BASF We create chemistry. Dr. Lars Budde, Senior Manager Investor Relations EQUITA European Conference, Milan, November 23, 2017
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1 BASF We create chemistry Dr. Lars Budde, Senior Manager Investor Relations EQUITA European Conference, Milan, November 23, 2017
2 Cautionary note regarding forward-looking statements This presentation contains forward-looking statements. These forward-looking statements are based on current estimates and projections of the Board of Executive Directors and on currently available information. These forward-looking statements are not guarantees of the future developments and results outlined therein. Rather, they depend on a number of factors, involve various risks and uncertainties, and are based on assumptions that may not prove to be accurate. Such risk factors particularly include those discussed on pages 111 to 118 of the BASF Report The BASF Report is available online at basf.com/report. BASF does not assume any obligation to update the forward-looking statements contained in this presentation. BASF Capital Market Story, November
3 Agenda 1 At a glance 2 Strategic levers 3 Segments BASF Capital Market Story, November
4 BASF shares an attractive investment Growth above chemical industry average driven by innovative and sustainable products and solutions Broad and resilient portfolio with global market access and strong customer relationships Unique Verbund concept competitive advantage based on integrated sites, operational excellence and best-in-class technologies Earnings growth and strong cash flow generation based on operational and financial strength Long-term value creation with progressive dividend policy grow or at least maintain dividend at the previous year s level BASF Capital Market Story, November
5 Chemicals a growth industry Global annual growth rate of ~3.6%* Agriculture Health & Nutrition Energy & Resources Construction & Housing Consumer Goods Transportation Electrical & Electronics Chemistry as enabler to meet current and future needs ~10 bn 70% 50% 30% people by 2050 of the world population will live in cities by 2050 more primary energy consumption by 2050 more food needed by 2050 BASF Capital Market Story, November 2017 * Forecast average annual real change ; BASF Report 2016, p
6 Broad and resilient portfolio 2016: Sales of 57.6 billion; EBITDA of 10.5 billion Percentage of sales 2016* BASF Capital Market Story, November 2017 * Not depicted here: Other 3% of Group sales and EBITDA (1.0) billion 6
7 Global market access through regional presence North America Sales 14,042 million EBIT 1,113 million Employees 17,583 Antwerp Ludwigshafen Florham Park Europe Sales 26,039 million EBIT 3,632 million Employees 70,784 Asia Pacific Sales 12,165 million EBIT 1,098 million Employees 18,156 Freeport South America, Africa, Middle East Geismar Kuantan Nanjing Hong Kong Sales 5,304 million EBIT 432 million Employees 7,307 São Paulo Regional centers Selected sites Verbund sites Selected research and development sites BASF Capital Market Story, November : Sales by location of customer; EBIT by location of company 7
8 Verbund unique competitive advantage Actively managed in line with market requirements People, Customers, Technology, Production Energy savings > 300 million p.a. Annual cost savings of more than 1 billion through integrated production Verbund concept supports sustainability, reduces waste and avoids CO 2 emissions of 6 million tons p.a. BASF Capital Market Story, November
9 BASF Group Q Considerably higher sales and earnings Financial figures Q Q Change Sales 15.3 billion 14.0 billion 9% EBITDA before special items 2.8 billion 2.5 billion 12% EBITDA 3.0 billion 2.4 billion 23% EBIT before special items 1.8 billion 1.5 billion 16% EBIT 2.0 billion 1.5 billion 34% Net income 1.3 billion 0.9 billion 50% Reported EPS % Adjusted EPS % Operating cash flow 3.8 billion 2.5 billion 52% Sales development Volumes Prices Portfolio Currencies Q vs. Q % 7% 1% (3%) BASF Capital Market Story, November
10 Stepwise increase of earnings level EBIT and EBITDA* billion, CAGR EBIT 16% CAGR EBITDA % Q1-Q EBIT EBITDA Avg. EBITDA level in depicted years BASF Capital Market Story, November 2017 * 2010, 2011 indicative, adjusted for IFRS 10 & 11; as reported, without non-compensable foreign income taxes on oil production 10
11 Strong cash flow development billion, % Q1-Q Operating cash flow Free cash flow BASF Capital Market Story, November
12 Attractive dividend We want to grow or at least maintain dividend at the previous year s level Dividend per share Yield* 3.1% 3.9% 3.1% 3.2% 3.1% 4.1% 3.8% 7.0% 3.9% 3.7% 4.6% 3.7% 3.5% 4.0% 4.1% 3.4% BASF Capital Market Story, November 2017 * Dividend yield based on share price at year-end 12
13 Delivering consistent, long-term value Current market capitalization: 86 billion* Average annual performance (with dividends reinvested) Last 10 years November 2007 October 2017 Last 3 years November 2014 October % BASF +14.0% +1.1% Euro Stoxx % +5.1% DAX % +6.9% MSCI World Chemicals +12.2% BASF Capital Market Story, November 2017 * As of October 31,
14 Financial targets for the coming years Sales growth slightly faster than global chemical production EBITDA growth well above global chemical production Deliver attractive returns earn a significant premium on cost of capital Remain a strong cash provider continuously generate high levels of free cash flow Progressive dividend policy grow or at least maintain dividend at previous year s level BASF Capital Market Story, November
15 Our priorities We aim to grow sales and earnings faster than global chemical production in the coming years, driven by Innovations for a sustainable future Investments in organic growth M&A opportunities and portfolio pruning measures Operational excellence and cost discipline BASF Capital Market Story, November
16 Outlook 2017 for BASF Group Outlook 2017 Now Previous Sales Considerable increase Considerable increase EBIT before special items and EBIT Considerable increase Considerable increase EBIT after cost of capital Considerable increase Slight increase Assumptions 2017 Now Previous GDP growth +2.8% +2.5% Growth in industrial production +3.1% +2.5% Growth in chemical production* +3.4% +3.4% Exchange rate US$1.10 per euro US$1.10 per euro Oil price (Brent) US$50 per barrel US$50 per barrel BASF Capital Market Story, November 2017 * Excluding pharma 16
17 Agenda At a glance Strategic levers Portfolio development Investments Innovation Sustainability Operational excellence Segments BASF Capital Market Story, November
18 Continuous global portfolio development Growth fields Specialties and solutions Attractive markets Differentiation by customer proximity and innovations Differentiated commodities Attractive markets Differentiation by process technologies and integration Innovation pipeline ~50% ~50% target (in % of sales*) Acquisitions Divestment of businesses, e.g., due to lower market attractiveness Commoditization leads to restructuring Divestment of businesses, e.g., due to loss of differentiation Maintaining a balanced portfolio BASF Capital Market Story, November 2017 * Excluding Oil & Gas sales 18
19 Portfolio development towards more market-driven and innovative businesses Acquisitions Functional crop care Personal care & food Omega-3 fatty acids Enzymes Battery materials Specialty plastics Selected assets in Oil & Gas Refinish coatings Surface treatment ~ 5.5 billion sales in emerging and innovation-driven businesses BASF core business Selected transactions 2010 today Strong Partnerships Gazprom PETRONAS Sinopec Total Divestitures Styrenics Fertilizers Selected assets in Oil & Gas Natural gas trading & storage Custom synthesis business Textile chemicals Polyolefin catalysts Industrial coatings Leather chemicals ~ 21.0 billion sales in businesses with limited fit and differentiation potential BASF Capital Market Story, November
20 Clear acquisition criteria Strategic acquisition criteria We want to acquire businesses which generate profitable growth above the industry average are innovation-driven offer a special value proposition to customers Acquisition criteria Financial acquisition criteria We want to acquire businesses which provide a return on investment above the WACC are EPS accretive by year three at the latest reduce earnings cyclicality BASF Capital Market Story, November
21 Complementary acquisitions to strengthen the portfolio of BASF Group Significant parts of Bayerʼs seed and non-selective herbicide businesses Purchase price: ~ 5.9 billion Sales 2016: ~ 1.3 billion EBITDA 2016: ~ 385 million Sales CAGR: ~15% ( ) Closing expected in Q Solvayʼs integrated global polyamide business Purchase price: ~ 1.6 billion Sales 2016: ~ 1.3 billion EBITDA 2016: ~ 200 million Market CAGR: >3.5% Closing expected in Q Chemetall Surface treatment business Purchase price: ~US$3.1 billion Sales 2015: ~US$845 million EBITDA 2015: ~US$200 million Sales CAGR: ~7% ( ) Closed in December 2016 BASF Capital Market Story, November
22 BASF signed agreement to acquire significant parts of Bayer s seed and non-selective herbicide businesses Fully enabled seed and trait businesses Attractive and sizeable seed portfolio for canola/oilseed rape, soybean and cotton in the Americas and Europe Excellent trait research for canola, soybean and cotton LibertyLink technology for herbicide tolerance and related trademarks Complementary crop protection business Global glufosinate-ammonium-based non-selective herbicide business State-of-the-art production facilities in the U.S., Canada and Germany BASF Capital Market Story, November
23 BASF to acquire Solvay s global polyamide business Broader global scope Enhanced presence, especially in Asia and South America Stronger capabilities to serve global and regional customers Broadening technical skills and innovation capabilities* Heat-resistant and high-voltage electrical and electronic parts Tailor-made solutions for components in automotive Mechanically strong and thermally stable consumer goods Wider range of engineering plastics Improved reliability of supply Technyl, Ultramid, Ultradur, Ultraform, Ultracom Backward integration into all key raw materials for polyamide 6.6 Fully integrated engineering plastics value chain BASF Capital Market Story, November 2017 * Application examples 23
24 Investments in organic growth Investments of ~ 3.9 billion planned for 2017 Capex budget by segment Capex budget by region Other 13% Chemicals 24% Other** 3% South America* 10% Europe 49% Oil & Gas 23% 19.0 billion Agricultural Solutions 4% Performance Products 21% Functional Materials & Solutions 15% Asia Pacific 16% North America 22% 19.0 billion Oil & Gas Europe BASF Capital Market Story, November 2017 * Including Africa and Middle East, ** Alternative sites currently being investigated 24
25 Innovation will drive future growth R&D expenditures 2016 Key facts 1.86 billion R&D expenditures in 2016 Corporate Research 21% Chemicals 10% R&D expense to sales ratio ~3% ~10,000 employees in R&D ~3,000 projects Oil & Gas 2% Agricultural Solutions 26% 1.86 billion Performance Products 20% Functional Materials & Solutions 21% ~850 new patents in 2016 Research Verbund: Cooperations with more than 600 excellent partners from universities, startups and industry In 2016, sales of > 10 billion from innovations on the market since 2011 BASF Capital Market Story, November
26 Sustainable Solution Steering Novel methodology to screen and steer our portfolio Percentage of sales % Substantial sustainability contribution in the value chain >60,000 product applications analyzed 27.2% Accelerators Strong growth in their markets 68.3% Sustainable Solution Steering Meets basic sustainability standards on the market Specific sustainability issues which are being actively addressed deliver margins above the average represent majority of BASF s R&D pipeline 68.3% Performers <1% Challenged products 4.2% 0.3% Significant sustainability concern, action plan developed Increase the share of Accelerators from 23% in 2014 to 28% by 2020 BASF Capital Market Story, November
27 Innovations for a sustainable future Examples with significant contributions to sustainability SLENTITE high-performance insulation material Trilon M phosphate alternative for dishwashing detergents Acronal MB from biomass to dispersions ecovio biodegradable polymer solution Green Sense resource-efficient concrete production FWC Four-Way Conversion catalyst removes particulates BASF Capital Market Story, November
28 Operational excellence DrivE with ~ 1 billion targeted earnings contribution Annual earnings contribution DrivE million 0,.001 1, million Goal 1 billion DrivE program Targeted annual earnings contribution of 1 billion from end of 2018 on Optimization of processes and structures in all regions, including manufacturing incremental capacities productivity increase Project timeline: million Earnings contribution Total BASF Capital Market Story, November
29 Strong track record in operational excellence BASF Group* indexed; CAGR CAGR EBITDA 8% EBITDA CAGR Sales 4% Sales CAGR Fixed Costs 3% Fixed Costs BASF Capital Market Story, November 2017 * Excl. companies with major IFRS 10/11 restatements, i.e. BASF YPC Nanjing, Libya onshore, other Oil & Gas and Catalysts companies 29
30 Digitalization will support BASF s growth and efficiency Digital Business Models Smart Innovation Growth Digital business models Customer connectivity Digitalization in R&D New revenue streams Increased supply share Higher innovation output Smart Supply Chain Smart Manufacturing Efficiency Predictive maintenance Augmented reality in production Smart supply chain Increased capacity Increased work efficiency Reduced working capital BASF Capital Market Story, November
31 Agenda At a glance Strategic levers Segments Chemicals Performance Products Functional Materials & Solutions Agricultural Solutions Oil & Gas BASF Capital Market Story, November
32 Chemicals Higher earnings driven by increased margins and higher volumes Sales Q vs. Q3 2016* million EBIT before special items* million Intermediates % Petrochemicals 1, % 1, ,120 1,102 4, % Monomers 1, % 0 Q3 Q4 Q1 Q2 Q Sales development Volumes Prices Portfolio Currencies Q vs. Q % 22% 0% (3%) * Effective January 1, 2017, the Monomers and Dispersions & Pigments divisions activities for the electronics industry were combined into the global Electronic Materials business unit and allocated to the Dispersions & Pigments division in the Performance Products segment. The 2016 figures have been adjusted accordingly. BASF Capital Market Story, November
33 Performance Products EBIT before special items declined, EBIT increased due to special income from transfer of leather chemicals business Sales Q vs. Q3 2016* million EBIT before special items* million Performance Chemicals % Nutrition & Health 451 (11%) 3,983 +2% Dispersions & Pigments 1,339 +3% Care Chemicals 1,213 +3% Q3 Q4 Q1 Q2 Q Sales development Volumes Prices Portfolio Currencies Q vs. Q % 0% (1%) (3%) * Effective January 1, 2017, the Monomers and Dispersions & Pigments divisions activities for the electronics industry were combined into the global Electronic Materials business unit and allocated to the Dispersions & Pigments division in the Performance Products segment. The 2016 figures have been adjusted accordingly. BASF Capital Market Story, November
34 Functional Materials & Solutions Sales increased on good demand from automotive and construction, earnings declined Sales Q vs. Q million EBIT before special items million Performance Materials 1, % Coatings % 4,975 +7% Catalysts 1,506 (3%) Construction Chemicals % Q3 Q4 Q1 Q2 Q Sales development Volumes Prices Portfolio Currencies Q vs. Q % 6% 4% (3%) BASF Capital Market Story, November
35 Agricultural Solutions Earnings decreased, primarily due to the difficult market situation in Brazil Sales Q vs. Q million 2,000 EBIT before special items million 300 1,000 1,049 (6%) (78%) 21 0 Q Q Q Q Sales development Volumes Prices Portfolio Currencies Q vs. Q % (8%) 0% (3%) BASF Capital Market Story, November
36 Oil & Gas Higher oil and gas prices and volumes, EBIT before special items lower due to one-time earnings effects in the prior-year quarter Sales Q vs. Q million EBIT before special items, net income million 1, % Q Q Q Q EBIT before special items Net income Sales development Volumes Prices/Currencies Portfolio Q vs. Q % 11% 0% BASF Capital Market Story, November
37 Review of Other million Q Q Sales EBIT before special items (325) (233) Thereof Costs of corporate research (93) (77) Costs of corporate headquarters (57) (54) Foreign currency results, hedging and other measurement effects (116) (101) Other businesses Special items (5) (23) EBIT (330) (256) BASF Capital Market Story, November
38 Cash flow development Q1 Q million Q1 Q Q1 Q Cash provided by operating activities 7,597 5,840 Thereof Changes in net working capital 94 (393) Miscellaneous items (190) (172) Cash used in investing activities (3,413) (2,776) Thereof Payments made for tangible / intangible assets (2,606) (2,915) Acquisitions / divestitures (44) 212 Cash used in financing activities (1,546) (1,898) Thereof Changes in financial liabilities 1, Dividends (2,841) (2,753) Free cash flow 4,991 2,925 BASF Capital Market Story, November
39 Balance sheet remains strong Balance sheet September 30, 2017 vs. December 31, 2016 billion Total assets decreased slightly to 76.0 billion Provisions for pension obligations decreased by 1.4 billion to 6.8 billion Long-term assets Equity Financial debt Net debt at 12.3 billion (December 31, 2016: 14.4 billion) Equity ratio at 43.9% (December 31, 2016: 42.6%) Inventories Accounts receivable Other assets Liquid funds* Dec 31, 2016 Sep 30, Dec 31, 2016 Sep 30, 2017 Other liabilities BASF Capital Market Story, November 2017 * Including marketable securities 39
40 BASF Capital Market Story, November BASF Investor Day 2015 Keynote speech 40
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