BASF in excellent shape, optimistic for 2011
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1 Dr. Martin Brudermüller Member of the Board of Executive Directors, BASF SE BASF in excellent shape, optimistic for 2011 HSBC Blue Chips Conference, Frankfurt, Germany March 31, 2011
2 1 Record year Focus on operational excellence 3 Well positioned for profitable growth 4 Outlook 2
3 Record year 2010 Business performance 2010 vs Sales 63.9 billion +26% EBITDA 11.1 billion +51% EBITDA margin 17.4% 14.6% EBIT before special items 8.1 billion +68% EBIT 7.8 billion +111% Net income 4.6 billion +223% Adjusted EPS % Record sales and record EBIT before special items Chemical businesses take advantage of strong economic recovery Consistent long term value generation 3
4 Excellent segment performance 2010 Segment million Sales Δ vs EBIT before special items Δ vs Chemicals 11, % 2, % Plastics 9, % 1, % Performance Products 12, % 1, % Functional Solutions 9, % % Agricultural Solutions 4, % 749 (4%) Oil & Gas 10,791 (5%) 2,430 +6% 4
5 Continuous strong cash flow Cash Flow (billion ) Cash provided by operating activities Free cash flow* ** Cash provided by operating activities less capex (in 2005 before CTA) *** 2009 adjusted for re-classification of settlement payments for currency derivatives ** 5
6 Attractive shareholder returns Record dividend Dividend per share ( ) Key facts Proposal: 2.20 Average annual dividend increase of 14.5% ( ) Dividend yield above 3% in any given year since 2001 Attractive dividend yield of 3.7% in 2010* Yield* 3.1% 3.9% 3.1% 3.2% 3.1% 4.1% 3.8% 7.0% 3.9% 3.7% * Dividend yield based on share price at year-end 6
7 Delivering consistent, long-term value Long-term performance January 2001 December 2010 (average annual performance with dividends reinvested) +13.9% BASF -2.7% Euro Stoxx % DAX % MSCI World Chemicals
8 1 Record year Focus on operational excellence 3 Well positioned for profitable growth 4 Outlook 8
9 Unique Verbund concept Cost savings of > 500 million p.a. in Ludwigshafen alone BASF site Ludwigshafen, Germany Verbund Concept Vertical and horizontal integration of production plants, energy and waste flows, logistics and site infrastructure Know-how Verbund Energy Verbund and combined heat and power plants lead to - Savings of 2.6 million tons oil equivalent p.a. - Reduction of CO 2 -emissions of ~6 million tons p.a. 9 9
10 Stringent fixed cost management BASF Group development Index 300 Δ ~270% ~200% 150 ~20% Fixed costs indexed Sales indexed EBITDA indexed Key facts Fixed costs represent around 30% of total costs Only slightly higher fixed costs, despite major acquisitions (Engelhard, Degussa Construction Chemicals, Ciba and Cognis) Ciba and Cognis synergies as well as NEXT program will drive fixed costs down Cost synergies Ciba: > 450 million by 2012 Cost synergies Cognis: at least 130 million by
11 Sustainable improvement of cost base Efficiency program NEXT on track Annual earnings contribution (million ) 2,500 2,000 1,500 1, New EXcellence Targets (NEXT) > 500 individual projects to simplify processes, structures and production sites in all regions Project timeline: Annual earnings contribution of 600 million in 2010 achieved Targeted earnings contribution by 2012: 1 billion New efficiency program NEXT Completed restructuring programs 11
12 1 Record year Focus on operational excellence 3 Well positioned for profitable growth 4 Outlook 12
13 Well positioned for profitable growth Leading positions in growth industries and emerging markets Continue expansion in emerging markets, especially Asia Translate megatrends into business growth Ongoing portfolio optimization Continue with active portfolio management Drive portfolio closer to end customer Excellent innovation platform Product and system innovation as growth drivers Megatrend innovations for long-term growth Growth target: We strive to outperform global chemical production growth by at least 2 percentage points p.a. 13
14 Leading positions in growth industries and emerging markets 14
15 Planned capital expenditures By segment By region Oil & Gas* 35% Agricultural Solutions 4% Other (Infrastructure, R&D) 12% 12.6 billion Chemicals 15% Plastics 14% Performance Products 14% Functional Solutions 6% Asia Pacific 17% North America 14% South America, Africa, Middle East 4% 12.6 billion Europe** 63% Alternative sites under review 2% * Excluding investments in Nord Stream ** Thereof ~ 4.4 billion for Oil & Gas 15
16 Emerging markets Significant sales growth in emerging markets BASF Group (w/o Oil & Gas) Net sales in billion % CAGR 13% CAGR 7% 27% Emerging Markets Sales 2010 in emerging markets: 14.5 billion (27%) Investments in emerging markets : 3 billion Ongoing increase of -sales force - regional R&D Emerging markets definition, according to Dow Jones: 35 countries * Emerging Markets (Dow Jones definition) Developed Markets * Bahrain, Brazil, Bulgaria, Chile, China, Colombia, Czech Republic, Egypt, Estonia, Hungary, India, Indonesia, Jordan, Latvia, Kuwait, Lithuania, Malaysia, Mauritius, Mexico, Morocco, Oman, Pakistan, Peru, Philippines, Poland, Qatar, Romania, Russia, Slovakia, Sri Lanka, South Africa, South Korea, Taiwan, Thailand, Turkey, United Arab Emirates 16
17 Emerging markets Recently announced major investment projects Location Chongqing, China Product group MDI plant with world-scale capacity of 400,000 metric tons investment of 860 million Start up Commercial operation expected in 2014 Nanjing, China Malaysia MoU signed with SINOPEC to explore expansion of the Verbund site potential investment of approx. $1 billion MoU signed with Petronas to build world-scale specialty chemical facility potential investment of approx. 1 billion Feasibility studies to be completed by 2012 Feasibility studies to be completed in 2011 Brazil World-scale acrylic acid, butyle acrylate and superabsorbant polymers (SAP) plant Feasibility study to be completed in 2011 Russia MoU signed with Gazprom to further develop Achimov deposits in Siberia Negotiation to be conducted in
18 BASF s profitable growth path in Asia Pacific Sales by location of customers (in billion ) Achievements % p.a * 2020 Sales growth 14% p.a. (vs. Asian market growth 10.5% p.a.) Record EBITDA of 1.8 billion in 2010, resulting in an EBITDA margin of 14% Target Well on track to double sales by 2020 (based on sales of 9 bn in 2008) Outgrowing Asian Pacific chemical market by 2 percentage points p.a. through Innovations out of Asia Investments : 2.3 billion Generating 70% of sales based on local manufacturing Strengthening market focus through industry and customer target groups * excluding Cognis 18
19 Ongoing portfolio optimization 19
20 Pro-active portfolio management Major acquisitions Crop protection Oil & Gas (Revus) Engineering Plastics Electronic Chemicals Custom synthesis Catalysts (Engelhard) Construction Chem. Water-based resins Pigments (Ciba) Plastic additives (Ciba) Care Chem. (Cognis) Nutrition & Health (Cognis) 15 billion Euro (Sales) Selected transactions 2001 to date BASF core businesses Powerful partnerships Gazprom Monsanto Petronas Shell Sinopec Total Major divestitures Pharmaceuticals Fibers Printing systems Polyolefins (Basell) Polystyrene North America Agchem generics Premix Styrenics (Styrolution) (LoI for JV announced) 9 billion Euro * (Sales) Sale of shares in K+S (Proceeds for BASF ~ 1 billion) * Not including Styrenics business 20
21 Cognis integrating a global leader in value-added products Pro forma business performance FY 2010 Sales: ~ 3 billion EBITDA: ~ 550 million EBITDA margin: ~18% Closing on December 9, 2010 Integration objectives Achieve 20% EBITDA margin in the Performance Products segment by 2012 Acquisition accretive as of 2012 Integration costs of 290 million until end of 2012 Inventory step-up of 120 million in 2010/2011 In 2010, total integration costs of 80 million incurred thereof 75% inventory step-up. Synergies to generate 275 million of additional EBIT - Cost synergies: 140 million by Growth synergies: 135 million by
22 BASF + Cognis Improved market positions Previous BASF position Future BASF position Personal care ingredients 3 1 Home care ingredients 1 1 Mining chemicals 3 2 Functional nutrition ingredients 6 3 Coating additives 7 3 Heavy-duty driveline lubricants >
23 Styrolution Planning a 50/50 joint venture with INEOS Scope Global No.1 in styrenics Sales of about 5 billion*, thereof 48% Europe, 32% Americas, 20% Asia Pacific 34% SM, 34% PS, 21% ABS, 11% Copolymer Specialties Customers in more than 110 countries 29 production facilities across 11 countries More than 3,000 employees Milestones Nov 29, 2010: LoI signed by BASF and INEOS Jan 1, 2011: Carve-out of BASF s Styrenics activities into separate legal entities Second half of 2011: Start of planned JV Styrolution Value creating divestiture process Styrolux T/S shrink film * Pro-forma figures, based on BASF s and INEOS sales in
24 Active portfolio management pays off EBITDA by activity (in billion, excluding Other) * ** 2010 Our diversified portfolio is a key strength Recent acquisitions reshaped portfolio Closer to end customers Innovation-driven Profitable growth above industry average BASF s EBITDA in 2010 (excluding Other) amounted to 11.7 billion Chemical activities Agricultural Solutions Oil & Gas, including non-deductible oil taxes * Based on German GAAP ** As of 2007 according to new segment structure (excl. Styrenics and corporate costs) 24
25 Excellent innovation platform 25
26 Natugrain TS X-SEED PCI Geofug Ecovio CypoSol NaphthaMax III Kaurit Light Elastopave Xemium 26
27 Xemium BASF s next-generation fungicide for broad use Key facts Xemium complements BASF s outstanding fungicide portfolio Our 1 st carboxamide fungicide for all market segments BASF is carboxamide pioneer, Xemium strengthens lead Launch planned in >50 countries and >100 crops World-wide data submission process underway Untreated Market launch from 2012 onwards Xemium global peak sales potential: > 200 million * Source: Philips McDougall, own estimation 27
28 Innovation pipeline worth 21 billion Net present value by segments (billion ) R&D contributes significantly to earnings growth bn 21 bn 3% Chemicals 7% Plastics 14% Performance Products 8% Functional Solutions The pipeline NPV of 21 billion is a bottom-up aggregation of all R&D projects High success rate due to stringent R&D controlling via Phasegate process % Agricultural Solutions 2% Oil & Gas 20% Corporate Research 0, ,0 Expected Commercial Value: ~50% of NPV (probabilityweighted) In 2010, sales of new products (5 years or younger) exceeded the target of 6 billion Target 2015: up to 8 billion sales with new products * New or improved products or new applications, max. 5 years on market, including Growth Clusters 28
29 Innovation will spur further growth Total R&D expenditures 2010 (billion ) Strong commitment to R&D Chemicals Corporate Research 1.5 bn R&D expenditures in 2010 (vs. 1.4 bn in 2009) 9% Plastics 10% Performance Products 19% Functional Solutions 1.5 billion 24% 1% 22% Other 2% Agricultural Solutions ~ 9,600 employees in R&D ~ 3,000 projects and topics Research Verbund: About 1,900 partnerships with universities, start-ups and industry partners 12% 26% Further increase in R&D spending planned for
30 1 Record year Focus on operational excellence 3 Well positioned for profitable growth 4 Outlook 30
31 Outlook BASF Group 2011 Expectations for global economy 2010 Forecast 2011 GDP 3.9% 3.3% Chemical production (excl. Pharma) 9.3% 5.2% Industrial production 8.9% 5.0% US$ / Euro Oil price (US$ / bbl)
32 Outlook 2011 by region Industrial production Chemical production (excl. Pharma) World 8.9% 5.0% 9.3% 5.2% EU % 3.0% 10.1% 2.9% USA 5.7% 3.9% 5.0% 3.3% Asia (excl. Japan) 14.5% 10.0% 13.0% 9.6% Japan 15.8% 2.3% 8.8% 1.9% South America 6.2% 4.6% 6.4% 4.3% 32
33 Outlook 2011 for our key customer industries* Key customer industries of BASF 2009 (World) 2010 (World) Growth forecast 2011 (World) Industries total (8.1) Construction (5.8) (1.3) 3.6 Automotive (per-unit-base) (11.3) Electronics (11.1) Information & Communications (11.9) Textiles (8.7) Paper (3.3) Nutrition (0.7) Agriculture * Growth Production Index in % p.a.; change compared with previous year 33
34 Outlook 2011 by segments Segments Chemicals Plastics Performance Products Functional Solutions Agricultural Solutions Oil & Gas BASF Group (incl. Other) EBIT before special items
35 Outlook 2011 Targets 2011 We expect to achieve in 2011: - Significant increase in sales and EBIT before special items. - A high premium on our cost of capital. - Significantly higher sales and earnings in the 1 st quarter 2011 vs. previous year s quarter. Medium-term targets We aim to grow sales on average by two percentage points per year faster than chemical production growth. We strive to grow our earnings further year by year, and to achieve an EBITDA margin of 18% by Dividend policy We aim to continuously increase the annual dividend, or at least maintain it at the level of the previous year. 35
36 Forward-looking statements This presentation includes 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. This presentation contains a number of forward-looking statements including, 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 with respect to future events and financial performance. Actual financial performance of the entities described herein 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. Forward-looking statements represent estimates and assumptions only as of the date that they were made. 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. 36
37 37
38 Backup Financial Highlights Q4 38
39 BASF Group Q Record sales and strong earnings increase vs. PYQ Sales (billion ) EBIT before special items (billion ) Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q Sales development Period Volumes Prices Portfolio Currencies Q4 10 vs. Q4 09 4%* 13% 2% 6% FY 10 vs. FY 09 11% 8% 2% 5% * Volumes +8% (without Oil & Gas) 39
40 Chemicals Strong earnings improvement vs. PYQ due to higher demand Q4 10 segment sales (million ) vs. Q4 09 EBIT before special items (million ) Intermediates % 2, % Inorganics % Petrochemicals 1, % 0 Q4 Q1 Q2 Q3 Q Sales development Period Q4 10 vs. Q4 09 FY 10 vs. FY 09 Volumes Prices Portfolio Currencies 9% 20% 0% 8% 18% 28% 0% 5% 40
41 Plastics High demand and price increases lifted sales significantly Q4 10 segment sales (million ) vs. Q4 09 EBIT before special items (million ) Polyurethanes 1, % 2, % Performance Polymers 1, % 0 Q4 Q1 Q2 Q3 Q Sales development Period Q4 10 vs. Q4 09 FY 10 vs. FY 09 Volumes Prices Portfolio Currencies 10% 9% 0% 7% 22% 10% 0% 6% 41
42 Performance Products Earnings significantly up vs. previous year despite one-off costs Q4 10 segment sales (million ) vs. Q4 09 EBIT before special items (million ) Care Chemicals % Nutrition & Health % 3, % Performance Chemicals % Paper Chemicals % Dispersions & Pigments % 0 Q4 Q1 Q2 Q3 Q Sales development Period Q4 10 vs. Q4 09 Volumes Prices Portfolio Currencies 3% 4% 6% 5% FY 10 vs. FY 09 12% 4% 11% 4% 42
43 Functional Solutions Earnings declined considerably due to one-time operating costs Q4 10 segment sales (million ) vs. Q4 09 EBIT before special items (million ) Catalysts 1, % 2, % Construction Chemicals % Coatings % 0 Q4 Q1 Q2 Q3 Q Sales development Period Q4 10 vs. Q4 09 Volumes Prices Portfolio Currencies 15% 10% 1% 9% FY 10 vs. FY 09 17% 10% 1% 8% 43
44 Agricultural Solutions South America drove strong sales growth Q4 10 segment sales (million ) vs. Q4 09 EBIT before special items (million ) 1, % (5)% Q Q Q Q Sales development Period Volumes Prices Portfolio Currencies Q4 10 vs. Q4 09 FY 10 vs. FY 09 18% 9% (4)% (3)% 0% 0% 6% 5% 44
45 Oil & Gas Earnings grew substantially y-o-y as a result of higher oil prices Q4 10 segment sales (million ) vs. Q4 09 EBIT before special items / Net income (million ) Exploration & Production 1,059 +9% Sales development Period Q4 10 vs. Q4 09 FY 10 vs. FY 09 2, % Natural Gas Trading 1, % Volumes (15)% (2)% Q EBIT bsi Natural Gas Trading EBIT bsi Exploration & Production Prices/Currencies 28% (3)% Q Net income Portfolio 0% 0% 45
46 Review of Other Million Q Q Sales 1,590 1,263 5,851 4,577 thereof Styrenics ,401 2,502 EBIT before special items (139) 51 (648) (717) thereof Corporate research Group corporate costs Currency results, hedges and other valuation effects Styrenics, fertilizers, other businesses (96) (66) (229) 142 (79) (45) 9 80 (323) (226) (460) 387 (319) (209) (512) 339 Special items (59) 90 EBIT (707) (627) 46
47 Excellent operating cash flow in 2010 Full Year 2010 (billion ) (2.5) Capex* on last year s level Net cash-out for purchase of Cognis: 0.6 bn (0.6) (1.9) thereof 1.6 bn dividends to BASF SE shareholders Cash 12/31/09 Operating CF Excellent operating cash flow despite 1.7 bn increase in net working capital (2.3) (1.8) 0.5 Capex* Acquisitions Dividends Debt Other cash repayment inflows 1.5 Cash 12/31/10 * Payments related to intangible assets and property, plant and equipment 47
48 Balance sheet remains strong Balance sheet 2010 vs (billion ) Long-term assets Inventories Accounts receivable Other assets Liquid funds Dec Dec Dec Dec Stockholders Equity Financial debt Other liabilities Impact of Cognis acquisition As of December 31, 2010: Increase in long-term assets by 2.9 billion, thereof Goodwill: 0.6 billion Other intangible assets: 1.3 billion Property, plant and equipment: 0.8 billion Addition of 0.5 billion of inventories 0.4 billion of receivables Financial debt: 2.6 billion (incl. purchase price of 0.7 billion) 48
49 Backup Financial Highlights Agricultural Solutions 49
50 Powerful Crop Protection Pipeline 2011 Value jumps to 2.4 billion Stage I In Development F 500 (F), Boscalid (F), Metrafenone (F), Dimoxystrobin (F) Stage II In Launch Stage III Launched Stage* Market segments Field crops, specialty crops, non-crop Tritosulfuron (H), Chlorfenapyr (I) Oryzastrobin (F), F 500 seed treatment (F) Topramezone (H), Kixor (H) Metaflumizone (I) Field crops, specialty crops, seed treatment Initium (F) Xemium (F) HT Project Cultivance** Field crops, specialty crops, seed treatment HT Project Dicamba 1 Insecticide 700 Million 1,700 Million Peak Sales Potential * Launched: First registration in major market in 2002 (or elder than 5 years to current year), In launch: First registration in major market 1 to 5 years prior to current year In development: First registration in major market in current year or within next 5 years after current year. Points do not refer to exact launch year. ** Herbicide tolerance (HT) project Cultivance also reported in BASF Biotech Pipeline. 50
51 Agricultural Solutions Performance Q4 and FY 2010 Million Q Q Δ% FY 2010 FY 2009 Δ% Sales* ,033 3, EBITDA** (12) (4) EBITDA** margin 10.4% 14.2% % 26.9% - EBIT** (5) (4) EBIT** margin 5.0% 6.3% % 21.3% - Assets (as of Dec. 31) ,063 4,681 8 * Sales increase at constant exchange rates in Q4: +15% (FY: +6%) ** before special items 51
52 Agricultural Solutions Sales by region Million FY 2010 FY 2009 Δ% Δ% (CER)* Europe 1,566 1, North America ** South America 1, ** Asia / Pacific Total 4,033 3, * constant exchange rates ** restated figures due to new definition of regions 52
53 Agricultural Solutions Sales by indication Million FY 2010 FY 2009 Δ% Δ% (CER)* Fungicides 1,739 1, Herbicides 1,410 1, Insecticides / Others Total 4,033 3, * constant exchange rates 53
54 Stronger Asia for a Stronger BASF Dr. Martin Brudermüller HSBC Blue Chips Conference March 31, 2011 Frankfurt, Germany
55 1 Market growth in Asia Pacific 2 BASF in Asia Pacific 3 Asia Pacific Strategy 2020 Stronger Asia for a Stronger BASF March
56 GDP growth in Asia Pacific will remain above global average until 2020 GDP* GDP* growth in billion ,000 6% 7% 10% 11% 31% 36% ~5% p.a. 5% 7% 10% 12% 25% 41% 21,500 5% 6% 10% 13% 21% 45% Greater China Japan 17,000 South Asia ASEAN ANZ Korea in % p.a. Japan 1.4 ANZ 2.5 Korea South 3.9 ASEAN 4.7 South Asia 7.0 Greater China 7.6 Asia Pacific ~5.0 World ~3.3 * Source: BASF, real figures (base 2010) Stronger Asia for a Stronger BASF March
57 Asia largest chemical market worldwide Chemical demand (excluding pharma) ,000 billion Asia Pacific 41% 800 billion 6.5% p.a. Asia Pacific 49% 1,500 billion ,100 billion Asia Pacific 41% Western Europe 23% North America 20% South America 9% Rest of world 7% Asia Pacific 49% Western Europe 20% North America 16% South America 8% Rest of world 7% Source: BASF, real figures (base 2010) Stronger Asia for a Stronger BASF March
58 1 Market growth in Asia Pacific 2 BASF in Asia Pacific 3 Asia Pacific Strategy 2020 Stronger Asia for a Stronger BASF March
59 BASF is well positioned in Asia Pacific Pakistan China S. Korea Japan Key facts Customers in 15 countries India Bangladesh Taiwan Thailand Hong Kong Vietnam Malaysia Singapore Indonesia Approx. 16,000 employees 120 production sites 12 R&D sites with total headcount of 500 staff Regional headquarters Verbund site Chemical production site Asia Pacific service center Australia ~60% local production Sales: 12.5 billion R&D center New Zealand All figures as of December 2010 Stronger Asia for a Stronger BASF March
60 We delivered on our Asia Pacific Strategy 2010 Sales target in % in % Contribute 20% of BASF Group s global sales in its chemical businesses*, thereof half in Greater China EBIT before special items target Contribute 20% of BASF Group s global earnings in its chemical businesses* 30% 30% 20 20% 10 10% 0 0% 11% 9% 10% 9% 12% 10% 10% 10% Target % 10% % 10 10% 0 0% 17% 13% 23% 20% Target % 2010 Asia Pacific Greater China Sales* target Asia Pacific EBIT before special items target * Sales to third parties by location of customers without Oil&Gas * EBIT before special items without Oil&Gas Stronger 60 Asia for a Stronger BASF March
61 Sales and profitability of BASF s business in Asia Pacific Sales by location of customers EBITDA in billion in million % p.a % p.a. 1, , Stronger Asia for a Stronger BASF March
62 Sales Asia Pacific 2010: 12.5 billion Sales by segment* Sales by sub-region* Agriculture 4% Functional Solution 14% Performance Products 22% 12.5 billion Others 15% Plastics 25% Chemicals 22% Korea 10% South Asia 10% Japan 13% ASEAN 16% 12.5 billion ANZ 4% Greater China 46% * Sales to third parties by location of customers Stronger Asia for a Stronger BASF March
63 1 Market growth in Asia Pacific 2 BASF in Asia Pacific 3 Asia Pacific Strategy 2020 Stronger Asia for a Stronger BASF March
64 BASF aims to grow above market: Asia Pacific sales to double by Strengthen our market focus through Industry and Customer Target Groups 2. Develop and market innovations in Asia for Asia 3. Invest in organic growth in Asia to achieve 70% of our sales based on local production 4. Improve operational excellence in Asia 5. Build the best team in the industry Stronger Asia for a Stronger BASF March
65 BASF s targets for profitable growth in Asia Pacific Sales in Asia Pacific Clear targets for 2020 in billion BASF to double sales by 2020 expected market growth of ~5% p.a. Aim to grow sales on average two percentage points per year above chemical market in Asia Pacific. With expected chemical market growth of ~5% p.a. this will double sales by 2020 while earning a premium on our cost of capital Stronger Asia for a Stronger BASF March
66 Well positioned for profitable growth Leading positions in growth industries and emerging markets Translate megatrends into business growth Continue expansion in Asia Ongoing portfolio optimization Continue with active portfolio management Drive portfolio closer to customers Excellent innovation platform Product and system innovation as growth drivers Strong pipeline of innovations Growth target: We strive to outperform global chemical production growth by at least 2 percentage points Stronger Asia for a Stronger BASF March
67 Leading positions in growth industries and emerging markets Stronger Asia for a Stronger BASF March
68 Focus on five most important growth industries BASF Group Sales by Industry in A/P Bubble Size: BASF Net Sales to 3 rd parties (2009) Targeted BASF Industry Sales Growth* Construction Pharma Coatings Packaging 10% Automotive 2% 8% 8% 14% 7% p.a. 7% p.a. 7% p.a. 5% p.a. 4% p.a. ~6% p.a. Inorganics Petrochemicals Construction Chemicals Dispersion & Pigments Performance Chemicals Polyurethanes Stronger Asia for a Stronger BASF March 2011 Catalysts Intermediates Coatings Care Chemicals Performance Polymers * p.a. 68
69 Industry & Customer Target Groups take us to the next level of competitiveness Current status: 5 Main ITGs* in Asia >150 CTGs* > 600m identified All ITGs started and well on track Many cross divisional customer strategies developed Additional sales potential 2012 * ITG: Industry Target Group; CTG: Customer Target Group Stronger Asia for a Stronger BASF March
70 Continuous investments underline our long-term commitment to Asia Investments in billion actual plan ++ Major investment projects Year Verbund Location 2001 Verbund site Kuantan 3,0 2,0 1,0 0, incl. intangibles; ++ excl. intangibles 2005 Verbund site Nanjing * tbd** tbd *** MDI/TDI Expansion of Verbund site MDI World-scale Specialties Expansion of Verbund site * commercial operation estimate ** feasibility studies to be completed 2011 *** feasibility studies to be completed 2012 Caojing Nanjing Chongqing Malaysia Nanjing Stronger Asia for a Stronger BASF March
71 Nanjing Heart of our Chinese Verbund network Nanjing site Key facts 50/50 joint venture with Sinopec USD2.9 billion investment to date Capacity: ~ 2 million metric tons of sales products/year Commercial start-up: June 2005 Ongoing USD1.4 billion investment in expansion of steam cracker (to 740,000 mt) and investment in nine new downstream plants and expansion of four existing plants Stronger Asia for a Stronger BASF March
72 Nanjing Current extension of value chains Naphtha Oxygen Natural Gas Cracker Expansion to 750 kt/a Aromatics Ethylene Styrene Monomer PS EPS Polyethylene Ethylene Oxide Oxo-alcohols Ethylene Glycol Non ionic surfactants Syngas CO/H 2 CO/H 2 CO CO Propionic Acid Formic Acid Dimethyl Formamide Propylene Acrylic Acid Acrylates SAP EA/EOA /DMEOA Methyl Amines Crude C 4 Butadiene WCP Isobutene 2-Propyl heptanol NH 3 MeOH Polyisobutene Stronger Asia for a Stronger BASF March
73 Further down stream expansion evaluations at Nanjing site Nanjing site Key facts BASF / Sinopec signed MOU looking into further opportunities for expansion at Nanjing site Projects under consideration: World scale HPPO New acrylic acid plant and butyl acrylate plant Capacity increases of 2-PH, styrene monomer and non-ionic surfactants plants Estimated collective investment approx. USD1 billion Individual feasibility studies to be completed by 2012 Stronger Asia for a Stronger BASF March
74 Nanjing BASF to build first wholly-owned facility Naphtha Oxygen Natural Gas Cracker Expansion to 750 kt/a Aromatics Ethylene Styrene Monomer PS EPS Propylene Crude C 4 Polyethylene Ethylene Oxide Oxo-alcohols Acrylic Acid Butadiene Ethylene Glycol Non ionic surfactants Acrylates SAP Isobutene Syngas CO/H 2 EA/EOA /DMEOA CO/H 2 2-Propyl heptanol CO CO Propionic Acid NH 3 Formic Acid Dimethyl Formamide Methyl Amines MeOH Organic flocculants C-PAM Cationic monomers New facility Polyisobutene Stronger Asia for a Stronger BASF March 2011 BASF-YPC 74
75 Water Treatment / Paper Chemicals New facility in Nanjing First 100% BASF-owned plant in Nanjing Verbund site Plants to produce feedstock for organic flocculants Chemical water treatment solutions based on organic flocculants contribute to relieve growing scarcity of clean water for municipal and industrial use Organic flocculants also used as retention aids in the paper industry Production start-up in Q ,000 t/a quarternized cationic monomers plant 20,000 t/a cationic polyacrylamides plant Stronger Asia for a Stronger BASF March
76 MDI plant in Chongqing Key facts Market for polyurethanes in China expected to grow at double digit rates and to become largest in the world within the next decade New MDI plant with world-scale capacity of 400,000 metric tons of crude MDI per year Investment: 860 million Project will be one of the main anchor activities in Western China Project approved by Chinese authorities in March 2011 Commercial operation expected 2014 Stronger Asia for a Stronger BASF March
77 Kuantan, Malaysia Verbund site for the ASEAN region Kuantan site Key facts BASF Petronas Chemicals 60/40 JV BASF + Petronas Approximately 600 employees Products: plasticizers, acrylic monomers, BDO & derivatives MOU to jointly look into new world scale specialty chemical facilities in Malaysia signed Dec Toray BASF PBT Resin Sdn. Bdh. 50/50 JV BASF + Toray April 2006 commercial start-up PBT resin Stronger Asia for a Stronger BASF March
78 Site optimization in Asia bringing more efficiency and value to our assets Our site optimization initiative is vital part of NEXT Aim to further increase overall production efficiency from existing plants: Yield more energy efficient processes Yield extra production capacities Efficiency of implementation in Asia Pacific done in different waves: 1 st wave - Eight largest production sites in Asia: Nanjing, Kuantan, Shanghai, Yeosu, Ulsan, Thane, Mangalore and Pasir Gudang 2 nd wave: Smaller sites being considered Approx. 150 million annual earnings contribution from 1 st wave by 2012 Stronger Asia for a Stronger BASF March
79 Ongoing portfolio optimization Stronger Asia for a Stronger BASF March
80 Actively managing business portfolio Start-up / Planned New capacities Verbund site, China Verbund site, Malaysia Dispersions & Pigments Indonesia + China Intermediates Lab, China Innovation Campus, China Cellasto plant, China PU System House, China MDI Plant, China Cationic monomers, China Selected transactions 2008 to date BASF core businesses Powerful partnerships Sinopec Petronas Closures / Sale Existing capacities Process Catalysts, China Marine Coatings Tolling, Japan Styrene Monomer, Korea Admixture Business, Korea Admixture, Suzhou, China Coatings + Admixture, Japan Automotive OEM Coatings, Australia + Philippines Effect Pigments, China Stronger Asia for a Stronger BASF March
81 Excellent innovation platform Stronger Asia for a Stronger BASF March
82 We innovate for local customer needs and participate in latest technologies Global R&D Center Basic research, cooperations with universities Focus on new technologies 2 Locations: Shanghai, Chandivali Regional R&D Center Product development and formulations Focus on Asian market needs 10 Locations: Singapore, Pasir, Gudang, Amagasaki... Local Technical Center Local product adaptation Focus on technical customer support more than 15 Locations: Nansha, Chigasaki, Sydney, Tuas, Leverage all our innovation opportunities in Asia Pacific! Stronger Asia for a Stronger BASF March
83 Strengthening our R&D platform in Asia Pacific Key facts Shanghai 12 R&D sites in Asia Pacific Chandivali Singapore R&D employees to increase from 500 to more than 800 by 2020 Co-operations with ~100 research institutes and universities Build two R&D clusters in Asia Pacific in China and India Leverage global R&D capabilities with Competence Centers in Singapore, India and China Stronger 83 Asia for a Stronger BASF March
84 New Asia Pacific Innovation Campus to be established in Shanghai 55 million investment includes innovation campus and Greater China head office To open in H2/ scientific and technical professionals Integrated into global R&D network Local and international team Stronger Asia for a Stronger BASF March
85 Innovation in Asia for Asia Example Dispersions & Pigments Antimicrobial coatings Interior Premium Paint Market in Asia Pacific: ~ 500 million in Target to increase our current share of 4% in this high margin market. Market requirement: Long lasting microbe-free surface BASF Solution through chemistry: Suppress microbial growth by having an antimicrobial attached to the polymer backbone for long lasting efficacy and thereby enhancing the differentiation of our products in the market. Microscope pictures of dead / alive (red/green spots) E. coli on BASF paint Stronger Asia for a Stronger BASF March
86 Stronger Asia for a stronger BASF Roadmap 2011 Identify more investment and acquisition opportunities. Enhance cross-divisional thinking and collaboration through industry and customer target groups. Increase brand awareness. Sharpen focus on our people. Vision 2020 Outgrow regional chemical market by 2 percentage points Asia Pacific sales to reach 20 billion More than 70% of sales in Asia Pacific through local production Develop and market innovations in Asia for Asia Build the best team in the industry We continue to earn a substantial premium over our cost of capital Stronger Asia for a Stronger BASF March
87 87
88 Phased approach to capture potential of emerging provinces in China Gansu Ningxia Sichuan Sichuan Chongqing Shaanxi Inner Mongolia Hebei Liaoning Hebei Beijing Tianjin Henan Anhui Shanghai Hubei Hunan Jiangxi Jiangxi Fujian Key facts Upside potential > 200 million sales through increased penetration of emerging provinces BASF will target inland cities and provinces in a phased approach Higher business penetration in China following State development measures Go West Campaign Hong Kong Stronger Asia for a Stronger BASF March
89 Solutions for more efficient cars megatrend mobility Innovative system supplier to the automotive industry Sustainable mobility UV cured coatings high environmental compatibility, rapid coating processes Neopolen for absorption of collision energy Ultramid for light-weight motor parts Lumogen Black and Sicopal Black for heat reduction of dashboards Terblend N and Terluran for high-quality plastic components Keropur Fuel additives help reduce fuel consumption Astacin leather finishes environment-friendly Catalysts for purification of exhaust fumes and reduction of air pollutants Global automotive market expected to grow by % p.a. mid-term Example engineering plastics: share of plastics in mediumsized cars expected to grow from today s ~15% to over 25% in 2020: even greater potential in China Stronger Asia for a Stronger BASF March
90 Solutions for more efficient housing megatrend construction and housing Innovative system supplier to the construction industry Sustainable housing COLO-FAST for solar panel frames Micronal PCM latent-heat storage system Neopor and Rheocell for heat insulation Walltite Sprayfoam for insulation of walls Styrodur C for insulation of walls and floors Lumogen, Paliogen and Sicopal black pigments for cool surfaces Elastopor H for insulation of ceilings, roofs and walls HECK MultiTherm systems for insulation of walls (inside and outside) X-SEED concrete hardener Global construction market expected to grow by up to 5 % p.a. midterm BASF s sales 2009* to the construction industry: 3.8 bln Globally, buildings use 35% of world s energy: enormous potential for savings through insulation Example Shanghai: fullyinsulated buildings would reduce energy consumption by more than two-thirds Stronger Asia for a Stronger BASF March
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