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BASF SE

BASF significantly increases sales and earnings on the basis of ongoing business

Ludwigshafen (ots)

* First-quarter growth in 2001 still high
   * Strongest growth in Oil & Gas
   * Significant increase in earnings expected in the second quarter
In the first quarter of 2001, BASF continued on its course for
growth. Compared with the same period of the previous year, sales
increased by almost 10 percent to approximately ¤9.3 billion. Income
from operations before special items rose by more than four percent
to ¤962 million. On the basis of ongoing business, first-quarter
sales climbed by almost 25 percent, thus exceeding the growth rate
seen in the year 2000. Income from operations on the same basis rose
by seven percent.
In the past months, the company has made significant changes to
its portfolio: Attractive business areas such as agricultural
products, vitamins and superabsorbents were strengthened, the
company's businesses in polyolefins and textile dyes were
incorporated in joint ventures, and the pharmaceuticals business was
sold. Ongoing business is the term used to refer to BASF's current
activities. In terms of its ongoing business, BASF has further
increased its sales and earnings.
"With our ongoing business we are concentrating on what we do
best: Innovative chemistry. This is how we will gain additional
competitive advantages," explained Dr. Jürgen F. Strube, Chairman of
the Board of Executive Directors, at BASF's 49th Annual Meeting in
Mannheim. "Because of our global set-up and our restructured
portfolio, we anticipate a significant increase in income from
operations before special items in the second quarter," said Dr.
Strube, stressing the positive outlook for 2001 to shareholders. "We
are therefore sticking to our goal of increasing our income from
operations before special items by an average of at least 10 percent
per year in 2000 through 2002."
Growth in all regions and segments
  • On the basis of ongoing business, BASF achieved significant sales growth in all regions, with its Asian companies being again most successful.
  • All segments reported a large increase in sales with most posting double-digit growth. The Oil & Gas segment had the largest increase rising nearly 70 percent. Significant growth was also recorded in the Chemicals and Agricultural Products & Nutrition segments.
  • The highest contribution to earnings came from the Oil & Gas segment with ¤376 million.
  • The second highest contribution was made by the Agricultural Products & Nutrition segment with ¤300 million, thanks in particular to the successful integration of the crop protection business of American Home Products.
  • In the segments Chemicals, Plastics & Fibers and Colorants & Finishing Products, income from operations declined compared with the first quarter of 2000. The main reason for this was a decrease in demand in North America, which led to difficulties in passing on the necessary price increases for consumer-related products.
The sale of BASF's pharmaceuticals business to Abbott, which was
completed at the beginning of March, generated extraordinary income
of more than ¤6 billion. As a result, the company's first-quarter
income before taxes exceeded ¤6.6 billion and net income was almost
¤6.2 billion or ¤10.19 per share.
Outlook for 2001: Prospects for another good year
Overall, 2001 should be another good year for BASF. "Despite some
critical developments, we have set ourselves the goal of achieving a
further significant increase in our sales and earnings on the basis
of ongoing business," said Dr. Strube. To achieve this goal, BASF
will take advantage of its refocused portfolio, its strong presence
in all important regions of the world's economy and its numerous
innovations in products and processes.
BASF is a transnational chemical company that aims to increase and
sustain its corporate value through growth and innovation. The
company's product range includes high-value chemicals, plastics,
colorants and pigments, dispersions, automotive and industrial
coatings, agricultural products and fine chemicals as well as crude
oil and natural gas. BASF's approach to integration, known in German
as "Verbund," is one of its particular strengths, ensuring cost
leadership and a unique competitive advantage. With sales in 2000 of
about ¤36 billion (circa $34 billion) and a workforce of 103,000
employees, BASF is one of the world's leading chemical companies.
BASF acts in accordance with the principles of Sustainable
Development. BASF shares are traded on the stock exchanges in
Frankfurt (BAS), London (BFA) and New York (BF). The company's
Internet address is www.basf.com.
The following information can be found on the Internet:
First Quarter results 2001
   From 7.30 a.m.         http://www.basf.de/Interimreport
Speech by Dr. Strube at the Annual Meeting
   At 11.00 a.m.          http://www.basf.de/Pressconference

Contact:

Dr. Hartmut Unger
Tel. +49 621 60-9 91 23
Fax +49 621 60-9 26 93
E-mail:hartmut.unger@basf-ag.de

Original-Content von: BASF SE, übermittelt durch news aktuell

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