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BASF's North American Region Delivers Strong Financial
Performance in 2004
Regional income from operations continues year-to-year improvement trend
FLORHAM PARK, N.J., March 9 /PRNewswire-FirstCall/ -- BASF's financial results
for 2004 in the North American region were strong. Income from operations in
the region increased more twentyfold over 2003, and fourth quarter earnings
showed continued impressive improvement compared to the same period a year ago.
BASF Aktiengesellschaft today announced its fourth quarter and full-year 2004
results in Ludwigshafen, Germany. Details can be found under
http://www.basf.de/interimreport.
Sales in North America for 2004 were euro 8.165 million (about $11.104
million), up 13.2 percent over euro 7.214 million in fiscal 2003. Income from
operations in 2004 was euro 246 million (about $335 million) up over twentyfold
from euro 10 million in 2003. Income from operations before special items for
the year increased to euro 404 million (about $549 million) an increase of 393
percent from euro 82 million in 2003. The performance marks the third
consecutive year BASF's North American results have improved.
Fourth quarter sales in North America were euro 2.001 million (about $2.721
million), up 23.6 percent over the fourth quarter of 2003. Income from
operations in the fourth quarter 2004 was euro 42 million (about $57 million)
up 367 percent from euro 9 million in the fourth quarter 2003. Income from
operations before special items increased to euro 42 million (about $57
million) an increase of 82.6 percent from euro 23 million compared with the
same period a year ago.
BASF is continuing to successfully implement its North American restructuring
program and has made great progress toward its goal of reducing costs by at
least $250 million by 2006. As of year-end, the company has achieved annual
cost savings of $175 million. The program includes optimizing administrative
functions, manufacturing site operations and business processes.
"These financial results illustrate that our restructuring initiative is
proving to be successful in positioning us to fully benefit from the current
upswing in the U.S. economy and the chemical industry," said Klaus Peter
Loebbe, Chairman and Chief Executive Officer of BASF Corporation, BASF's North
American affiliate. "Our goal is to strengthen BASF's North American presence
to be able to sustain the downturns, and prosper in the upturns."
Loebbe said that the company's strong financial performance was driven by
aggressive cost reduction coupled with a diligent approach to passing along
increases in energy and feedstock prices. "We must continue to rebuild margins
if we are to reach re-investment levels for our businesses," he said.
Loebbe added that BASF is committed to the North American market, which is the
largest chemicals market in the world. "The North American chemical sector
continues to be strong, vibrant and growing. It is a critical market to BASF's
global presence, and our strategies are designed to support long-term
profitability despite changing market conditions," he said. "I am optimistic
that the North American chemical industry will stay competitive through
innovation, customer and industry focus, and smart portfolio management."
BASF's strategy going into 2005 will continue a keen focus on programs to
enhance competitiveness by reducing fixed costs, enhancing margins,
strategically improving the company's business portfolio, and in delivering
greater customer value through innovation.
Note: BASF Group reports financial results in Euros. References to U.S. dollars
are made using the exchange rate effective on December 31, 2004, of euro 1.00 =
$1.36. This conversion is provided solely for the convenience of the reader.
BASF - The Chemical Company. We don't make a lot of the products you buy. We
make a lot of the products you buy better.(R)
BASF Corporation, headquartered in New Jersey, is the North American affiliate
of BASF AG, Ludwigshafen, Germany. We employ about 10,000 people in North
America and had sales of approximately $11 billion in 2004. For more
information about BASF's North American operations, or to sign up to receive
news releases by e-mail, visit http://www.basf.com/usa.
BASF is the world's leading chemical company: The Chemical Company. Its
portfolio ranges from chemicals, plastics, performance products, agricultural
products and fine chemicals to crude oil and natural gas. As a reliable partner
to virtually all industries, BASF's intelligent solutions and high- value
products help its customers to be more successful. BASF develops new
technologies and uses them to open up additional market opportunities. It
combines economic success with environmental protection and social
responsibility, thus contributing to a better future. In 2004, BASF had
approximately 82,000 employees and posted sales of more than $50 billion. BASF
shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA), New
York (BF), Paris (BA) and Zurich (AN). Further information on BASF is available
on the Internet at http://www.basf.com/.
DATASOURCE: BASF
CONTACT: Jack Maurer of BASF, Tel: +1-973-245-6072,
E-mail:
Web site: http://www.basf.com/usa