Third-quarter sales declined (volumes - 1.1 %, prices/currency - 4.0 %). Income from operations before special items exceeded the previous year's level only in the Functional Polymers division. Sales in the Performance Chemicals division were impaired See assistive technology. by the weak U.S. dollar as well as pronounced seasonally lower demand in Europe. Sales of performance chemicals for coatings, plastics and specialties were affected to a lesser extent than products for the textile and leather industry. Income was reduced due to a lower level of capacity utilization. In the Coatings division, lower sales were due entirely to the decline of the U.S. dollar and the Brazilian real The real (IPA: [xe'aw] or [ʁe'aɫ], symbol: R$, ISO 4217 code: BRL, plural: reais) is the currency of Brazil. It is also the name of the earliest Brazilian currency (see from the Colonial period to 1942. . Third quarter income did not reach the same high level as in 2002. Our system supplier concept for the automobile industry automobile industry, the business of producing and selling self-powered vehicles, including passenger cars, trucks, farm equipment, and other commercial vehicles. has proven its worth and has been extended to other production sites of our customers. Sales in the Functional Polymers division declined as a result of sluggish demand, in particular in the NAFTA region. In Asia, however, sales developed very positively. Prices and margins improved despite a difficult economic environment. Income therefore exceeded the previous year's level. Agricultural Products & Nutrition -- In Agricultural Products, sales increase and income improves significantly -- Fine Chemicals extends its value-adding chain for feed enzymes Enzymes Organic substances (proteins) composed of amino acids that trigger and regulate chemical reactions in the body. There are over 700 identified human enzymes. Mentioned in: Interactions, Nutritional Supplements
Overview
3rd Quarter January - September
Change Change
Million euro 2003 2002 in % 2003 2002 in %
Sales 1,054 902 16.9 3,855 3,939 (2.1)
Thereof Agricultural Products 585 411 42.3 2,469 2,452 0.7
Fine Chemicals 469 491 (4.5) 1,386 1,487 (6.8)
EBITDA 17 (130) - 685 497 37.8
EBIT before special items (97) (152) 36.2 349 212 64.6
Thereof Agricultural Products (120) (187) 35.8 247 134 84.3
Fine Chemicals 23 35 (34.3) 102 78 30.8
EBIT (114) (254) 55.1 303 104 191.3
Thereof Agricultural Products (138) (188) 26.6 198 133 48.9
Fine Chemicals 24 (66) - 105 (29) .
Additions to fixed assets 51 57 (10.5) 1,237 151 719.2
Assets (end of period) 7,226 6,647 8.7 - - -
Sales in the Agricultural Products & Nutrition segment increased significantly in the third quarter (volumes 7.1 %, prices/currency 1.7 %). Agricultural Products: In the third quarter, sales improved considerably compared with the same period in 2002. This was due mainly to good sales at the start of the growing season growing season, period during which plant growth takes place. In temperate climates the growing season is limited by seasonal changes in temperature and is defined as the period between the last killing frost of spring and the first killing frost of autumn, at which in South America, an upturn in demand for products used in forestry forestry, the management of forest lands for wood, water, wildlife, forage, and recreation. Because the major economic importance of the forest lies in wood and wood products, forestry has been chiefly concerned with timber management, especially reforestation, and the fipronil business. Income was negative due to the seasonal nature of the business but, despite negative currency effects, improved significantly as a result of higher volumes and the cost-reduction measures that have been implemented. Fine Chemicals: Volumes increased in the third quarter, but sales declined because of currency effects. Sales of lysine lysine (lī`sēn), organic compound, one of the 20 amino acids commonly found in animal proteins. Only the l-stereoisomer appears in mammalian protein. , carotenoids Carotenoids Carotenoids are yellow to deep-red pigments. Mentioned in: Vitamin A Deficiency carotenoids (k and vitamin C vitamin C or ascorbic acid Water-soluble organic compound important in animal metabolism. Most animals produce it in their bodies, but humans, other primates, and guinea pigs need it in the diet to prevent scurvy. as well as cosmetic cosmetic /cos·met·ic/ (koz-met´ik) 1. pertaining to cosmesis. 2. a beautifying substance or preparation. cos·met·ic n. raw materials, however, climbed. The decline in income was primarily the result of the currency effects already mentioned. We have further reduced inventories as planned. In the future, we will conduct our business with feed enzymes such as phytase phytase a hydrolase enzyme found in plants; catalyzes the hydrolysis of phytic acid to inositol and phosphoric acid. on the basis of our own production, thus extending our value-adding chain in this business. Oil & Gas -- Significant increase in sales, in particular in natural gas trading -- Largest contribution to income of the BASF Group -- Successful entry into the Belgian Belgian having some relationship to Belgium. Belgian barge dog see schipperke. Belgian black pied cattle black, Belgian dairy cattle. Belgian blue dual-purpose cattle; blue, white or blue roan. gas market
Overview
Change Change
Million
euro 2003 2002 in % 2003 2002 in %
Sales 927 809 14.6 3,338 2,914 14.6
EBITDA 342 363 (5.8) 1,178 1,077 9.4
EBIT before special
items 271 298 (9.1) 953 874 9.0
EBIT 271 298 (9.1) 953 874 9.0
Additions to fixed
assets 73 63 15.9 170 132 28.8
Assets (end of period) 3,471 2,820 23.1 - - -
Sales in the Oil & Gas segment increased significantly in the third quarter (volumes 8.2 %, prices/currency 3.6 %). The increase in sales was due mainly to higher volumes in our natural gas trading business. Successful entry into the Belgian gas market was secured through supply contracts that will ensure a 6 % share of the market by 2005. In our exploration and production activities, we produced significantly higher volumes of oil and gas. A higher oil price compared with the same period in 2002 led to an increase in sales, which was, however, partially offset by the weaker U.S. dollar. Income from operations remained at a high level. The decline in income was due primarily to currency effects in our exploration and production activities. In July 2003, BASF founded a joint venture with its Russian Russian associated in some way with Russia. Russian blue a breed of cats with short, dense, silver-tipped blue-colored coat and vivid green eyes. partner Gazprom JSC Gazprom (RTS:B>GAZP MICEX:B>GAZP LSE: OGZD; Russian: ОАО Газпром, sometimes transcribed as Gasprom[1] to develop the Achimov formation in the Urengoi gas field in western Siberia Western Siberia is a part of Siberia located between the Ural mountains and a watershed of the rivers Ob and Yenisei. Politically-administratively the territory of Western Siberia is divided into Kemerovo, Novosibirsk, Omsk, Tomsk, and Tümen Provinces, Hunty-Mansi Autonomous , thus further extending this cooperation. Furthermore, an agreement was signed with the Romanian company Romgaz Romgaz is one of the biggest natural gas producers in Romania and Eastern Europe with 3600 wells in production and an annual output of 7 billion m3. The company has 6 underground deposits with a total storage capacity of 2.75 billion m3. S.A. to produce natural gas in central Romania Romania (rōmān`ēə, –yə) or Rumania (r  –), republic (v), 91,699 sq mi (237,500 sq km), SE Europe. .
Regions -- Europe weaker, NAFTA unsatisfactory -- Further improvement in South America -- Income in Asia more than doubled
Sales (location of Sales (location of
Overview customer) company)
Change Change
Million euro 2003 2002 in % 2003 2002 in %
3rd Quarter
Europe 4,225 4,011 5.3 4,522 4,380 3.2
Thereof Germany 1,513 1,604 (5.7) 3,145 3,119 0.8
North America (NAFTA) 1,637 1,783 (8.2) 1,656 1,836 (9.8)
South America 537 444 20.9 461 363 27.0
Asia, Pacific Area, Africa 1,341 1,343 (0.1) 1,101 1,002 9.9
7,740 7,581 2.1 7,740 7,581 2.1
January - September
Europe 14,104 13,004 8.5 15,027 14,106 6.5
Thereof Germany 5,161 5,184 (0.4)10,413 9,921 5.0
North America (NAFTA) 5,573 6,122 (9.0) 5,595 6,217 (10.0)
South America 1,227 1,299 (0.2) 1,021 1,003 1.8
Asia, Pacific Area, Africa 3,917 3,844 1.9 3,178 2,873 10.6
24,821 24,199 2.6 24,821 24,199 2.6
Overview
EBIT before special items
(location of company)
Change
Million euro 2003 2002 in %
3rd Quarter
Europe 288 509 (43.4)
Thereof Germany 210 370 (43.2)
North America (NAFTA) (22) (13) (69.2)
South America 77 72 6.9
Asia, Pacific Area, Africa 60 23 160.9
403 591 (31.8)
January - September
Europe 1,812 1,955 (7.3)
Thereof Germany 1,352 1,421 (4.9)
North America (NAFTA) 59 92 (35.9)
South America 160 37 332.4
Asia, Pacific Area, Africa 148 147 0.7
2,179 2,231 (2.3)
In the third quarter, sales by location of company in Europe increased 3.2 %. In particular, sales were higher in the Agricultural Products & Nutrition and Oil & Gas segments. Income from operations before special items fell by euro 221 million to euro 288 million. In the NAFTA region, sales by location of company declined by 9.8 % in the third quarter as a result of the weaker U.S. dollar. In dollar terms, sales increased 3 %, in particular in the Chemicals and Agricultural Products & Nutrition segments. Income from operations before special items declined to euro (22) million primarily due to increased raw material costs. Our further intensified in·ten·si·fy v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: program of restructuring and cost-reduction measures in the NAFTA region is being rigorously implemented. In South America, third-quarter sales by location of company climbed 27 %, in particular due to higher sales of crop protection products. Income from operations before special items rose to euro 77 million. Third-quarter sales by location of company in the Asia, Pacific Area, Africa region increased 9.9 %; excluding currency effects, sales increased by 23 %. Income from operations before special items more than doubled to euro 60 million. Finance -- Cash provided by operating activities significantly exceeds full-year 2002 -- Substantial cash released as a result of lower net current assets -- euro 400 million spent on share buybacks
Consolidated Statements of Cash Flows
January -
September
Million euro 2003 2002
Net income 757 1,305
Depreciation and amortization of fixed assets 1,769 1,853
Change in net current assets 798 (848)
Miscellaneous items 231 (282)
Cash provided by operating activities 3,555 2,028
Additions to tangible and intangible fixed assets (1,452) (1,543)
Acquisitions/divestitures, net (1,456) (42)
Financial investments and other items (229) 152
Cash used in investing activities (3,137) (1,433)
Proceeds from capital increases/(decreases) (400) (352)
Changes in financial indebtedness 1,442 1,067
Dividends (831) (811)
Cash provided by/(used in) financing activities 211 (96)
Net changes in cash and cash equivalents 629 499
Cash and cash equivalents as of beginning of year and
other changes 229 346
Cash and cash equivalents 858 845
Marketable securities 396 318
Liquid funds 1,254 1,163
At euro 3,555 million, cash provided by operating activities in the first three quarters was already significantly higher than the full-year amount for 2002 of euro 2,313 million. Substantial cash was released as a result of lower net current assets Net current assets The difference between current assets and current liabilities, also known as working capital. net current assets See working capital. . Cash used in investing activities totaled euro 3,137 million. Expenditures for acquisitions were primarily related to the fipronil crop protection business and the purchase of Honeywell's engineering plastics business. At euro 1,452 million, additions to tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. and intangible fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → declined by 5.9 % and were lower than depreciation and amortization. Cash provided by financing activities was euro 211 million. In the first nine months of 2003, we bought back 11.3 million shares for euro 400 million or an average of euro35.57 per share. For the full year, a total of euro 500 million has been earmarked for share buybacks. Liquid funds increased to euro 1,254 million and financial indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. to euro 5,097 million, resulting in net debt of euro 3,843 million. Interim Financial Statements of BASF Group (abridged version) The interim financial statements have not been audited. The valuation methods used in the Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge for 2002 remained unchanged. Changes in the scope of consolidation were negligible  This article or section is written like a personal reflection or and may require .Please [ improve this article] by rewriting this article or section in an . . The acquisition of crop protection products from Bayer on March 21, 2003 is taken into account from this date onward on·ward adj. Moving or tending forward. adv. also on·wards In a direction or toward a position that is ahead in space or time; forward. . The sale of the fibers business to Honeywell and the simultaneous acquisition of their engineering plastics business is taken into account as of the beginning of May 2003.
Consolidated Statements of Income
3rd Quarter January - September
Change Change
Million euro 2003 2002 in % 2003 2002 in %
Sales, net of natural gas
taxes 7,740 7,581 2.1 24,821 24,199 2.6
Cost of sales 5,502 5,159 6.6 17,255 16,172 6.7
Gross profit on sales 2,238 2,422 (7.6) 7,566 8,027 (5.7)
Selling expenses 1,122 1,154 (2.8) 3,366 3,596 (6.4)
General and administrative
expenses 173 170 1.8 509 518 (1.7)
Research and development
expenses 304 300 1.3 842 894 (5.8)
Other operating income 64 94 (31.9) 256 427 (40.0)
Other operating expenses 329 425 (22.6) 1,015 1,348 (24.7)
Income from operations 374 467 (19.9) 2,090 2,098 (0.4)
(Expense)/income from
financial assets (40) 15 - (93) 92 -
Interest result (68) (27) - (206) (72) -
Financial result (108) (12) - (299) 20 -
Income before taxes and
minority interests 266 455 (41.5) 1,791 2,118 (15.4)
Income taxes 143 199 (28.1) 995 756 31.6
Minority interests 3 9 (66.7) 39 57 (31.6)
Net income 120 247 (51.4) 757 1,305 (42.0)
Earnings per share (euro) 0.21 0.43 (51.2) 1.34 2.24 (40.2)
Number of shares in millions,
weighted 561 578 (2.9) 563 582 (3.3)
Consolidated Balance Sheets
Sept. Sept. Dec.
30, 30, Change 31, Change
Million euro 2003 2002 in % 2002 in %
Assets
Intangible assets 4,027 3,361 19.8 3,464 16.3
Property, plant and equipment 13,503 13,443 0.4 13,745 (1.8)
Financial assets 3,048 3,394 (10.2) 3,249 (6.2)
Fixed assets 20,578 20,198 1.9 20,458 0.6
Inventories 4,630 4,681 (1.1) 4,798 (3.5)
Accounts receivable, trade 5,123 5,597 (8.5) 5,316 (3.6)
Miscellaneous receivables 3,021 2,596 16.4 2,947 2.5
Deferred taxes 1,151 1,241 (7.3) 1,204 (4.4)
Liquid funds 1,254 1,163 7.8 363 245.5
Current assets 15,179 15,278 (0.6)14,628 3.8
Total assets 35,757 35,476 0.8 35,086 1.9
Stockholders' equity and liabilities
Suscribed capital and capital surplus 4,408 4,408 0.0 4,408 0.0
Retained earnings and other equity 11,350 12,291 (7.7)12,138 (6.5)
Minority interests 389 394 (1.3) 396 (1.8)
Stockholders' equity 16,147 17,093 (5.5)16,942 (4.7)
Provisions for pensions and similar
obligations 3,894 3,870 0.6 3,910 (0.4)
Provisions for taxes and other
provisions 5,319 5,215 2.0 5,087 4.6
Provisions 9,213 9,085 1.4 8,997 2.4
Financial indebtedness 5,097 3,515 45.0 3,610 41.2
Accounts payable, trade 2,161 2,402 (10.0) 2,376 (9.0)
Other liabilities 3,139 3,381 (7.2) 3,161 (0.7)
Liabilities 10,397 9,298 11.8 9,147 13.7
Total liabilities 19,610 18,383 6.7 18,144 8.1
Total stockholders' equity and
liabilities 35,757 35,476 0.8 35,086 1.9
Consolidated Statements of Changes in Stockholders' Equity January -
September 2003
Sub-
Number scribed Capital
Million euro of shares capital surplus
As of January 1, 2003 570,316,410 1,460 2,948
Net income
Share buy-back and cancellation
of own shares including own shares
intended to be cancelled (11,255,000) (28) 28
Dividends paid
(Decrease)/increase of foreign currency
translation adjustments
Capital injection by minority interests
Changes in scope of consolidation and
other changes
As of September 30, 2003 559,061,410 1,432 2,976
Consolidated Statements of Changes in Stockholders' Equity January -
September 2002
Sub-
Number scribed Capital
Million euro of shares capital surplus
As of January 1, 2002 583,401,370 1,494 2,914
Net income
Share buy-back and cancellation
of own shares including own shares
intended to be cancelled (10,080,500) (26) 26
Dividends paid
(Decrease)/increase of foreign currency
translation adjustments
Issuance of new stock from
conditional capital through the
of conversion rights of former
Wintershall stockholders 40
Capital injection by minority interests
Changes in scope of consolidation and
other changes
As of September 30, 2002 573,320,910 1,468 2,940
Consolidated Statements of Changes in Stockholders'
Equity January - September 2003
Currency Stock-
Retained translation Minority holders'
Million euro earnings adjustment interests equity
As of January 1, 2003 12,468 (330) 396 16,942
Net income 757 39 796
Share buy-back and
cancellation of own shares
including own shares intended
to be cancelled (400) (400)
Dividends paid (789) (42) (831)
(Decrease)/increase of foreign
currency
translation adjustments (345) (6) (351)
Capital injection by minority
interests
Changes in scope of
consolidation and
other changes (11) 2 (9)
As of September 30, 2003 12,025 (675) 389 16,147
Consolidated Statements of Changes in Stockholders'
Equity January - September 2002
Currency Stock-
Retained translation Minority holders'
Million euro earnings adjustment interests equity
As of January 1, 2002 12,222 532 360 17,522
Net income 1,305 57 1,362
Share buy-back and
cancellation of own shares
including own shares intended
to be cancelled (390) (390)
Dividends paid (758) (53) (811)
(Decrease)/increase of foreign
currency
translation adjustments (620) (7) (627)
Issuance of new stock from
conditional capital through
the
of conversion rights of former
Wintershall stockholders
Capital injection by minority
interests 38 38
Changes in scope of
consolidation and
other changes (1) (1)
As of September 30, 2002 12,379 (88) 394 17,093
Forward-looking statements This report contains forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections of BASF management and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause the actual results, performance or achievements of BASF to be materially different from those that may be expressed or implied by such statements. Such factors include those discussed in BASF's Form 20-F filed with the Securities and Exchange Commission. (The Annual Report on Form 20-F is available on the Internet at www.basf.com.) We do not assume any obligation to update the forward-looking statements contained in this report. Publisher: BASF Aktiengesellschaft Corporate Department Communications 67056 Ludwigshafen Germany You can find HTML HTML in full HyperText Markup Language Markup language derived from SGML that is used to prepare hypertext documents. Relatively easy for nonprogrammers to master, HTML is the language used for documents on the World Wide Web. versions of this and other publications from BASF on our homepage See home page. at www.basf.com. You can also order reports: -- by telephone: +49 62160-0 -- by e-mail: medien-service@basf-ag.de -- on the Internet: www.basf.com Important dates -- March 17, 2004 Financial Results -- April 29, 2004 Annual Meeting, Mannheim Interim Report First Quarter 2004 -- August 4, 2004 Interim Report Second Quarter 2004 -- November 11, 2004 Interim Report Third Quarter 2004 |
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