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BASF Capital Market Story March 2016 1
We add value as one company
Hans-Ulrich Engel Chief Financial Officer of BASF SE Roadshow London March 2, 2016
BASF Capital Market Story March 2016 2
150 years
Cautionary note regarding forward-looking statements
This presentation may contain forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. Forward-looking statements may include, in particular, statements about future events, future financial performance, plans, strategies, expectations, prospects, competitive environment, regulation and supply and demand. BASF has based these forward-looking statements on its views and assumptions with respect to future events and financial performance. Actual financial performance could differ materially from that projected in the forward-looking statements due to the inherent uncertainty of estimates, forecasts and projections, and financial performance may be better or worse than anticipated. Given these uncertainties, readers should not put undue reliance on any forward-looking statements. The information contained in this presentation is subject to change without notice and BASF does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations.
BASF Capital Market Story March 2016 3
150 years
Chemistry as an enabler BASF has superior growth
opportunities: – sustainable innovations – investments – emerging markets
The #1 chemical company €70.4 billion sales, €6.7
billion EBIT bSI in 2015 #1-3 in ~70% of businesses,
in almost all countries 6 integrated Verbund sites,
production in 60 countries
A track record of strong sales and earnings growth
>3.5% dividend yield in every single year from 2006-2015
~€54 billion market capitalization Feb. 2016
Perspective Ludwigshafen, Germany
Antwerp, Belgium
Nanjing, China
Kuantan, Malaysia Geismar,
USA Freeport, USA
Verbund site
Positioning
We create chemistry for a sustainable future
Performance
20
30
40
50
60
70
80
90
2008 2009 2010 2011 2012 2014 2013 2015
BASF Capital Market Story March 2016 4
150 years
Percentage of sales 2015*
* Not depicted here: ~4% of Group sales reported as ‘Other‘ ** Natural Gas Trading has been sold Sep. 30, 2015 to Gazprom.
BASF today – a well-balanced portfolio Total sales 2015: €70.4 billion
BASF Capital Market Story March 2016 5
150 years
Global reduction in carbon emissions of 6 million metric tons/a. and reduction of waste
Example Ludwigshafen site: avoidance of 7 million metric tons of freight/a. = 280,000 fewer truckloads
Shared use of on-site facilities: fire department, security, waste water treatment and analytics
Verbund: Unique competitive advantage
* Savings include only tangible synergies. Additional (intangible) benefits and retained profits are not included.
Verbund generates >€1 billion p.a. global cost savings* & supports sustainability
BASF Capital Market Story March 2016 6
Q4 2015 reporting
Business development
Path forward: Our priorities
BASF Capital Market Story March 2016 7
150 years
Sales development Period Volumes Prices Portfolio Currencies
Q4’15 vs. Q4’14 4% (11%) (19%) 3%
FY’15 vs. FY’14 3% (9%) (5%) 6%
BASF with lower sales and earnings in difficult economic environment
Business performance* Q4’15 vs. Q4’14 FY’15 vs. FY’14 Sales €13.9 billion (23%) €70.4 billion (5%) EBITDA €1.9 billion (34%) €10.6 billion (4%) EBIT before special items €1.0 billion (30%) €6.7 billion (8%) EBIT €0.3 billion (81%) €6.2 billion (18%) Net income €0.3 billion (76%) €4.0 billion (23%) Reported EPS €0.37 (76%) €4.34 (23%) Adjusted EPS €1.01 (3%) €5.00 (8%) Operating cash flow €1.0 billion (53%) €9.4 billion +36%
BASF Capital Market Story March 2016 8
150 years
0
1
2
3
4
5
2006 2007 2008 2009** 2010 2011 2012 2013 2014 2015
Strong free cash development 2015
* Cash provided by operating activities less capex (in 2006 before CTA) ** 2009 adjusted for re-classification of settlement payments for currency derivatives
Free cash flow* (in billion €)
3.5 3.2
2.5
3.2
3.9 3.7
2.6
3.2
1.7
3.6
BASF Capital Market Story March 2016 9
150 years
Outlook 2016 Expectations for the global economy
2015 (actual)
GDP 2.4%
Chemicals (excl. pharma) 3.6%
Industrial production 2.0%
US$ / Euro 1.11
Oil price: Brent (US$ / bbl) 52
Forecast 2016
2.3%
3.4%
2.0%
1.10
40
BASF Capital Market Story March 2016 10
150 years
Priorities 2016
Focus on capex discipline:
─ Reduce capital expenditures to €4.2 billion in 2016
Cost control and operational excellence:
─ DrivE targeting ~€1 billion earnings contribution by 2018
Portfolio optimization ongoing:
─ E.g. agreement to sell industrial coatings business to AkzoNobel
Strong commitment to innovation:
─ Maintain R&D spending at ~€1.95 billion in 2016
BASF Capital Market Story March 2016 11
150 years
Outlook BASF Group 2016
Sales will be considerably below prior year, due to the divestiture of the Natural Gas Trading and Storage activities and the lower oil & gas prices.
Excluding the effects of acquisitions and divestitures, we expect higher volumes in all segments.
We expect EBIT before special items to be slightly below the previous year driven by drastically lower earnings of Oil & Gas. We plan higher earnings in our chemicals business and in the Agricultural Solutions segment.
EBIT after cost of capital is expected to be significantly below prior year. However, we still expect to earn a premium on our cost of capital.
In the volatile and challenging macroeconomic environment, we regard our targets for 2016 as ambitious. Achieving them will depend on the development of the oil price.
BASF Capital Market Story March 2016 12
150 years
EBIT before special items
Million € 2015 Forecast 2016
Chemicals 2,156 considerable decrease Performance Products 1,366 slight increase Functional Materials & Solutions 1,649 slight increase Agricultural Solutions 1,090 slight increase Oil & Gas 1,366 considerable decrease Other (888) considerable increase
BASF Group 6,739 slight decrease
Outlook 2016 Forecast by segment
With respect to EBIT before special items, “slight” means a change of 1-10%, while “considerable” is used for changes greater than 11%. “At prior-year level” indicates no change (+/-0%).
BASF Capital Market Story March 2016 13
Q4 2015 reporting
Business development
Path forward: Our priorities
BASF Capital Market Story March 2016 14
150 years
Components of growth
* 2010, 2011 indicative, adjusted by IFRS 10 & 11
59,6
70,4 +[WERT] -[WERT] +[WERT] -[WERT]
20
40
60
80
2010 2015
Volumes
Prices FX M&A
Sales* analysis 2010 – 2015 (in billion €)
(in billion €) Net sales 2010 Volumes Prices FX M&A Sales CAGR 2010 - 2015
BASF Group w/o Oil & Gas 51.4 +2.8
(+1.1% CAGR) -0.9 +2.6 +1.6 +2.3%
Oil & Gas 8.2 +7.7 (+14.2% CAGR) -0.5 +0.0 -2.5 +9.6%
3.4%
CAGR
BASF Capital Market Story March 2016 15
150 years
Functional crop care Personal care & food Omega-3 fatty acids Enzymes Battery materials Specialty plastics Selected assets in
Oil & Gas
BASF core business
Strong partnerships
Gazprom Monsanto Petronas Shell Sinopec Statoil Total Yara
Selected transactions 2010 − until today
Acquisitions
~ €4.5 billion sales in emerging and innovation-driven
businesses
Divestitures
Styrenics Fertilizers Construction equipment,
flooring and wall systems Decorative paints in Europe Selected assets in Oil &
Gas Natural gas trading and
storage Custom synthesis business
~ €20 billion sales* in businesses with
limited fit and differentiation
potential
Portfolio development towards more market-driven and innovative businesses
* Includes sales of non-consolidated businesses (Styrenics, VNG participation)
BASF Capital Market Story March 2016 16
150 years
Steady earnings growth
* 2010, 2011 indicative, adjusted by IFRS 10 & 11; 2001 – 2009 as reported, without non-compensable foreign income taxes on oil production
EBIT and EBITDA* (in billion €, 2001 - 2015)
3,7
4,7 4,6
7,0 7,2
8,4 8,9
7,7
6,5
9,9
11,2
10,0 10,4
11,0 10,6
0
2
4
6
8
10
12
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015EBIT EBITDA
0,7
2,2 2,2
4,5 4,8 5,5
6,0
4,6
2,8
6,7
8,0 6,7 7,2
7,6
6,2
CAGR EBITDA
7.9 % CAGR EBIT
16.6 %
BASF Capital Market Story March 2016 17
150 years
50
100
150
200
250
300
350
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Strong track record in operational excellence
EBITDA
Sales
* Excl. companies with major IFRS 10/11 restatements, i.e. BASF YPC Nanjing, Libya onshore, other Oil & Gas and Catalysts companies
BASF Group* 2001–2015 (Index; CAGR 2001–2015)
Fixed Costs
CAGR EBITDA
9%
CAGR Sales
6%
CAGR Fixed Costs
3%
BASF Capital Market Story March 2016 18
150 years
0,0
0,5
1,0
1,5
2,0
2,5
3,0
2006 2009 2012 2015
2.90
We want to grow or at least maintain our dividend
Dividend proposal of €2.90 per share, an increase of 3.6%
Dividend yield of 4.1% in 2015
Dividend yield above 3.5% in any given year since 2006
4.6%
Attractive shareholder return
Key facts 2015
Dividend per share (€)
0.50
1.00
1.50
2.00
* Dividend yield based on share price at year-end
4.1% 3.8% 7.0% 3.9% 3.7% Yield*
Proposal:
3.7%
2.50
3.5%
3.00
4.0% 4.1%
1.50
1.95 1.95 1.70
2.20 2.50 2.60 2.70
Dividend policy
2.80
BASF Capital Market Story March 2016 19
150 years
Average annual performance with dividends reinvested
0 3 6 9 12
Euro Stoxx 50
DAX 30
MSCI World Chemicals
+5.6%
Last 5 years February 2011 – January 2016
+5.1%
+3.7%
+6.7%
+5.4%
Last 10 years February 2006 – January 2016
BASF
+6.1%
+1.2%
+10.6%
Delivering consistent, long-term value
BASF Capital Market Story March 2016 20
Q4 2015 reporting
Business development
Path forward: Our priorities
BASF Capital Market Story March 2016 21
150 years
Grow sales and earnings faster than global chemical production, driven by
– Continued focus on innovations
– Capital expenditures
– Acquisitions
– Operational excellence and Verbund advantages
Focus on cash generation / conversion
Continue with our progressive dividend policy
Focus on pruning our portfolio
Maintain industry-leading position in sustainability
The way forward: Our priorities
BASF Capital Market Story March 2016 22
150 years
Managing volatility: BASF almost perfectly hedged on hydrocarbon price changes BASF production and consumption of oil and gas (in million boe, 2015)
BASF hydrocarbon consumption almost equals hydrocarbon production
Production of oil, liquids and gas Consumption of oil derivatives and gas
153
>100
Natural gas
Oil and liquids
Natural gas for energy and as raw material
Naphtha and other oil based raw materials
40
113
BASF Capital Market Story March 2016 23
150 years
0
100
200
300
400
500
2001 2002 2003 2004 2005 2006* 2007* 2008 2009 2010 2011 2012restated
2013 2014 2015
EBITDA margin Chemicals / oil price Index 2001 = 100
Chemicals with stable profitability, little correlation to oil price
EBITDA margin Chemicals (as % of sales)
Oil price
* Without Catalysts (now part of Functional Materials & Solutions segment)
BASF Capital Market Story March 2016 24
150 years
Strategic lever: Continuous portfolio development
Specialties and solutions
Differentiated commodities
target (in % of sales*)
~ 50% ~ 50%
Keep a balanced portfolio
Divestment of businesses e.g. due to loss of differentiation
Divestment of businesses e.g. due to
lower market attractiveness
Commoditization leads to restructuring
Growth fields
Innovation pipeline
Acquisitions
* Excluding Oil & Gas sales
Attractive markets Differentiation by process
technologies and integration
Attractive markets Differentiation by customer
proximity and innovations
BASF Capital Market Story March 2016 25
150 years
Provide a minimum return on investment of 8% p.a. after tax
Are EPS accretive by year three at the latest
Financial acquisition criteria
Generate profitable growth above the industry average
Are innovation-driven
Offer a special value proposition to customers
Reduce earnings cyclicality
Strategic acquisition criteria
We want to acquire businesses which …
Strategic lever: Acquisitions
BASF Capital Market Story March 2016 26
150 years
Strategic lever: Capital expenditures – our philosophy
Differentiated commodities With proprietary technology and/or Verbund advantages
Focus on: – emerging markets – backward integration in the US – upgrading our asset base in Europe
Specialties and solutions
Incremental investments for new products Regional expansion of businesses
Oil & Gas Focus investment budget by active portfolio optimization to secure free cash flow Keep reserve-to-production ratio of approx. 10 years
BASF Capital Market Story March 2016 27
150 years
Investments for organic growth
Performance Products 16%
Oil & Gas 24%
€19.5 billion
Functional Materials & Solutions 12%
Capex budget 2016-2020
Other 14%
Chemicals 30%
Capex budget 2016-2020
Asia Pacific 18%
€19.5 billion
South America* 9%
North America 26%
Europe 46%
Agricultural Solutions 4%
Other 1%
by segment by region
* Including Africa and Middle East
BASF Capital Market Story March 2016 28
150 years
Strategic lever: Innovations – our philosophy
Allow for creativity
Balance incremental und disruptive innovations
Manage innovation pipeline efficiently on all levels
Build on our global R&D Verbund
Leverage external collaborations even more
Align R&D activities with business models:
– Differentiated commodities • Focus on improving processes and addressing raw material change • Launch selected product innovations
– Specialties and solutions • Develop new, tailored offerings in close collaboration with customers • Pursue solution-oriented approach
Keep annual R&D spending at ~3% of sales*
* W/o Oil & Gas
BASF Capital Market Story March 2016 29
150 years
€1.95 billion R&D expenditure in 2015; to be maintained in 2016
~10,000 employees in R&D
~3,000 projects
Ranked No.1 in the Patent Asset Index™
~1,000 new patents in 2015
Research Verbund: Cooperations with more than 600 excellent partners from universities, start-ups and industry
Strong commitment to innovation Innovations for a sustainable future
Key facts
1.6 1.7
1.8 1.9 1.95
0,0
0,5
1,0
1,5
2,0
2011 2012 2013 2014 2015
R&D expenditures (billion €)
Chemicals 11%
Performance Products 20%
Functional Mat. & Sol. 20%
Agricultural Solutions 26%
Oil & Gas 2%
Corporate Research 21%
2.0
1.5
1.0
0.5
0
BASF Capital Market Story March 2016 30
150 years
0
50
100
150
BASF Competitors
FWC™ Combines functionality of a 3-way conversion catalyst with integrated filter on a ceramic substrate
Reduces gaseous emissions Precious metal-based catalytic coating removes exhaust gases from engine emissions**
Removes particulates Filters & combusts particulates
Complies with emissions limits Helps automakers meet new Euro 6c regulatory standards
FWC™ introduced in 2013 Sustains BASF’s leading technology position
Leading position: Global mobile emissions catalysts patents*
* 2009 – 2013 ** Hydrocarbons, carbon monoxide, nitrogen oxides *** https://www.basf.com/en/company/news-and-media/science-around-us/catalytic-converter.html
FWC™ reduces emission of gaseous pollutants and particulates
HC
CO
NOx
N2
H2O
CO2
Particulates
Innovation: Four-Way Conversion Catalyst (FWC™)
BASF Capital Market Story March 2016 31
150 years
Innovation: Green Sense® Concrete for sustainable construction
Envi
ronm
enta
l Im
pact
H
iigh
Reference Concrete
High Low
Low
Total Cost of Ownership
BASF’s Green Sense® Concrete system consists of:
1) Innovative admixture products
2) Concrete mix services
3) Eco-efficiency analysis
Replaces up to 70% of cement with recycled materials
Superior eco-efficiency
Applied in the construction of landmark projects, e.g. One World Trade Center, NYC
BASF Capital Market Story March 2016 32
150 years
Innovation: Trilon® M Chelating agent for more sustainable detergents and cleaners
Trilon® M: Phospate free dish washing solution
Trilon® M – Alternative to phosphate for automatic dish washing
High sustainability performance: Bio-degradable and eco-friendly
Fast growing global market demand driven by regulatory changes and consumer demand for environmentally-friendly products
2010: Capacity expansion to 120,000 tons
2015: BASF started-up a new Trilon® M world scale plant in Alabama, USA
Compared with alternative chelating agents Trilon® M
Is readily biodegradable
Meets eco-label requirements
Has better eco-toxicology profile
Shows high performance
BASF Capital Market Story March 2016 33
150 years
Innovation: SAVIVA™ Highly efficient Superabsorbent Polymers (SAP)
SAVIVA™ – Based on a pioneering SAP technology platform
SAVIVA™ the next generation of SAP Round-shaped particles with micro-pores initiates
innovative liquid distribution mechanism Compared to other SAPs SAVIVA™ leads to:
Efficiency gains: – SAP reduction – Fluff reduction – Reduction of storage, packaging and transportation
costs
Improved sustainability: – Better carbon footprint due to SAP and weight
reduction – Enabler for future diaper designs offering a new
level of comfort and dryness
SAVIVA™ round shaped particle
BASF Capital Market Story March 2016 34
150 years
Lower production cost than industry average
Efficiency gains:
– run-time extension – higher throughput – lower energy consumption
Proprietary technology, new process protected by 280 active patent families
3 out of 6 production sites already equipped: Ludwigs-hafen, Antwerp and Nanjing; Camaҫari (Brazil) is currently starting-up
Innovation: New acrylic acid technology BASF with best-in-class acrylic acid process
80
85
90
95
100
BASFnew process
BASFclassic process
Industry average
Acrylic acid production technology benchmark (Industry average costs = 100; normalized)
Key facts
Source: BASF estimate
BASF Capital Market Story March 2016 35
150 years
2.2% 0.2%
Novel methodology to screen and steer our portfolio*
26.6% Accelerators: – outgrow their markets
by 2-10% – deliver margins >10%
above the average – represent >60% of BASF’s
R&D pipeline 71% Performers <1% Challenged products
* 60,000 product applications analyzed; covering 98.3% of the relevant portfolio or €66.3bn. in sales (2014 data)
Increase the share of Accelerators from 23% in 2014 to 28% by 2020
Strategic lever: Sustainability Sustainable Solution Steering
26.6%
71.0%
Substantial sustainability contribution in the value chain
Meets basic sustainability standards in the market
Specific sustainability issue which is actively addressed
Significant sustainability concern, action plan in development
Sustainable Solution Steering
BASF Capital Market Story March 2016 36
150 years
0
1,000
2,000
3,000
4,000
2015 2018
Annual earnings contribution (in million €)
Targeted annual earnings contribution of €1 billion by end of 2018
Optimization of processes and structures in all regions, e.g. – manufacturing – incremental capacities – productivity increase
Project timeline: 2016–2018
DrivE program
Strategic lever: Operational excellence DrivE with ~€1 bn earnings contribution
NEXT 2008-2011 DrivE 2016-2018
STEP 2012-2015
BASF Capital Market Story March 2016 37
150 years
Profitability of BASF will grow faster than global chemical production
Sales growth* Slightly faster than the global chemical production
EBITDA growth Well above global chemical production
Remain a strong cash provider Continuously generate high levels of free cash flow
Financial targets for next years
Deliver attractive returns Earn a significant premium on cost of capital
* Without considering Natural Gas Trading and Storage business
Progressive dividend policy We want to grow or at least maintain our dividend
BASF Capital Market Story March 2016 38
Appendix I – Q4 2015 reporting
BASF Capital Market Story March 2016 39
150 years
Chemicals Significant earnings decline due to lower cracker margins
Intermediates 671 (2%)
Monomers 1,396 (12%)
Petrochemicals 1,122 (38%)
€3,189 (22%)
580
249
0
200
400
600
Q4'14 Q4'15
Q4’15 segment sales (million €) vs. Q4’14 EBIT before special items (million €)
Sales development Period Volumes Prices Portfolio Currencies
Q4’15 vs. Q4’14 (5%) (19%) (2%) 4%
FY’15 vs. FY’14 (2%) (17%) (2%) 7%
0
1.000
2.000
3.000
FY'14 FY'15
(57%) (9%)
2,367 2,156
BASF Capital Market Story March 2016 40
150 years
Performance Products Slightly higher earnings on improved margins
Performance Chemicals 987 (4%)
Care Chemicals
1,168 0%
€3,627 (2%)
Q4’15 segment sales (million €) vs. Q4’14
Nutrition & Health 429 (13%)
Dispersions & Pigments
1,043 +1%
217 228
0
100
200
300
Q4'14 Q4'15
Sales development Period Volumes Prices Portfolio Currencies
Q4’15 vs. Q4’14 0% (4%) (2%) 4%
FY’15 vs. FY’14 (1%) (4%) (1%) 7%
EBIT before special items (million €)
1,3661,455
0
500
1,000
1,500
FY'14 FY'15
+5% (6%)
BASF Capital Market Story March 2016 41
150 years
Functional Materials & Solutions Strong operating performance drives earnings up
Catalysts 1,545 (2%)
Construction Chemicals
562 +10%
Coatings 809 +5%
€4,506+1%
Q4’15 segment sales (million €) vs. Q4’14
220
389
0
100
200
300
400
Q4'14 Q4'15
1,197
1,649
0
400
800
1,200
1,600
FY'14 FY'15
Sales development Period Volumes Prices Portfolio Currencies
Q4’15 vs. Q4’14 3% (7%) 0% 5%
FY’15 vs. FY’14 0% (4%) 0% 9%
EBIT before special items (million €)
Performance Materials 1,590 0%
+77% +38%
BASF Capital Market Story March 2016 42
150 years
1,1671,109
0
200
400
600
800
1,000
1,200
Q4 Q4
Agricultural Solutions Strong finish despite tough market environment
Q4’15 segment sales (million €) vs. Q4’14
2015 2014
123
144
0
40
80
120
160
Q4'14 Q4'15
Sales development Period Volumes Prices Portfolio Currencies
Q4’15 vs. Q4’14 3% 6% 0% (4%)
FY’15 vs. FY’14 1% 5% 0% 1%
EBIT before special items (million €)
1,0901,109
0
400
800
1,200
FY'14 FY'15
+17% (2%)
BASF Capital Market Story March 2016 43
150 years
59
288
[WERT]
[WERT]* -200
0
200
400
600
383 [WERT]
940
1,464
1,050
Oil & Gas Earnings drop due to significantly lower oil and gas prices
Q4’15 segment sales (million €) vs. Q4’14 EBIT before special items / Net income (million €)
FY '14 FY '15
Sales development Period Volumes Price/Currencies Portfolio
Q4’15 vs. Q4’14 3% (4%) (81%)
FY’15 vs. FY’14 15% (9%) (20%)
Natural Gas Trading Exploration & Production Net income
0
1,000
2,000 1,795
1,366
Q4 '14 Q4 '15
1,412
3,277
728
0
1,000
2,000
3,000
4,000
Q4 Q42015 2014
347
127*
4,005
731*
* Including transportation business
BASF Capital Market Story March 2016 44
150 years
Review of ’Other’
Million € Q4 2015 Q4 2014 2015 2014
Sales 660 700 2,790 3,609 EBIT before special items (114) (28) (888) (566) Thereof corporate research costs group corporate costs currency results, hedges and other valuation effects other businesses
(95) (61) (11)
75
(98) (59) 110
23
(402) (233) (220)
170
(389) (218)
(2)
133
Special items (21) 473 (97) 433
EBIT (135) 445 (985) (133)
BASF Capital Market Story March 2016 45
150 years
Million € 2015 2014 Cash provided by operating activities 9,446 6,958 Thereof changes in net working capital miscellaneous items
1,347 (336)
(623) (1,029)
Cash provided by investing activities (5,235) (4,496) Thereof payments related to tangible / intangible assets (5,812) (5,296) acquisitions / divestitures 436 373 Cash used in financing activities (3,673) (2,478) Thereof changes in financial liabilities dividends
(933) (2,806)
288 (2,766)
Record operating cash flow of €9.4 billion Free cash flow more than doubled to €3.6 billion High dividend payout in 2015 of €2.8 billion
2015
Cash flow development in 2015
BASF Capital Market Story March 2016 46
150 years
Balance sheet remains strong Balance sheet 2015 vs. 2014 (billion €)
Liquid funds
Accounts receivable
Long-term assets 31.5
15.2
24.1
44.0
10.4
1.7
Other liabilities
Financial debt
Stockholders’ Equity
Dec. 31, 2014
Dec. 31, 2014
Dec. 31, 2015
Dec. 31, 2015
71.4
28.2
15.4
27.8 Inventories
Other assets 4.0
71.4
Highlights 2015
Total assets almost stable Long-term assets up by €2.3
billion as a result of our investment projects
Short-term assets down by €2.9 billion due to strict working capital management and the asset swap
Equity grew by €3.4 billion Provisions for pensions down
by €1.0 billion Net debt decreased to €13.0
billion Net debt/EBITDA ratio: 1.2 Equity ratio: 45%
46.3
9.5
2.2
9.7
3.1
70.8 70.8
11.3
BASF Capital Market Story March 2016 47
150 years