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BASF Q3 2015 Earnings Report

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Third Quarter 2015 Financial highlights October 27, 2015 Wolfgang Budde 150 years years Third-quarter sales and EBIT bSI down in a difficult economic environment


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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 forwardlooking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations. BASF Analyst Conference Call Q3 2015; October 27, 2015 2


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150 years Third-quarter sales and EBIT bSI down in a difficult economic environment Q3’15 Q3’14* €17.4 billion €18.3 billion (5%) Business performance vs. Q3’14*  Sales  EBITDA €2.9 billion €2.5 billion +14%  EBIT before special items €1.6 billion €1.8 billion (10%)  EBIT €1.9 billion €1.7 billion +8%  Net income €1.2 billion €1.0 billion +19%  Reported EPS €1.31 €1.11 +18%  Adjusted EPS €1.07 €1.24 (14%)  Operating cash flow €3.4 billion €2.2 billion +51% Sales development BASF Analyst Conference Call Q3 2015; October 27, 2015  Q3´15 vs. Q3´14 Volumes (1%) Prices  Period (8%) Portfolio Currencies 0%  4% * Previous year values restated due to dissolution of disposal group “Natural Gas Trading“ 3


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150 years Important milestones in Q3 2015 Investments Portfolio optimization & restructuring  Start of world-scale resin and electrocoat plant in Shanghai, China  Sale of pharma custom synthesis business and parts of active pharmaceutical ingredients business  Start of MDI production in Chongqing, China  Ground-breaking for world-scale ammonia plant in Freeport, Texas  Participation in Nord Stream II pipeline BASF Analyst Conference Call Q3 2015; October 27, 2015  Announcement to carve out pigments business  Asset swap with Gazprom: Focus on up-stream activities; exit of natural gas trading and storage business  ´DrivE`: New OPEX program running from 2016-2018; target: Earnings contribution of €1 billion as of the end of 2018 4


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150 years Chemicals Slight earnings growth despite start-up costs EBIT before special items (in million €) Q3’15 segment sales (in million €) vs. Q3’14 800 Petrochemicals 1,411 (26%) Intermediates 707 +1% 726 616 600 €3,640 (13%) 633 580 548 400 200 Monomers 1,522 (4%) 0 Q3 Q4 Q1 2014 Q2 Q3 2015 Sales development Q3’15 vs. Q3’14  (2%) BASF Analyst Conference Call Q3 2015; October 27, 2015 Prices  Volumes (16%) Portfolio  Period (2%) Currencies  7% 5


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150 years Performance Products Earnings impacted by challenging market conditions EBIT before special items (in million €) Q3’15 segment sales (in million €) vs. Q3’14 Performance Chemicals 1,009 (2%) Nutrition & Health 496 (5%) Dispersions & Pigments 1,176 +1% €3,899 (1%) 600 400 515 376 304 319 Q2 Q3 217 200 Care Chemicals 1,218 +1% 0 Q3 Q4 2014 Q1 2015 Sales development Q3’15 vs. Q3’14  BASF Analyst Conference Call Q3 2015; October 27, 2015 (2%) Prices  Volumes (4%) Portfolio  Period (1%) Currencies  6% 6


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150 years Functional Materials & Solutions Earnings growth on continued good demand in automotive and construction EBIT before special items (in million €) Q3’15 segment sales (in million €) vs. Q3’14 Performance Materials 1,678 +1% 600 Catalysts 1,472 (6%) €4,517 0% 431 400 458 371 310 220 200 Construction Chemicals 614 +9% Coatings 753 +2% 0 Q3 Q4 Q1 Q2 Q3 2015 2014 Sales development Volumes Q3’15 vs. Q3’14  BASF Analyst Conference Call Q3 2015; October 27, 2015 (1%) Prices  Period (5%) Portfolio 0% Currencies  6% 7


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150 years Agricultural Solutions Difficult market environment impacts earnings in seasonally slow quarter Q3’15 segment sales (million €) vs. Q3’14 1.200 1,018 1,077 EBIT before special items (million €) 100 +6% 900 600 50 43 300 7 0 0 Q3 Q3 Q3 Q3 2014 2015 2014 2015 Sales development Volumes Q3’15 vs. Q3’14  6% BASF Analyst Conference Call Q3 2015; October 27, 2015 Prices Portfolio  10% 0% Currencies  Period (10%) 8


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150 years Oil & Gas Higher earnings in Exploration & Production Q3’15 segment sales (million €) vs. Q3’14 Exploration & Production 667 Natural Gas Trading 2,939 (4%) +9% €3,606 (2%) EBIT bSI/Net income (million €) 700 625 600 500 436* 371 400 260 300 236 292 200 100 176 79 0 Q3/2014 Net Income Q3/2015 Net Income Exploration & Production Natural Gas Trading Net income Sales development Volumes Q3’15 vs. Q3’14  2% Price/Currencies  Period (6%) BASF Analyst Conference Call Q3 2015; October 27, 2015 * Previous year values restated due to dissolution of disposal group “Natural Gas Trading“ Portfolio  2% 9


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150 years Review of ’Other’ Million € Q3´15 Q3´14 Sales 685 977 EBIT before special items (98) (7) (104) (53) 22 30 (96) (53) 100 23 26 (20) (72) (27) Thereof corporate research costs group corporate costs currency results, hedges and other valuation effects other businesses Special items EBIT BASF Analyst Conference Call Q3 2015; October 27, 2015 10


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150 years Cash Flow Strong cash flow in Q1-Q3 2015 Million € Q1-Q3’15 Q1-Q3’14* Cash provided by operating activities 8,494 4,932 Thereof changes in net working capital miscellaneous items 2,500 (497) (900) (181) Cash used in / provided by investing activities (4,955) (3,785) Thereof payments related to tangible / intangible assets (4,387) (3,587) 227 355 Cash used in financing activities (3,504) (995) Thereof changes in financial liabilities dividends (649) (2,900) 1,661 (2,656) acquisitions / divestitures Q1-Q3 2015  Cash flow from operating activities increased by 72% to €8.5 billion  Cash inflow from changes in net working capital of €2.5 billion  Free cash flow improved to €4.1 exceeding free cash flow of FY 2014 BASF Analyst Conference Call Q3 2015; October 27, 2015 * Previous-year figures restated due to dissolution of disposal group “Natural Gas Trading“ 11


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150 years Balance sheet remains strong Highlights September 30, 2015 Balance sheet September 30, 2015 vs. December 31, 2014* (in billion €)  Total assets increased slightly by ~€1 billion to €72.3 billion 72.3 72.3  Inventories decreased by ~€1.6 billion 71.4 71.4 30.6 28.2 28.2 Long-term assets Equity  Trade accounts receivable down by €0.7 billion 45.7 43.9 15.4 15.4 Disposal group Inventories Trade accounts receivable Other assets Liquid funds 30.1 1.1 11.3 10.4 4.1 1.7 Dec 31 2014 9.7 9.7 4.3 1.8 Sep 30 2015 BASF Analyst Conference Call Q3 2015; October 27, 2015 27.8 27.8 Dec 31 2014 15.5 0.5 15.5 0.5 25.3 26.2 Financial debt Disposal group Provisions & other liabilities  Net debt nearly unchanged at €13.8 billion  Equity up ~€2 billion and an equity ratio of 42% Sep 30 2015 * Previous year values restated due to dissolution of disposal group “Natural Gas Trading“ 12


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150 years Revised Outlook 2015 Outlook 2015  We aim to increase volumes excluding the effects of acquisitions and divestitures.  Due to the divestment of the gas trading and storage business as part of the asset swap with Gazprom and the lower oil price we expect sales to be slightly lower than in 2014.  EBIT before special items is expected to be slightly below the level of 2014. The chemicals business is expected to provide a larger contribution than in 2014. Earnings from crop protection will most likely come in slightly below the level of 2014. In Oil & Gas, results will decline significantly caused by the lower oil price and the divestment of the gas trading and storage business.  We aim to earn a substantial premium on our cost of capital, but on a lower level than in 2014. Assumptions 2015  GDP: +2.3% (+2.4%)  Industrial production: +2.0% (+2.9%)  Chemical production (excl. pharma): +3.5% (+3.8%)  US$ / Euro: 1.12 (1.15)  Brent oil price (US$ / bbl): 55 (60-70) BASF Analyst Conference Call Q3 2015; October 27, 2015 13


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