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Document Preview A Dynamic BASF Moves Forward into the Second Half |
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Title: |
A Dynamic BASF Moves Forward into the Second Half |
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Date: |
2003 |
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$47 |
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#237432 |
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A Dynamic BASF Moves Forward into the Second Half
LUDWIGSHAFEN, Germany--(BUSINESS WIRE)--Aug. 7, 2003--BASF
(NYSE:BF) (FWB:BAS) (LSE:BFA):
-- Good performance in the second quarter of 2003: EBIT before
special items up slightly on 2002
-- Agricultural Products & Nutrition segment improves
significantly
-- Additional restructuring program to strengthen profitability
in the NAFTA region
-- Full year 2003: major efforts needed to match last year's
earnings
BASF is continuing to perform well in a persistently difficult
environment. Thanks to the success of its timely cost-reduction
program, the company achieved second-quarter EBIT before special items
of EUR832 million - an increase of 1.2 percent compared with the same
period of 2002. Sales declined by 1.6 percent to EUR8.2 billion. This
was mainly due to the drop in the value of the U.S. dollar by more
than 20 percent compared with the previous year. BASF increased sales
volumes by 3.2 percent and prices by 3.0 percent. Disregarding the
translation effect of the weaker dollar, the company would have posted
sales of EUR8.8 billion, or 4.4 percent more than in the second
quarter of 2002. "You can rely on BASF's strength, even when we have
to operate in an economic climate that offers very few encouraging
signs," explained Dr. Jurgen Hambrecht, Chairman of the Board of
Executive Directors of BASF Aktiengesellschaft, during his
presentation of the interim results for the second quarter of 2003.
Second-quarter EBIT after special items was EUR774 million, or 5.3
percent lower compared with the previous year. Special charges of
EUR58 million in the second quarter were associated with provisions
for restructuring measures in the NAFTA region and the integration of
BASF's latest acquisition in the Agricultural Products division. Net
income fell by 61 percent to EUR195 million as a result of higher
income taxes, mainly due to a one-time effect of EUR124 million
related to corporate income tax. Earnings per share were therefore
EUR0.35 in the second quarter compared with EUR0.86 in the same period
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