6-K UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
August 4, 2004
BASF AKTIENGESELLSCHAFT
(Exact name of Registrant as Specified in its Charter)
BASF CORPORATION
(Translation of Registrant's name into English)
Carl Bosch Strasse 38, LUDWIGSHAFEN, GERMANY 67056
(Address of Principal Executive Offices)
Indicate by check mark whether the Registrant files or will file annual
reports under cover Form 20-F or Form 40-F
Form 20-F X Form 40-F
Indicate by check mark whether the Registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the
Registrant in connection with Rule 12g3-2(b): 82- .
Second-Quarter Results 2004
LUDWIGSHAFEN, Germany--(BUSINESS WIRE)--Aug. 4, 2004--BASF
(NYSE:BF):
Very Successful Second Quarter for BASF
Overview
2nd 1st
BASF Group Quarter Half
Change Change
Million euro 2004 2003 in % 2004 2003 in %
Sales 9,314 8,249 12.9 18,365 17,081 7.5
Income from operations
before interest, taxes
Depreciation and amortization
(EBITDA) 1,744 1,348 29.4 3,324 2,844 16.9
Income from operations before
special items 1,197 832 43.9 2,335 1,776 31.5
Income from operations (EBIT) 1,181 774 52.6 2,219 1,716 29.3
Financial result (23) (88) 73.9 (83) (191) 56.5
Income before taxes and
minority interests 1,158 686 68.8 2,136 1,525 40.1
Net income 634 195 225.1 1,149 637 80.4
Earnings per share (euro) 1.15 0.35 228.6 2.08 1.13 84.1
EBIT before special items in
percent of sales 12.9 10.1 - 12.7 10.4 -
Cash provided by operating
activities 1,196 984 21.5 2,159 1,878 15.0
Additions to fixed assets(a) 446 677 (34.1) 939 2,208 (57.5)
Amortization and
depreciation(a) 563 574 (1.9) 1,105 1,128 (2.0)
Segment assets (end of
period)(b) 26,559 27,563 (3.6) - - -
Personnel costs 1,394 1,412 (1.3) 2,745 2,804 (2.1)
Number of employees (end of
period) 85,124 88,465 (3.8) - - -
(a) Tangible and intangible fixed assets (including acquisitions)
(b) Tangible and intangible fixed assets, inventories and business-
related receivables
Income
from Income from
operations operations
before
special
Segments Sales items (EBIT)
Change Change Change
Million euro 2004 2003 in % 2004 2003 in % 2004 2003 in %
2nd Quarter
Chemicals 1,748 1,433 22.0 333 134 148.5 328 127 158.3
Plastics 2,522 2,177 15.8 172 76 126.3 163 67 143.3
Performance
Products 2,029 1,911 6.2 217 145 49.7 214 136 57.4
Agricultural
Products &
Nutrition 1,527 1,505 1.5 241 209 15.3 236 181 30.4
Oil & Gas 1,090 928 17.5 339 278 21.9 346 278 24.5
Other(a) 398 295 34.9 (105) (10) . (106) (15) .
Thereof
costs of
exploratory
and
biotechnological
research - - - 37 40 (7.5) 37 40 (7.5)
9,314 8,249 12.9 1,197 832 43.9 1,181 774 52.6
1st Half
Chemicals 3,330 2,952 12.8 578 279 107.2 556 271 105.2
Plastics 4,829 4,460 8.3 322 186 73.1 312 176 77.3
Performance
Products 3,958 3,818 3.7 413 287 43.9 403 279 44.4
Agricultural
Products &
Nutrition 2,968 2,801 6.0 510 446 14.3 485 417 16.3
Oil & Gas 2,484 2,411 3.0 682 682 0.0 689 682 1.0
Other(b) 796 639 24.6 (170) (104)(63.5) (226) (109) .
Thereof
costs of
exploratory
and
biotechnological
research - - - 73 85 (14.1) 73 85 (14.1)
18,365 17,081 7.5 2,335 1,776 31.5 2,219 1,716 29.3
(a) "Other" includes the fertilizers business and other businesses as
well as expenses, income and assets not allocated to the segments.
This item also includes foreign currency results from financial
indebtedness that are not allocated to the segments as well as from
currency positions that are macro-hedged.
BASF Group Business Review and Analysis
-- Sales and EBIT improve in all segments
-- Strong increase in EBIT in the Chemicals, Plastics and
Performance Products segments
-- Cash flow remains at high level
-- Earnings per share tripled
-- Successful cost-reduction measures will be continued worldwide
-- Improved outlook for full year 2004: Significant increase in
sales and EBIT before special items
Sales: Second-quarter sales increased by about 13% compared with
the same quarter of the previous year. All operating divisions
contributed to this growth. We were able to increase sales volumes
significantly in a more favorable business environment. Sales prices
increased.
Factors influencing sales in comparison with previous year
%2nd Quarter 1st Half
Volumes 13 11
Prices 2 0
Currencies (3) (4)
Acquisitions/divestitures1 1
Total 13 8
Earnings: At euro 1,197 million, income from operations (EBIT)
before special items climbed 44% compared with the same period of
2003. EBIT rose in all segments because we succeeded in increasing
sales volumes and simultaneously reducing fixed costs. The Chemicals,
Plastics and Performance Products segments showed the strongest
earnings growth. Earnings improved in the Agricultural Products &
Nutrition segment as a result of the successful conclusion of the
agricultural products season in Europe and North America. The Oil &
Gas segment benefited from an increase in sales volumes as well as
higher oil prices.
EBIT after special items increased by 53% to euro 1,181 million in
the second quarter.
The financial result was euro (23) million compared with euro (88)
million in the second quarter of 2003. This was due, in particular, to
a higher level of income from financial assets. Income before taxes
and minority interests increased by 69% to euro 1,158 million.
At 42%, the tax rate was considerably lower than in the second
quarter of 2003, which contained a one-time tax expense of euro 124
million due to a change in German tax law. Income taxes for oil
production that are noncompensable with German taxes were euro 128
million in the second quarter following euro 104 million in the
previous year.
Net income more than tripled in the second quarter to euro 634
million. Earnings per share were euro 1.15 compared with euro 0.35 in
2003.
Special items
1st
Quarter 2nd 3rd 4th
Quarter Quarter Quarter
Million euro 2004 2003 2004 2003 2004 2003 2004 2003
Special items
- in income from
operations (100) (2) (16) (58) (29) (246)
- in financial
result (21) - (1) (3) (27) (133)
Total (121) (2) (17) (61) (56) (379)
Outlook: The positive trend in the first half of 2004 gives us
grounds for confidence for the second half of the year. We expect the
high demand for our products to continue, however at a more moderate
rate of increase compared with the first half. We anticipate that Asia
and North America will be the strongest growth drivers. We expect
prices of raw materials to remain high, and in some cases to increase
even further. We will continue our efforts to adjust our selling
prices to this development. We will rigorously continue with our
restructuring measures. For the full year 2004, we expect a
significant increase in sales and EBIT before special items.
Key BASF share data 2nd Quarter 1st Half 2004
2004 2004
Share price (end of period)(a) euro 43.99 euro 43.99
High(a) euro 44.89 euro 45.63
Low(a) euro 40.60 euro 40.49
Average daily trade (number of
shares)(a) 2.70 million 2.93 million
BASF share performance(b) +9.9 % +1.9 %
DAX 30 performance(b) +5.1 % +2.2 %
EURO STOXX 50 performance(b) +2.5 % +3.7 %
(a) XETRA trading
(b) with dividends reinvested
Significant Events: We announced on July 29, 2004, that we are
reviewing strategic alternatives regarding the joint venture Basell,
together with our partner Shell. Basell is a global leader in
polyolefins. The options being reviewed include the sale of the stakes
and an equity transaction.
Chemicals
-- Segment with highest increase in sales and earnings
-- Good capacity utilization due to increase in sales volumes
-- Margins improve despite persistently high raw materials costs
2nd 1st
Overview Quarter Half
Change Change
Million euro 2004 2003 in % 2004 2003 in %
Sales 1,748 1,433 22 3,330 2,952 13
Thereof Inorganics 211 184 15 412 367 12
Petrochemicals 1,047 806 30 1,966 1,680 17
Intermediates 490 443 11 952 905 5
EBITDA 441 243 81 776 503 54
EBIT before special items 333 134 149 578 279 107
EBIT 328 127 158 556 271 105
Additions to fixed assets 141 128 10 307 254 21
Assets (end of period) 5,124 4,964 3 - - -
Sales increased in all operating divisions compared with the
second quarter of 2003 (volumes 15%, portfolio 5%, prices 5%,
currencies -3%). In particular, earnings more than doubled thanks to
improved capacity utilization, price increases, as well as a reduction
in fixed costs.
Inorganics: Sales volumes increased in all product lines. The
boron and potassium specialties business, which was acquired in 2003
and is now fully integrated, contributed to this growth. The strong
increase in sales volumes resulted in improved earnings in most of the
product portfolio.
Petrochemicals: Sales volumes increased for olefins, solvents and
plasticizers, as well as alkylene oxides and glycols. Capacity
utilization of our steam crackers and other major plants was high.
Against a background of product shortages in the markets, selling
prices could be increased to pass on higher raw materials costs, and
contributed to improved earnings.
Intermediates: In Europe, sales of amines rose in particular. In
Asia, sales of butanediol and derivatives as well as polyalcohols and
specialties increased. Despite higher raw materials costs, earnings
improved due to both price increases and a reduction in fixed costs.
Plastics
-- Significant increase in sales in all operating divisions
-- Earnings improve despite increasing raw materials costs
-- Successful new products and business models
2nd 1st
Overview Quarter Half
Change Change
Million euro 2004 2003 in % 2004 2003 in %
Sales 2,522 2,177 16 4,829 4,460 8
Thereof Styrenics 1,019 891 14 1,937 1,888 3
Performance Polymers 649 552 18 1,262 1,120 13
Polyurethanes 854 734 16 1,630 1,452 12
EBITDA 280 187 50 545 417 31
EBIT before special items 172 76 126 322 186 73
EBIT 163 67 143 312 176 77
Additions to fixed assets 105 256 (59) 203 342 (41)
Assets (end of period) 6,032 6,292 (4) - - -
Sales rose significantly due to higher sales volumes and increased
sales prices (volumes 14 %, portfolio 2 %, prices 3 %, currencies -3
%), however pressure on margins persists. Nevertheless, earnings
increased in all operating divisions as a result of a reduction in
fixed costs and improved capacity utilization.
Styrenics: Sales increased thanks to higher sales prices and
strong demand for our products. A severe increase in raw materials
prices, in particular in the price of benzene, put margins under
pressure in all regions. The optimization of business structures
resulted in a reduction in fixed costs and increased earnings.
Performance Polymers: Sales volumes increased significantly
worldwide, in particular for engineering plastics for the automotive
and electronics industries. Margins for engineering plastics remained
under pressure, but we were able to pass on higher raw materials
prices for fiber intermediates to the market. Earnings improved due to
higher sales volumes and a significant reduction in fixed costs. The
new product Ultradur(R) High Speed, which allows our customers in the
automotive and electronics industries to reduce their manufacturing
costs thanks to shorter production times, has been well received by
the market.
Polyurethanes: Volumes and sales increased in almost all product
lines worldwide. Prices could increasingly be raised over the course
of the quarter. High raw materials prices, in particular for benzene,
toluene and propylene, continue to exert pressure on margins. The U.S.
systems house Foam Enterprises, which was acquired in March 2004, has
been successfully integrated.
Performance Products
-- Sales increase in all operating divisions
-- Earnings improve significantly thanks to a reduction in fixed
costs
-- Growth strategy in Asia successful
2nd 1st
Overview Quarter Half
Change Change
Million euro 2004 2003 in % 2004 2003 in %
Sales 2,029 1,911 6 3,958 3,818 4
Thereof Performance
Chemicals 825 792 4 1,621 1,598 1
Coatings 520 505 3 1,025 1,009 2
Functional Polymers 684 614 11 1,312 1,211 8
EBITDA 305 235 30 584 479 22
EBIT before special items 217 145 50 413 287 44
EBIT 214 136 57 403 279 44
Additions to fixed assets 66 57 16 129 98 32
Assets (end of period) 4,934 5,140 (4) - - -
Sales increased as a result of higher volumes in all operating
divisions (volumes 8 %, currencies -2 %). Earnings improved
significantly, in particular due to cost-reduction measures.
Performance Chemicals: Sales increased in all product lines except
performance chemicals for textiles. Earnings improved, in particular
due to the contribution from performance chemicals for detergents and
formulators. The reduction of fixed costs more than offset negative
currency effects and persistent margin pressure.
Coatings: Sales volumes increased, in particular for automotive
coatings and decorative paints. Due to a reduction in fixed costs in
all product lines, earnings improved despite the pressure on sales
prices. The restructuring of the industrial coatings business played
an important part in reducing fixed costs. New production capacities
are strengthening our position in coil coatings in the growing Chinese
market.
Functional Polymers: The global upturn in demand in important
customer industries led to an increase in sales, in particular of
monomers and dispersions for decorative paints. Compared with the same
period of the previous year, earnings almost doubled due to higher
sales volumes, price increases and a reduction in fixed costs. The
capacity expansion of the dispersions plant in Cengkareng, Indonesia,
has strengthened our production network in Asia.
Agricultural Products & Nutrition
-- Profitable growth in Agricultural Products
-- Earnings in Fine Chemicals below previous year's level
2nd 1st
Overview Quarter Half
Change Change
Million euro 2004 2003 in % 2004 2003 in %
Sales 1,527 1,505 1 2,968 2,801 6
Thereof Agricultural
Products 1,071 1,051 2 2,054 1,884 9
Fine Chemicals 456 454 0 914 917 0
EBITDA 362 319 13 732 668 10
EBIT before special items 241 209 15 510 446 14
Thereof Agricultural 212 171 24 439 367 20
Products Fine Chemicals 29 38 (24) 71 79 (10)
EBIT 236 181 30 485 417 16
Thereof Agricultural
Products 208 144 44 415 336 24
Fine Chemicals 28 37 (24) 70 81 (14)
Additions to fixed assets 49 55 (11) 102 1,186 (91)
Assets (end of period) 6,933 7,828 (11) - - -
Agricultural Products: Sales rose by 2 % (volumes 6 %, portfolio
-3 %, prices 1 %, currencies -2 %), or by 7 % if adjusted for product
divestitures and currency fluctuations. The successful conclusion of
the crop-protection products season in Europe and North America, as
well as the success of our innovative products, especially F 500(R),
contributed to this. Thanks to the stronger product portfolio and more
favorable cost structures, we were able to post higher earnings
despite negative currency effects and divestitures. We significantly
reduced inventories and receivables.
Fine Chemicals: Despite an increase in sales volumes,
second-quarter sales remained at the previous year's level (volumes 5
%, prices -4 %, currencies -1 %). Sales in the area of human nutrition
increased. Vitamin prices remained unsatisfactory overall, in
particular in view of rising prices for raw materials. Pharmaceutical
active ingredients continued to develop positively. The startup of the
new citral plant, the scheduled shutdown of lysine production, and
negative currency effects reduced earnings.
Oil & Gas
-- Sales and earnings improve further
-- Regional growth strategy continued
2nd 1st
Overview Quarter Half
Change Change
Million euro 2004 2003 in % 2004 2003 in %
Sales 1,090 928 17 2,484 2,411 3
Thereof natural gas
trading 506 460 10 1,373 1,334 3
EBITDA 440 355 24 866 836 4
EBIT before special items 339 278 22 682 682 0
Thereof natural gas
trading 60 62 (3) 156 156 0
EBIT 346 278 24 689 682 1
Thereof natural gas
trading 60 62 (3) 156 156 0
Additions to fixed assets 55 58 (5) 135 97 39
Assets (end of period) 3,536 3,339 6 - - -
Sales (volumes 16 %, prices/currencies 1 %) and earnings increased
significantly.
In natural gas trading, sales volumes rose considerably. Both
Germany and the new business in Belgium and the United Kingdom
contributed to this growth. Due to the increase in purchasing prices,
earnings were at almost the same level as in the second quarter of
2003. A declaration of intent to extend long-term supply agreements
until 2030 was signed with Gazprom.
In exploration and production, gas production was increased
considerably in the North Sea and in Argentina. Oil production,
however, declined slightly, in particular due to the reduction of
production quotas by OPEC.
Earnings improved as a result of the overall increase in sales
volumes as well as the substantial increase in the price of oil in
terms of both U.S. dollars and euros.
Regions
-- Sales increase in all regions
-- Restructuring measures in North America prove successful
-- Capital expenditure projects in Asia make good progress
EBIT before
special
OverviewSales Sales items
(location of (location of (location of
customer) company) company)
Change Change Change
Million
euro 2004 2003 in % 2004 2003 in % 2004 2003 in %
2nd
Quarter
Europe 5,090 4,638 10 5,545 4,966 12 880 698 26
1,737 1,549 12 3,638 3,364 8 612 498 23
North
America
(NAFTA) 2,240 1,998 12 2,204 1,979 11 204 52 292
South
America 426 368 16 335 302 11 45 51 (12)
Asia,
Pacific
Area,
Africa 1,558 1,245 25 1,230 1,002 23 68 31 119
9,314 8,249 13 9,314 8,249 13 1,197 832 44
1st Half
Europe 10,386 9,879 5 11,166 10,505 6 1,769 1,524 16
3,787 3,648 4 7,531 7,268 4 1,258 1,142 10
North
America
(NAFTA) 4,149 3,936 5 4,122 3,939 5 284 81 251
South
America 858 690 24 692 560 24 118 83 42
Asia,
Pacific
Area,
Africa 2,972 2,576 15 2,385 2,077 15 164 88 86
18,365 17,081 8 18,365 17,081 8 2,335 1,776 31
In Europe, sales by location of company increased by 12 % in the
second quarter. Following a weak first quarter, sales increased in
Germany for the first time. EBIT before special items climbed by euro
182 million to euro 880 million. The upturn in business and the
reduction of fixed costs, especially at our site in Ludwigshafen,
contributed to this increase.
Sales by location of company in North America increased by 18 % in
dollar terms. In particular, the Chemicals and Plastics segments
benefited from the favorable economic climate and from successfully
integrated acquisitions. The restructuring program for the service
units has almost been completed; the optimization of businesses and
sites is being actively pursued. EBIT before special items increased
by euro 152 million to euro 204 million as a result of business
expansion and cost-reduction measures.
In South America, second-quarter sales by location of company
increased in local currency terms by 19 %, in particular due to strong
sales in the Plastics and Oil & Gas segments. EBIT before special
items declined by euro 6 million to euro 45 million as a result of
higher expenses for oil and gas exploration.
In local currency terms, companies in the Asia, Pacific Area,
Africa region increased sales by 26 %; in particular, the Chemicals
and Plastics segments contributed to this growth. EBIT before special
items rose by euro 37 million to euro 68 million. Our capital
expenditure projects in Asia - in particular the construction of the
Verbund site in Nanjing, China, with our partner SINOPEC - are making
good progress.
Finance
-- Cash provided by operating activities significantly increased
-- euro 300 million spent on share buybacks in the first half
Consolidated Statements of Cash Flows
1st Half
Million euro 2004 2003
Net income 1,149 637
Depreciation and amortization of fixed assets 1,115 1,136
Changes in net working capital (109) (56)
Miscellaneous items 4 161
Cash provided by operating activities 2,159 1,878
Payments related to tangible and intangible fixed
assets (913) (967)
Acquisitions/divestitures (66) (1,398)
Financial investments and other items 23 22
Cash used in investing activities (956) (2,343)
Proceeds from capital increases/(decreases) (340) (226)
Changes in financial indebtedness 26 1,553
Dividends (805) (822)
Cash provided by (used in) financing activities (1,119) 505
Net changes in cash and cash equivalents 84 40
Cash and cash equivalents as beginning of year
and other changes 540 228
Cash and cash equivalents 624 268
Marketable securities 170 127
Liquid funds 794 395
Compared with 2003, cash provided by operating activities rose 15%
to euro 2,159 million in the first half and by 22% to euro 1,196
million in the second quarter. This was primarily due to the higher
level of net income. Despite the expansion of our business, additional
financing for net working capital increased only slightly compared
with the previous year's level.
Cash used in investing activities led to a cash outflow of euro
956 million compared with euro 2,343 million in 2003 as a result of
the acquisition of the fipronil crop protection business from Bayer as
well as Honeywell's engineering plastics business. At euro 913
million, payments related to tangible and intangible fixed assets were
lower than the level of amortization and depreciation of fixed assets
of euro 1,115 million.
In cash used in financing activities, dividend payments and share
buybacks led to a cash outflow of euro 1,119 million. In the first six
months of 2004, we bought back 7.2 million shares for euro 300 million
or an average of euro 41.81 per share.
Liquid funds increased to euro 794 million, and at euro 3,507
million, financial indebtedness was un-changed compared with the
figure at the end of 2003. Net debt therefore declined from euro 2,879
million as of December 31, 2003, to euro 2,713 million.
Interim Financial Statements of BASF Group
(abridged version)
The interim financial statements have not been audited. The
valuation methods used in the Consolidated Financial Statements for
2003 remain unchanged. Effective January 1, 2004, the U.S. dollar was
defined as the functional currency for companies in Malaysia and
Singapore as a result of the increased volume of business from
regional production. There were only minor changes in the scope of
consolidation in the first half of 2004.
Consolidated Statements of Income
2nd 1st
Quarter Half
Change Change
Million euro 2004 2003 in % 2004 2003 in %
Sales, net of natural gas
taxes 9,314 8,249 12.9 18,365 17,081 7.5
Cost of sales 6,248 5,680 10.0 12,409 11,753 5.6
Gross profit on sales 3,066 2,569 19.3 5,956 5,328 11.8
Selling expenses 1,152 1,127 2.2 2,269 2,244 1.1
General and
administrative expenses 179 173 3.5 353 336 5.1
Research and development
expenses 275 262 5.0 535 538 (0.6)
Other operating income 97 88 10.2 203 192 5.7
Other operating expenses 376 321 17.1 783 686 14.1
Income from operations 1,181 774 52.6 2,219 1,716 29.3
(Expenses)/income from
financial assets 26 (34) . 18 (53) .
Interest result (49) (54) 9.3 (101) (138) 26.8
Financial result (23) (88) 73.9 (83) (191) 56.5
Income before taxes and
minority interests 1,158 686 68.8 2,136 1,525 40.1
Income taxes 490 484 1.2 921 852 8.1
Minority interests 34 7 385.7 66 36 83.3
Net income 634 195 225.1 1,149 637 80.4
Earnings per share (euro) 1.15 0.35 228.6 2,08 1.13 84.1
Number of shares in
millions, weighted 551 563 (2.1) 553 565 (2.1)
Consolidated Balance Sheets
June June Dec.
30,2004 30,2003 Change 31,2003 Change
Million euro in % in %
Assets
Intangible assets 3,701 4,155 (10.9) 3,793 (2.4)
Property, plant and equipment 13,139 13,534 (2.9) 13,070 0.5
Financial assets 2,529 3,163 (20.0) 2,600 (2.7)
Fixed assets 19,369 20,852 (7.1) 19,463 (0.5)
Inventories 4,194 4,848 (13.5) 4,151 1.0
Accounts receivable, trade 5,944 5,619 5.8 4,954 20.0
Miscellaneous receivables 3,108 3,191 (2.6) 3,159 (1.6)
Deferred taxes 1,234 1,154 6.9 1,247 (1.0)
Liquid funds 794 395 101.0 628 26.4
Current assets 15,274 15,207 0.4 14,139 8.0
Total assets 34,643 36,059 (3.9) 33,602 3.1
Stockholders' equity and
liabilities
Subscribed capital and capital
surplus 4,408 4,408 0.0 4,408 0.0
Retained earnings and other
equity 11,231 11,442 (1.8) 11,083 1.3
Minority interests 352 396 (11.1) 388 (9.3)
Stockholders' equity 15,991 16,246 (1.6) 15,879 0.7
Provisions for pensions and
similar obligations 3,890 3,892 (0.1) 3,862 0.7
Provisions for taxes and other
provisions 5,767 5,332 8.2 5,325 8.3
Provisions 9,657 9,224 4.7 9,187 5.1
Financial indebtedness 3,507 5,097 (31.2) 3,507 0.0
Accounts payable, trade 2,365 2,208 7.1 2,056 15.0
Other liabilities 3,123 3,284 (4.9) 2,973 5.0
Liabilities 8,995 10,589 (15.1) 8,536 5.4
Total liabilities 18,652 19,813 (5.9) 17,723 5.2
Total stockholders' equity and
liabilities 34,643 36,059 (3.9) 33,602 3.1
Consolidated Statements of Stockholders' Equity January - June 2004
Number of Subscribed Capital Retained
Million euro shares capital surplus earnings
As of January 1, 2004 556,643,410 1,425 2,983 12,055
Net income - - - 1,149
Share buyback and
cancellation of shares
including own shares intended
to be cancelled -7,170,000 -18 18 -300
Dividends paid - - - -774
(Decrease)/increase of
foreign currency
translation adjustments - - - -
Capital injection by minority
interests - - - -
Changes in scope of
consolidation and
other changes - - - 15
As of June 30, 2004 549,473,410 1,407 3,001 12,145
Consolidated Statements of Stockholders' Equity January - June 2004
Currency Stock-
translation Minority holders'
Million euro adjustment interests equity
As of January 1, 2004 -972 388 15,879
Net income - 66 1,215
Share buyback and cancellation of
shares
including own shares intended to be
cancelled - - -300
Dividends paid - -31 -805
(Decrease)/increase of foreign
currency
translation adjustments 58 -61 -3
Capital injection by minority
interests - -41 -41
Changes in scope of consolidation and
other changes - 31 46
As of June 30, 2004 -914 352 15,991
Consolidated Statements of Stockholders' Equity January - June 2003
Number of Subscribed Capital Retained
Million euro shares capital surplus earnings
As of January 1, 2003 570,316,410 1,460 2,948 12,468
Net income - - - 637
Share buyback and cancellation
of shares
including own shares intended
to be cancelled -6,930,000 -18 18 -226
Dividends paid - - - -789
(Decrease)/increase of foreign
currency
translation adjustments - - - -
Changes in scope of
consolidation and
other changes - - - -2
As of June 30, 2003 563,386,410 1,442 2,966 12,088
Consolidated Statements of Stockholders' Equity January - June 2003
Currency Stock-
translation Minority holders'
Million euro adjustment interests equity
As of January 1, 2003 -330 396 16,942
Net income - 36 673
Share buyback and cancellation of
shares
including own shares intended to be
cancelled - - -226
Dividends paid - -33 -822
(Decrease)/increase of foreign currency
translation adjustments -316 -5 -321
Changes in scope of consolidation and
other changes - 2 -
As of June 30, 2003 -646 396 16,246
Forward-looking statements
This report contains forward-looking statements under the U.S.
Private Securities Litigation Reform Act of 1995. These statements are
based on current expectations, estimates and projections of BASF
management and currently available information. They are not
guarantees of future performance, involve certain risks and
uncertainties that are difficult to predict and are based upon
assumptions as to future events that may not prove to be accurate.
Many factors could cause the actual results, performance or
achievements of BASF to be materially different from those that may be
expressed or implied by such statements. Such factors include those
discussed in BASF's Form 20-F filed with the Securities and Exchange
Commission. (The Annual Report on Form 20-F is available on the
Internet at www.basf.com.) We do not assume any obligation to update
the forward-looking statements contained in this report.
Publisher:
BASF Aktiengesellschaft
Corporate Department
Communications BASF Group
67056 Ludwigshafen
Germany
You can find HTML versions of this and other publications from
BASF on our homepage at www.basf.com.
You can also order reports:
-- by telephone: +49 621 60-0
-- by e-mail: medien-service@basf-ag.de
-- on the Internet: www.basf.de/mediaorders
Important dates
-- November 11, 2004
Interim Report Third Quarter 2004
-- March 9, 2005
Financial Results 2004
-- April 28, 2005
Annual Meeting, Mannheim
Interim Report First Quarter 2005
-- August 3, 2005
Interim Report Second Quarter 2005
CONTACT: BASF
Corporate Media Relations:
Jennifer Moore-Braun
Phone: +49 621 60-20829
Fax: +49 621 60-92693
E-Mail: jennifer.moore-braun@basf-ag.de
or
Investor Relations:
Magdalena Moll
Phone: +49 621 60-48230
Fax: +49 621 60-22500
E-Mail: investorrelations@basf-ag.de
or
General inquiries:
Phone: +49 621 60-0
Fax: +49 621 60-42525
E-Mail: info.service@basf-ag.de
Internet: www.basf.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report to be signed on its behalf by
the undersigned, thereunto duly authorized.
BASF Aktiengesellschaft
Date: August 4, 2004 By: /s/ Elisabeth Schick
------------------------
Name: Elisabeth Schick
Title: Director Site Communications Ludwigshafen
and Europe
By: /s/ Christian Schubert
--------------------------
Name: Christian Schubert
Title: Director Corporate Communications
BASF Group