we create chemistry for a sustainable future€¦ · we have raised our 2017 forecast as follows...

We create chemistry for a sustainable future

Ulf LoleitSenior Vice PresidentTreasury

Creditor RoadshowSeoulSeptember 18/19, 2017

BASF Creditor Story, September 2017 2

Cautionary note regarding forward-looking statements

This presentation contains forward-looking statements. These forward-looking statements are basedon current estimates and projections of the Board of Executive Directors and on currently availableinformation. These forward-looking statements are not guarantees of the future developments andresults outlined therein. Rather, they depend on a number of factors, involve various risks anduncertainties, and are based on assumptions that may not prove to be accurate. Such risk factorsparticularly include those discussed on pages 111 to 118 of the BASF Report 2016. The BASFReport is available online at basf.com/report. BASF does not assume any obligation to update theforward-looking statements contained in this presentation.


Agenda

At a glance1

Strategic levers2

Financing highlights3

Segments4


Growth above chemical industry average – driven by innovative and sustainable productsand solutions

Unique Verbund concept – competitive advantage based on integrated sites, operationalexcellence and best-in-class technologies

Broad and resilient portfolio – with global market access and strong customer relationships

Earnings growth and strong cash flow generation – based on operational and financialstrength

Long-term value creation with progressive dividend policy – grow or at least maintaindividend at the previous year’s level

BASF shares – an attractive investment


Chemicals – a growth industryGlobal annual growth rate of ~3.6%*

…more food needed by 2050

…more primary energy consumption by 2050

…of the world population will live in cities by 2050

Agriculture Health & Nutrition

Energy & Resources

TransportationConstruction &Housing

Consumer Goods

…people by 2050

Electrical & Electronics

Chemistry as enabler to meet current and future needs70% 50%~10 bn 30%

* Forecast average annual real change 2017 – 2019; BASF Report 2016, p.121


Broad and resilient portfolio2016: Sales of €57.6 billion; EBITDA of €10.5 billion

Percentage of sales 2016*

* Not depicted here: ‘Other’ 3% of Group sales and EBITDA €(1.0) billion


Global market access through regional presence

Kuantan

Hong KongNanjing

Freeport

Florham Park

Geismar

LudwigshafenAntwerp

São Paulo

Regional centersSelected sitesVerbund sitesSelected research and development sites

Asia Pacific

Europe

South America, Africa, Middle East

North AmericaSales €14,042 millionEBIT €1,113 millionEmployees 17,583

Sales €26,039 millionEBIT €3,632 millionEmployees 70,784

Sales €12,165 millionEBIT €1,098 millionEmployees 18,156

Sales €5,304 millionEBIT €432 millionEmployees 7,307

2016: Sales by location of customer; EBIT by location of company


Verbund – unique competitive advantageActively managed in line with market requirements

Annual cost savings of more than €1 billion through integrated production Verbund concept supports sustainability, reduces waste and avoids CO2 emissions of 6 million tons p.a.

Energy savings >€300 million p.a.

People, Customers, Technology, Production


BASF Group Q2 2017Considerably higher sales and earnings

Financial figures Q2 2017 Q2 2016 Change

Sales €16.3 billion €14.5 billion 12%

EBITDA before special items €3.3 billion €2.7 billion 23%

EBITDA €3.2 billion €2.8 billion 16%

EBIT before special items €2.3 billion €1.7 billion 32%

EBIT €2.2 billion €1.7 billion 27%

Net income €1.5 billion €1.1 billion 37%

Reported EPS €1.63 €1.19 37%

Adjusted EPS €1.78 €1.30 37%

Operating cash flow €3.0 billion €2.3 billion 29%

Sales development Volumes Prices Portfolio CurrenciesQ2 2017 vs. Q2 2016 3% 7% 1% 1%


Stepwise increase of earnings levelEBIT and EBITDA*billion €, 2001–2016

3.7

4.7 4.6

7.0 7.28.4

8.9

7.76.5

9.9

11.2

10.010.4

11.0 10.6 10.5

6.7

0

2

4

6

8

10

12

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 H1 2017

EBIT EBITDA

0.7

2.2 2.2

4.5 4.85.5

6.0

4.6

2.8

6.7

8.06.7 7.2

7.6

6.2 6.3

4.6

CAGREBITDA

7%CAGREBIT16%

* 2010, 2011 indicative, adjusted for IFRS 10 & 11; 2001–2009 as reported, without non-compensable foreign income taxes on oil production

Avg. EBITDA level in depicted years

6.7


billion €, 2001–2016

2.3 2.3

4.9 4.65.3

5.9 5.85.0

5.76.5

7.16.6

8.1

7.0

9.4

7.7

3.8

0

1

2

3

4

5

6

7

8

9

10

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 H1 2017

Free cash flowOperating cash flow

-0.5 -0.1

2.8 2.63.3 3.5 3.2

2.53.2

3.9 3.7

2.63.2

1.7

3.6 3.6

2.2

6.3%

Strong cash flow development


Sales growth – slightly faster than global chemical production

Deliver attractive returns – earn a significant premium on cost of capital

EBITDA growth – well above global chemical production

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

Financial targets for the coming years


Innovations for a sustainable future

Investments in organic growth

M&A opportunities and portfolio pruning measures

Our priorities

Operational excellence and cost discipline

We aim to grow sales and earnings faster than global chemical productionin the coming years, driven by


Outlook 2017 for BASF Group raised

Outlook 2017We have raised our 2017 forecast as follows (previous forecast in parentheses): Considerable sales increase (considerable increase) Considerable increase in EBIT before special items and in EBIT (slight increase) Significant premium on cost of capital with slight increase in EBIT after cost of capital

(considerable decline in EBIT after cost of capital)

GDP growth: +2.5% (+2.3%)Growth in industrial production: +2.5% (+2.3%)Growth in chemical production*: +3.4% (+3.4%)Exchange rate: US$1.10 per euro (US$1.05 per euro)Oil price (Brent): US$50 per barrel (US$55 per barrel)

* Excluding pharma

Assumptions 2017


Agenda

At a glance (Asia Pacific)1

Strategic levers2


Segments4


Asia and China continue to dominate global chemical productionReal chemical production (excl. pharma)(trillion US$)

2012CAGR3.7%2012 2020

World

CAGR5.6%1.6 2.5

Asia Pacific

2020

Source: BASF

3.2 4.3

50%

23%

18%9%

58%

18%

16%

8%

12%65%

6%

9%

7%

1%

9%

73%

5%

6%6%

1%

Greater China

South KoreaJapan

South Asia

ANZ

South East AsiaAsia Pacific

OthersEurope

North America


BASF in Asia Pacific 2016

Nanjing

Hong Kong

Kuala Lumpur

Kuantan

* Only selected sites and offices are depicted in this chart. Site and office numbersrefer to companies of significant size where BASF holds a stake greater than 50%.

** As of December 31, 2016.

*** Sales by location of customer.

BASF is present in 17 countries

Customers from 38 markets

~100 production sites*

>120 sales offices*

18,156 employees**

~€12.2 billion sales***

~€1.1 billion EBITRegional centerVerbund sitesSelected sitesR&D/Technical centersShared Services Center


BASF’s performance in Asia Pacific

0.0

0.5

1.0

1.5

2012 2013 2014 2015 2016 H1 2017

1.0

0

5

10

15

2012 2013 2014 2015 2016 H1 2017

12.5 12.4 12.3 12.3

EBIT (billion €)

0.9 0.80.7

0.4

Sales* (billion €)

* By location of customer

1.1

7.0

12.2 Considerable growth in sales due tohigher prices and volumes Steep rise in earnings, driven by the

Chemicals and Functional Materials& Solutions segments Inauguration of automotive catalysts

plant and Innovation Campus in India Inauguration of new plant for

emollients and waxes in Jinshan,China First regional Automotive Application

Center to be set up in Shanghai,China

Developments in first half of 2017


BASF in Asia Pacific: Balanced portfolioSales* by segment in 2016(billion €)

Sales* by sub-region in 2016(billion €)

Functional Materials & Solutions37%

Performance Products 29%

Other3%

Chemicals27%

Agricultural Solutions4%

€12.2 billion

South East Asia15%

Greater China49%

Australia, New Zealand3%

South Asia11%

Japan13%

South Korea9%

€12.2 billion

* Sales to third parties by location of customer


Balanced asset base in Asia Pacific: Investments for profitable growth

Planned investments 2017–2021:~€3 billion (16% of BASF Group)

Increasing focus on investmentswhere BASF:− is technologically leading− has a competitive advantage− expects strong profitable market

growth

Target remains: ~75% ownmanufactured products by 2020(2016: ~59%)

** Without China

Selected major capex projects*

Care chemicals Polyurethane specialties

Specialty plasticsEngineering plasticsPolymer dispersions2-Ethylhexanoic acid

AminesSurfactants

Acrylic acid & SAPResins

Specialty plasticsCrop protection products

MDI (Chongqing)Innovation Campus (Shanghai)

PolyamidesNeopentylglycol

IsononanolCoating resins

Automotive coatingsButanediol/PolyTHF®

Specialty amines Ethylene oxide

Polyvinylpyrrolidone

Startup 2012–2016

Startup planned for 2017–2021

China

Asia Pacific**

Process catalystsEmollients and waxesMDI (Caojing)Automotive coatingsPlastic additives

Aroma chemicalsAutomotive catalystsHighly reactive polyisobuteneInnovation Campus (Mumbai)Automotive coatingsSpecialty plasticsPlastic additives

* Investments in property, plant and equipment (excluding acquisitions)


Selected investments in Asia Pacificto be started up in 2017

Total investments >€500 million

Second coatingsplant within 3 years

Capacity: 50,000 metric tons

BASF’s first facility in Asia Pacific to produce process catalysts

New site to produce light-duty and motor-cycle emissions catalysts

Aroma ingredients complex

Kuantan, Malaysia

Automotive coatings

Caojing, China

Highly reactive polyisobutene

Kuantan, Malaysia

Chemical catalysts

Caojing, China

Mobile emissions catalysts

Rayong, Thailand


Agenda

At a glance1

Strategic levers► Portfolio development► Investments► Innovation► Sustainability► Operational excellence

2


Segments4


Continuous global portfolio development

target(in % of sales*)~50% ~50%

Maintaining a balanced portfolio

Divestment of businesses,e.g., due to lossof differentiation

Divestment of businesses,

e.g., due to lowermarket attractiveness

Commoditization leads to restructuring

Growth fields

Innovation pipeline

Acquisitions

Specialties and solutions Differentiated commodities

Attractive markets Differentiation by process

technologies and integration

Attractive markets Differentiation by customer

proximity and innovations

* Excluding Oil & Gas sales


Portfolio development towards more market-driven and innovative businesses

Strong Partnerships Gazprom PETRONAS Sinopec Total

Selected transactions 2010−today

BASFcore business

~€5.5 billion salesin emerging and innovation-driven 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

Divestitures

~€21.0 billion salesin businesses with limited fit and differentiation potential

Styrenics Fertilizers Selected assets in Oil & Gas Natural gas trading & storage Custom synthesis business Textile chemicals Polyolefin catalysts Industrial coatings Leather chemicals


Clear 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

We want to acquire businesses which …

generate profitable growth above the industry average

are innovation-driven

offer a special value proposition to customers

reduce earnings cyclicality

Acquisitioncriteria

Strategic acquisition criteria Financial acquisition criteria


Chemetall – a global leader in surface treatment products and services

Key facts

One of the strongest globally managed brands in the sector

Proprietary manufacturing technologies, rigorous product quality and performance standards

Leading market positions in the automotive, aerospace and cold forming segments

Long-standing, service-intensive customer relationships

Track record of strong growth and high profitability

An excellent strategic fit for BASF Coatings

Significant global presence and record of accelerated expansion in emerging markets

BASF Coatings site Chemetall site


Investments in organic growthInvestments of ~€3.9 billion planned for 2017

Performance Products

21%

Oil & Gas23% €19.0 billion

Capex budget 2017–2021 (by segment)

Other13%

Chemicals24%

Capex budget 2017–2021 (by region)

Asia Pacific16%

North America22%

Agricultural Solutions4%

Other**3%

Functional Materials& Solutions

15%

€19.0 billion

South America*10%

* Including Africa and Middle East, ** Alternative sites currently being investigated

Europe 49%

Oil & Gas Europe


Investment projects with startup in 2017

Aroma ingredients complexKuantan, Malaysia

BASF and PETRONAS furtherexpand joint activities in Malaysia Investment: around €500 million

Ammonia plantFreeport, Texas

BASF and Yara are building world-scale ammonia plant in the U.S. 750,000 tons per year;

hydrogen-based process

Engineering plasticsSchwarzheide, Germany

Expansion of annual capacityby 70,000 tons Increasing BASFʼs global compounding

capacity to more than 700,000 tons


Oil & Gas2%

Innovation will drive future growth

AgriculturalSolutions26%

Chemicals10%

Performance Products20%

Corporate Research21%

Key facts

€1.86 billion R&D expenditures in 2016

R&D expense to sales ratio ~3%

~10,000 employees in R&D

~3,000 projects

~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

R&D expenditures 2016

€1.86 billion

Functional Materials & Solutions

21%


Polymer Technologies

Biotechnology

Production Processes

Materials

Catalysis

Biodegradable & BiobasedMaterials

Enabling Methods

Corporate Research: BASF’s key technology capabilities are bundled in seven focus areas

Selected key technology capabilities reflect where BASF requires continued effort and resources to safeguard today’s and tomorrow’s excellence in innovation.


Sustainable Solution Steering®Novel methodology to screen and steer our portfolio

4.2% 0.3%

>60,000 product applications analyzed

27.2% Accelerators

– outgrow their markets

– deliver margins above the average

– represent majority of BASF’s R&Dpipeline

68.3% Performers

<1% Challenged products

Increase the share of Accelerators from 23% in 2014 to 28% by 2020

27.2%

68.3%

Substantial sustainability contribution in the value chain

Meets basic sustainability standards on the market

Specific sustainability issues which are being actively addressed

Significant sustainability concern,action plan developed

SustainableSolutionSteering

Percentage of sales 2016


Innovations for a sustainable futureExamples with significant contributions to sustainability

FWC™ Four-Way Conversion catalyst removes particulates

Acronal® MB – from biomass to dispersions

Trilon M® phosphate alternative for dishwashing detergents

SLENTITE® high-performance insulation material

Green Sense® resource-efficient concrete production

ecovio® biodegradable polymer solution


0

0,.001

Earnings contribution 2016 2017–2018 Total

Operational excellenceDrivE with ~€1 billion targeted earnings contribution

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: 2016–2018

€350 million

€650 million

Goal €1 billion

Annual earnings contribution DrivEmillion €

1,000


Strong track record in operational excellence

* Excl. companies with major IFRS 10/11 restatements, i.e. BASF YPC Nanjing, Libya onshore, other Oil & Gas and Catalysts companies

50

100

150

200

250

300

350

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

EBITDA

Sales

Fixed Costs

CAGREBITDA

8%

CAGRSales

4%

3%

CAGRFixed Costs

BASF Group* 2001–2016 indexed; CAGR 2001–2016


Digitalization will support BASF’s growth and efficiencyDigital Business Models

Smart Innovation

Smart Supply Chain

Smart Manu-facturing

Growth

Digital business models Customer connectivity Digitalization in R&D

New revenue streams Increased supply share Higher innovation output

Predictive maintenance Augmented reality in production Smart supply chain

Increased capacity Increased work efficiency Reduced working capital

Efficiency


Agenda

At a glance1

Strategic levers2


Segments4


Earnings growth and strong cash flow generation – based on operational and financial strength

Financing highlights

Sound capital structure – with strong commitment to keep a solid A rating

Diversified financing strategy – with well-balanced bond profile in terms of maturity, investor base,and currencies


Financing strategy

Diversified debt financing instrumentsas of June 30, 2017

€20 billion debt issuance program (for long-term debt financing)

US$12.5 billion commercial paper program (for short-term debt financing)

Two broadly syndicated backup lines of €3 billion each (maturing in 2020 and 2022)

Financing strategy highlights

€17.5 billion

* Last confirmation Moody’s: May 30, 2017, S&P: August 10, 2016, Scope: September 12, 2017.

Our target: Keep a solid A rating (current ratings*: S&P A / Moody’s A1 / Scope A)

Bank loans19%

Commercial paper5%

Other bonds23%

€-denominated bonds53%

BASF Creditor Story, September 2017 39* Nominal values, excluding industrial revenue and pollution control bonds of BASF Corporation.

Profile as of June 30, 2017 billion €*

Well-balanced bond and corporate loan maturity profile

1.1

0.3

0.9

0.2

0.60.5

0.7

1.2

1.0

1.7

1.0

1.3

0.8

1.8

0.6

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2017 2020 202120192018 20312029 >2032203220302028202720262022 2024 20252023


Overview of bonds (1/3) as of June 30, 2017

Bond Term Issuer Volume ISIN Code

0.925% USD Bond with Warrant 2017/2023 BASF SE USD600 million

Bond with Warrant (DE000A2BPEU0)

Bond(DE000A2BPEV8)

Warrant(DE000A2BPEW6)

2.5% USD Bond 2017/2022 BASF SE USD500 million XS1551001768

1.75% GBP Bond 2017/2025 BASF SE GBP300 million XS1548422846

1.45% EUR Bond 2017/2032 BASF SE EUR300 million XS1551001768

2.67% NOK Bond 2017/2029 BASF SE NOK1.60 billion XS1539109790

0.0% EUR Bond 2016/2020 BFE* EUR1.00 billion DE000A188WV3

0.75% EUR Bond 2016/2026 BFE* EUR500 million DE000A188WW1

2.37% HKD Bond 2016/2031 BASF SE HKD1.30 billion XS1539109790


0.875% EUR Bond 2016/2031 BASF SE EUR500 million DE000A2BPA51

* BASF Finance Europe N.V.


Bond Term Issuer Volume ISIN Code1.5% EUR Bond 2016/2031 BASF SE EUR200 million XS1374994280




3.89% USPP Series A 2013/2025 BASF SE USD250 million N/A

4.09% USPP Series B 2013/2028 BASF SE USD700 million N/A

4.43% USPP Series C 2013/2034 BASF SE USD300 million N/A

3.675% NOK Bond 2013/2025 BASF SE NOK1.45 billion XS0932079717

EUR Floating Rate Note 2013/2020 BASF SE EUR300 million XS0931272776


EUR Floating Rate Note 2013/2018 BASF SE EUR300 million XS0903325206




Bond Term Issuer Volume ISIN Code3.25% EUR Bond 2013/2043 BASF SE EUR200 million XS0888667200

3% EUR Bond 2013/2033 BASF SE EUR500 million XS0885399583

1.875% EUR Bond 2013/2021 BASF SE EUR1.0 billion XS0883560715

2.0% EUR Bond 2012/2022 BASF SE EUR1.25 billion DE000A1R0XG3

1.5% EUR Bond 2012/2018 BASF SE EUR1.0 billion XS0836260975

4.875% EUR Bond 2003/2018 Ciba Specialty Chemicals Finance Luxembourg S.A. EUR500 million XS0170386998


Balance sheet remains strong

Total assets decreased by €0.8 billiondue to currency effects

Inventories were stable at €10.0 billion

Provisions for pension obligationsdecreased by €1.2 billion

Net debt at €15.6 billion

Equity ratio: 43%

Balance sheet June 30, 2017 vs. December 31, 2016billion €

Liquid funds*

Accountsreceivable

Long-termassets

Inventories

Other assets

Otherliabilities

Financialdebt

Equity

25.9 27.6

17.4 16.3

32.4 32.6

June 30, 2017 Dec 31, 20161.9 1.93.9 3.0

11.5 11.0

10.0 10.0

48.4 50.6

June 30, 2017 Dec 31, 2016

75.7 76.5

* Including marketable securities

75.7 76.5Assets Equity and liabilities


BASF Creditor Relations TeamFrank WilhelmiHead of Corporate Finance Group

Dr. Lars BuddeSenior IR ManagerCreditor RelationsContact Details:Email: [email protected]: +49 621 60 91386Websites: www.basf.com/bonds

www.basf.com/anleihenThomas LangguthCorporate Finance Group

Niklas FrieseCorporate Finance Group

Nirath PerakathVice-Director Investor Relations Asia PacificContact Details: [email protected]: +852 2731 0143


Agenda

At a glance1

Strategic levers2


Segments4


ChemicalsHigher earnings driven by increased margins

Intermediates757+11%

Monomers1,708+38%

Petrochemicals1,580+20%

€4,045+25%

Sales Q2 2017 vs. Q2 2016*million €

EBIT before special items* million €

458 488629

9581,120

0

200

400

600

800

1,000

1,200

Q2 Q3 Q4 Q1 Q2

Sales development Volumes Prices Portfolio CurrenciesQ2 2017 vs. Q2 2016 (1%) 25% 0% 1%

2016 2017

* Effective January 1, 2017, the Monomers and Dispersions & Pigments divisions’ activities for the electronics industry were merged 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.


Performance ProductsSales increased, earnings declined due to lower margins

Performance Chemicals980+2%

Nutrition & Health464(7%)

Care Chemicals1,263+7%

€4,142+4%

Sales development Volumes Prices Portfolio CurrenciesQ2 2017 vs. Q2 2016 2% 2% (1%) 1%

512 473

237

515405

0

200

400

600

800

Q2 Q3 Q4 Q1 Q2

EBIT before special items* million €

Sales Q2 2017 vs. Q2 2016*million €

2016 2017

Dispersions & Pigments1,435+6%

* Effective January 1, 2017, the Monomers and Dispersions & Pigments divisions’ activities for the electronics industry were merged 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.


Functional Materials & Solutions Sales growth on good demand, earnings affected by lower margins overalland higher fixed costs

Coatings998+25%

Catalysts1,674 +11%

ConstructionChemicals

646+3%

Performance Materials1,943+10%

€5,261+12%

535 497 458531

422

0

200

400

600

800

Q2 Q3 Q4 Q1 Q2

EBIT before special items million €

Sales development Volumes Prices Portfolio CurrenciesQ2 2017 vs. Q2 2016 4% 3% 3% 2%

Sales Q2 2017 vs. Q2 2016million €

2016 2017


1,459 1,526

3,239 3,381

0

1,000

2,000

3,000

4,000

Q2 2016 Q2 2017 H1 2016 H1 2017

Agricultural SolutionsSales increased, earnings impacted by lower average margins due to different product mix

320 272

911805

0

200

400

600

800

1,000

Q2 2016 Q2 2017 H1 2016 H1 2017

EBIT before special items Q2 2017 vs. Q2 2016 andH1 2017 vs. H1 2016, million €

Sales development Volumes Prices Portfolio CurrenciesQ2 2017 vs. Q2 2016 5% (2%) 0% 2%

Sales Q2 2017 vs. Q2 2016 andH1 2017 vs. H1 2016, million €

+5%

+4%

(15%)

(12%)


Oil & GasSales and earnings up, mainly due to higher volumes and prices

Sales Q2 2017 vs. Q2 2016million €

94

183

100122

0

100

200

300

Q2 2016 Q2 2017

EBIT before special items, net income million €

Sales development Volumes Prices/Currencies PortfolioQ2 2017 vs. Q2 2016 22% 10% 0%

EBIT before special items Net income

+32%

617

814

0

500

1,000

Q2 2016 Q2 2017


Review of “Other”

million € Q2 2017 Q2 2016

Sales 476 485

EBIT before special items (151) (212)

Thereof Costs for cross-divisional corporate research (93) (88)

Costs of corporate headquarters (58) (56)

Foreign currency results, hedging and other measurement effects 142 (116)

Other businesses (12) 33

Special items (30) 65

EBIT (181) (147)

BASF Creditor Story, September 2017 52BASF Investor Day 2015 – Keynote speech 52

we create chemistry for a sustainable future€¦ · we have raised our 2017 forecast as follows...

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