BASF is following new financial reporting standards
Since January 1, 2013 the German chemical giant BASF is following the rules of IFRS International Financial Reporting Standards 10 and 11 and IAS International Accounting Standard 19 (revised) and thus the key related figures for 2012 have been restated accordingly
The restated figures are for Sales EUR 72129 million, according to former accounting practise the figure published before was EUR 78729 million. The income from operation before depreciation and amortisation EBITDA is now EUR 10009 million, previously EUR 12516 million. The EBIT before special items is now EUIR 6647 million, previously EUR 8851 million and the EBIT amounts to EUR 6742 million, previously EUR 8976 million and the net income EUR 4819 (before EUR 4879) and the earnings per share (EPS) are EUR 5.25 as against EUR 5.31.
Also the estimates for 2015 and 2020 were adjusted. In 2015 sales are estimated at EUR 80 million instead of EUR 85 million, EBITDA settles at EUR 14 million, formerly EUR 15 million and EPS at EUR 7.50 (unchanged) and the sales figures estimated for 2020 will be EUR 110 billion as against EUR 115 billion and EBITDA EUR 22 billion (EUR 23 billion).
However, these adjustments don’t take into account the planned asset swap with Russian Gazprom to close at the end of 2013. The envisioned transaction includes the divesture of BASF’s natural gas trading and storage business as well as a share in exploration and production activities in the North Sea. Together these activities contributed about 10 billion sales and roughly EUR 500 million to EBITDA of BASF Group in 2012.
All in all, the outlook for 2013 remains unchanged: sales should exceed the ones of 2012 and also EBIT before special items. The higher demand, together with measures to improve operating excellence and the higher efficiency will be further elements, and in addition BASF aims to earn a high premium on cost of capital once more.