BASF: Fit for 2012 and beyond...Customer industry growth CAGR 2010-2020 in % p.a. Energy & Resources...

BASF Strategy: We

create

chemistry__November

2011 1

BASF: Fit for 2012 and beyond

Capital MarketStory

December 2011

BASF Strategy: We

create

chemistry__November

2011 2

Business review BASF Today Trends Purpose and strategic principles Targets Strategic levers BASF Tomorrow – Board priorities

3

Sales

€17.6 billion

+12%

EBITDA

€2.7 billion

(8%)

EBITDA margin

15.4%

18.6%

EBIT before special items (bSI)

€2.0 billion

(11%)

EBIT bSI

adjusted for non-comp. oil taxes

€2.0 billion

(1%)

EBIT

€1.9 billion

(13%)

Net income €1.2 billion (4%)

EPS €1.30 (4%)

Adjusted EPS €1.52

0%

Business performance Q3’11 vs. Q3’10

Further sales growth in chemical activities mainly due to successful price increases

Acquired Cognis

business continues to perform strongly; synergy targets increased

Agricultural Solutions on track for record year in sales and earnings

EBIT before special items amounted to €2 billion. Adjusted for Libya, which contributed €355 million in last year’s quarter, EBIT before special items increased by 6% compared to

Q3 2010.

BASF with good earnings in Q3Highlights Q3 2011

BASF Capital Market Story__December

2011

4

We expect to generate significantly higher sales

We aim to significantly exceed the 2010 EBIT before special items

adjusted for non-compensable oil taxes

(2010: €7.2 billion)

We will earn a high premium on our cost of capital

Outlook 2011*

Outlook 2011 confirmed

We aim to continuously increase the annual dividend, or at least

maintain it at the

level of the previous year.

Dividend policy

* Published

on October

27, 2011; 3rd Quarter

2011 ReportingBASF Capital Market Story__December

2011

BASF Strategy: We

create

chemistry__November

2011 5



2011 6

Outperformed global chemical production by 4 percentage points p.a.

Sales to third parties in billion €

BASF total growth 7.8% p.a.

BASF volumes + M&A 6.6% p.a.

BASF volumes 4.1% p.a.

Global chemical production 3.0% p.a.

30

60

20

50

40

Prices

12

33

Volumes

14

64

M&A

11

Currencies

–6

70

2001 2010

7

€9bn(Sales excl. planned

measures)

Portfolio development towards more market driven and innovative businesses

Acquisitions

Crop protection

Engineering plastics

Electronic chemicals

Custom synthesis

Catalysts

Construction chemicals

Water-based coatings

Pigments

Plastic additives

Oil & Gas

Personal care & food

€15bn(Sales)

BASF core business

Strong partnerships

Gazprom

Monsanto

Petronas

Shell

Sinopec

Total

Divestitures

Pharma

Fibers

Printing systems

Polyolefins

Polystyrene Americas

Agro generics

Vitamins premix

Fertilizers (planned)

Styrolution

(planned)

Selected transactions 2001 −

today


2011

8

Strong and profitable growth in emerging markets

0

20

40

60

2001

CAGR 5.4%28%

34%CAGR 13%

2010

53

28

Developed markets*Emerging markets * BASF definition: Developed

markets

include

EU15, Norway,

Switzerland, North America, Japan, Australia, New Zealand

22%

0

2

4

6

8

10

2001

CAGR 12%

34%

CAGR 18%

2010

8.2

2.5

25%

Sales BASF Group excluding Oil & Gas in billion €

by location of customerEBITDA BASF Group excluding Oil & Gas

in billion €

by location of customer


2011

9

Strong focus on operational excellence

BASF Group 2001–2010 Index

50

100

150

200

250

300

2001 2004 2007 2010

CAGR

12 %

8 %

2 %

EBITDA

Sales

Fixed costs


2011

10

Decade of outperformance in sector margins

EBITDA margin in %

0

5

10

15

20

25

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

BASF Group EBITDA margin

European chemical sector Ø*

US chemical sector Ø**

Asian chemical sector Ø***

* AkzoNobel, Arkema, Clariant, DSM,

Evonik

(Degussa), Lanxess, Solvay** Celanese, Dow, DuPont, Huntsman, PPG

*** Formosa Plastics, Mitsubishi Chemicals, Mitsui Chemicals, Sinopec Chemicals, Sumitomo Chemicals

Source: Company reports, Thomson One, Reuters


2011

11

*

Cash provided by operating activities less capex

(in 2005 before CTA)** 2009 adjusted for re-classification of settlement payments for currency derivatives

Continuous strong free cash flow generation

–0.5

2.8 2.6

3.33.5

3.2

2.5

–0.1

3.2

3.9


2011

Free cash flow in billion €

12

–2.6–0.6

1.82.4

2.1

2.9

1.6

–0.6–0.2**

3.5


2011

Solid track record of earning a premium on cost of capital

Target first established

20102001 2002 2003 2004 2005 2006 2007 2008 2009

EBIT after cost of capital* in billion €

* Cost of capital rate varied from 9% to 13%

** Including Ciba integration costs of €0.8 billion

13

Delivering consistent, long-term value – Last 10 years

Long-term performance December 2001 – November 2011 (average annual performance with dividends reinvested)

-1 2 5 8 11 14

BASF

Euro Stoxx 50

DAX 30

MSCI World Chemicals

+2.0%

+13.8%

Last 5 years

+7.1%

–1.7%

13.9%

–7.2%

–0.7%

3.5%


2011

BASF Strategy: We

create

chemistry__November

2011 14


15

Demographic challenges set the stage for the future of the chemical industry

Nine billion people in 2050 but only one earth

Resources, Environment & Climate

Food & Nutrition Quality of life

Chemistry as enabler


2011

16

Key trends for the chemical industry

Integrated chemical companies remain cornerstone

Emerging markets players grow quickly

Raw material players invest further downstream

Competitive landscape will change

Use opportunities from sustainability

Increase resource efficiency

Renewables

as raw materials

Stakeholder dialog

Sustainability as strategic driver

Chemistry as enabler

Chemical products replace traditional materials

Create innovative sustainable solutions

Innovation gains in importance

Growth will accelerate

Industrial production > GDP

Chemical

production > GDP

Emerging markets will outgrow developed markets

Chemical industry remains an attractive growth industry


2011

17

Chemicals to outgrow key customer industries

Transportation

100

142

138219

23

127

0

1

2

3

4

5

6

7

8

9

10

0 1 2 3 4 5 6 7 8 9 10

in %

ConstructionAgriculture

Customer industry growth CAGR 2010-2020 in % p.a.

Energy & Resources

Electronics

Health & Nutrition

Consumer Goods

Che

mic

al p

rodu

ctio

n gr

owth

C

AGR

201

0-20

20 in

% p

.a.

= Market of 2020

in bn

€

(real, 2008)

148

Chemicals growth above customer industries

Chemicals growth below customer industries

Chemicals growth =

customer industrie

s growth

Source: BASF


2011

BASF Strategy: We

create

chemistry__November

2011 18


19

Our strategic principles

We add value as one company.

We innovate to make our customers more successful.

We drive sustainable solutions.

We form the best team.


2011

20

We add value as one company

Hedging

Operational excellence

Financialstrength

Global reach

People Verbund

Customer Verbund

Production Verbund

Technology Verbund

Value chains

Construction

Electronics

Energy &Resources

Consumer GoodsTransportation

Agriculture

Health & Nutrition


2011

BASF Strategy: We

create

chemistry__November

2011 21


22

Striving for strong profitable growth

Sales* in billion €

64

2010 Target 2020

Target 2015

Investments

Acquisitions

CAGR ~6%

Innovations

Investments

AcquisitionsInnovations

~85

~115

We will outperform chemical production by 2 percentage points p.a.* Potential impact of IFRS changes not included


2011

23

All regions will deliver profitable growth

Regional sales targets 2020 (by location of customers)

in billion €

North America

2010 2020

13

~5.5% p.a.~22

South America, Africa, Middle

East

~8% p.a.

5 ~11

Europe

~4.5% p.a.

33

~53

Asia Pacific

~8% p.a.

13~29

2010 2020

2010 20202010 2020

19%*20%*46%*52%*

25%*20%*10%*8%*

* Percentage of total salesBASF Capital Market Story__December

2011

24

Doubling EBITDA by 2020

EBITDA* in billion €

2010 Target 2020

Target 2015

11.1

CAGR ~7.5%~23

~15Op. Excellence

Growth

Acquisitions

Op. Excellence

Growth

Acquisitions

* Assumptions 2010-2020: Exchange rate $/€

Ø

1.40, Oil price Ø

$110/bblBASF Capital Market Story__December

2011

BASF Strategy: We

create

chemistry__November

2011 25


BASF Strategy: We

create

chemistry__November

2011 26

Business review BASF Today

Trends Purpose and strategic principles

Targets Strategic levers

– Portfolio development–

Market approach

–

Innovations for a sustainable future–

Investments

–

Acquisitions–


BASF Tomorrow –

Board priorities

27

Successfully managing an integrated company

Performance

Mar

ket a

ttrac

tiven

ess hi

ghlo

w

low highCircle size: Strategic Business Unit sales

= €1bn

Divested businesses: - Fertilizers (planned)- Styrenics (planned)- Polyolefins- Printing inks- Fibers

76 Strategic Business Units

Majority of businesses in attractive markets due to active portfolio management

Performance is a weighted score based on operating profitability and competitive position (e.g. market share)

Market attractiveness is a weighted score based on market growth and market size, innovation opportunities and competitive environment


2011

28

Oil & Gas business provides significant advantages for BASF

Oil & Gas

Strong contributor to BASF’sprofitable

growth

Significant cash flow

and long-term

profitability

Hydrocarbonhedge

Technologicalsynergies through BASF

Verbund


2011

29

We expand from chemicals to chemistry

Chemistry as key enabler for functionalized materials & solutions

Deep understanding of customer value chains required

New molecules

Improved applications

Functionalized materials & solutions

1960 1970 1980 1990 2000 2010 2020

Batteries, membranes ...


2011

30

Moving downstream towards customer industries

* Agriculture, Construction, Consumer Goods, Health & Nutrition, Electronics, Energy & Resources, Transportation

** Sales excluding Oil & Gas

Functionalized Materials & SolutionsCustomized ProductsClassical Chemicals

2020in % of sales**

Chemical Industry First customer industries*

2010 in % of sales**

~ 40%

~30% ~ 70%

2001 in % of sales**

~ 50%

~ 60%

~ 50%


2011

BASF Strategy: We

create

chemistry__November

2011 31




–

Portfolio development– Market approach–

Innovations for a sustainable future

–

Investments–

Acquisitions

–


BASF Tomorrow –

Board priorities

32

Building on our cross-divisional customer industry approach

BASF sales by first customer industry*

Bubble Size: BASF divisional sales by first customer industry (2010)**

* Excluding

Oil & Gas and Other

** Excluding Agricultural Solutions, Health & Nutrition, Oil & Gas and Other

> 15 %

< 10 %

< 10 %

> 15 %

Inorganics Petro-chemicals

Construction Chemicals

Dispersions & Pigments

Catalysts Intermediates Coatings Care Chemicals

Performance Polymers

Poly- urethanes

Performance Chemicals

Paper Chemicals

Consumer goods

Transportation

Construction

Energy & Resources


2011

33

Combining cross-divisional technology competencies with customer know-how

Smart forvision – joint concept car of Daimler and BASF

E-textiles

Solar roof with transparent

organic solar panels and

OLED modules

Multifunctional seat

Infrared-reflective coating

Infrared-reflective film

High performance foams

Lightweight tridion

cell

All-plastic wheel


2011

34

Significant opportunities in wind energy

Epoxy systems and Adhesives (Intermediates)

Paint (Coatings)

Core foams (Plastics)

Sales potential by 2020:~ €300 million

Blades

Grouts and admixtures (Construction Chemicals)

Paint (Coatings)

Tower and base

Hydraulic fluids and gear oils (Performance Chemicals)

Nacelle

Tower and base

Blades

Nacelle


2011

BASF Strategy: We

create

chemistry__November

2011 35




–

Portfolio development–

Market approach

– Innovations for a sustainable future–

Investments

–

Acquisitions–


BASF Tomorrow –

Board priorities

36

Sustainability will become even more important

SUPPLY DEMAND

1976 2010

Annual regenerative capacity of the planet

Human beings now demand more from the Earth than can be regenerated

Earth’s resources

Consumption of Earth’s resources

+


2011

37

Chemistry as an enabler for many customer industries

Sustainability in customer industries will drive our innovative growth fields

Health & Nutrition

Consumer GoodsConstructionTransportation Electronics Energy &

ResourcesAgriculture

Customerindustries

Energy management

Water solutions

Wind energy

Rare earth metals

recycling

Heat management

Enzymes Plant biotechnology

Batteries for mobility

Lightweight composites

Heat management

Functional crop care

Medical OrganicElectronics

GrowthFields*

* Including growth fields still under evaluation

Ongoing inflow of new growth fields


2011

38

Growth field: Batteries for electromobility

Market size: > €20 billion

Sales potential for BASF: > €500 million

Business potential 2020

Chemicals & materials for lithium-ion batteries

Work on battery concepts for Generation IV

Intensive collaboration with universities & industry partners

Existing activities

Position BASF as a system supplier for cell manufacturers

Utilize technology and business synergies

Expand electrolyte activities

Targets


2011

39

Growth field: Water Solutions

Market size: €20 billion

BASF sales potential: > €800 million

Business potential 2020

High-performance flocculants, desalination and antifouling chemicals & polymers used in membranes (BASF & Ciba)

Acquired know-how on membrane technologies and module systems (inge

watertechnologies)

Position BASF as the leading supplier of innovative chemical solutions worldwide

Forward integration into membrane technologies

Leverage synergies to develop improved additives, flocculants and polymers

Targets

Existing activities


2011

40

Global trait value in 2020: ~€11 billion

Expected gross trait sales potential of plant biotech pipeline before partner share in 2020: €1.9 billion

Business potential

Yield & Stress collaboration with Monsanto

(corn, soy, cotton, canola and wheat)

Further collaborations with Bayer, Cargill, CTC, Embrapa

and KWS

Position BASF as “The Trait Technology Partner”

Achieve more efficient agriculture and healthier nutrition

Implement a Plant Biotechnology operating division within the Agricultural Solutions segment

Targets

Existing activities

Growth field: Plant biotechnology


2011

41

BASF’s global R&D footprint todayNorth America: 1,330 employees in R&D

Europe: 7,500 employees in R&D

Major R&D site

Asia 550 employees in R&D

South America: 220 employees in R&D


2011

42

Strengthening our R&D platform in Asia Pacific to accelerate growth

Innovation in Asia for Asia

8 R&D sites plus technical centers

in Asia Pacific

R&D experts to increase from 550 to more than 800 by 2020

€55 million investment includes innovation campus and Greater China head office

Leverage global R&D capabilities with Competence Centers in Singapore, India and China

Co-operations with ~100 institutes and universities BASF‘s new innovation campus in Shanghai


2011

43

Targeted €7 billion of EBITDA from innovations in 2020

Sales and EBITDA from innovations in billion €

2015 2020

~10

~30

Targeted spending of ~3% of sales (excluding Oil & Gas) p.a. on R&D

Sales from innovations launched within last 5 years

Sales from innovations launched within last 10 years

~2.5

~7EBITDA from innovations launched within last 5 years

EBITDA from innovations launched within last

10 years


2011

BASF Strategy: We

create

chemistry__November

2011 44




–


Market approach

–


Investments

–

Acquisitions–


BASF Tomorrow –

Board priorities

45

Investments will boost future organic growth

Future investments in €

billlion

Thereof investments in emerging markets

Total investments

35-45%

15-20

30-40%

~15

2006 –

2010 2011 –

2015 2016 –

2020

10.9

~20%


2011

46

MDI plant Chongqing, China Expansion Verbund

site Nanjing*

Expansion Verbund

site Kuantan*

Acrylic acid complex, Brazil Expanding gas production, Russia* 15% Stake in South Stream* Memoranda of Understanding signedBASF Capital Market Story__December

2011

Emerging markets Recently announced major projects

47

Growth above market with increasing share from emerging markets

* BASF definition: Developed markets include EU15, Norway,

Switzerland, North America, Japan, Australia, New Zealand

** Sales excluding Oil & Gas

2020in % of sales**

2010 in % of sales

(€53bn**)

2001 in % of sales

(€28 bn**)

Emerging marketsDeveloped markets*

~ 66%

~55% ~ 45%

~ 78%

~ 34%

~ 22%


2011

BASF Strategy: We

create

chemistry__November

2011 48




–


Market approach

–


Investments

– Acquisitions–


BASF Tomorrow –

Board priorities

49

Acquisitions will contribute to profitable growth in the future

Are EPS accretive by year three at the latest

Provide a minimum return on investment of 8% after tax

Financial acquisition criteria

Generate profitable growth above the industry average

Are innovation-driven

Offer a special value proposition to customers

Reduce earnings cyclicality

Strategic acquisition criteria

We want to acquire businesses which…


2011

BASF Strategy: We

create

chemistry__November

2011 50




–


Market approach

–


Investments

–

Acquisitions– Operational excellence

BASF Tomorrow –

Board priorities

51

New operational excellence program STEP: Earnings contribution ~€1 billion

Annual earnings contribution in €

million

Optimization of processes, structures and production sites in all regions

Measures:–

Fixed cost savings–

Margin improvement–

Capacity increase–

Better sourcing

Project timeline: 2012 -

2015

Targeted earnings contribution of about €1 billion by end of 2015

NEXT Program

0

1,000

2,000

3,000

2012 2015

Former cost saving programs NEXT STEP


2011

STEPSTrategic

Excellence

Program

Annual earnings contribution of more than €1 billion will be achieved in 2012

BASF Strategy: We

create

chemistry__November

2011 52


53

Key financial targets 2015 / 2020

Grow at least 2 percentage points above chemical production

Earn a premium on cost of capital of at least €2.5 billion on average p.a.

Profitability targetsGrowth targets

2015

2020

Sales ~€85 billion

Sales ~€115 billion

EBITDA ~€15 billion

Double EBITDA to ~€23 billion (compared with 2010)


2011

54

Our financial policies

Pursue capital discipline

Focus on tight working capital management

Support growth with profitable acquisitions

Grow dividend

Consider share buy-back program

Maintain a solid A credit rating


2011

55

Our strategy will create shareholder value

Earnings per share* in €

Business

growth1.30

4.96

2002 2010

0.5

0.9

0.8

1.5 Margin

Tax rate

Share buy-back

Target 2015

~7.5

„STEP“

Share buy-back

Growth

CAGR ~9%


2011* Reported EPS; adjusted for 2:1 stock split in 2008

56

BASF tomorrow – Roadmap to 2020

We add value as “One company”

Continued top and bottom line growth with key focus on emerging markets

Expansion of portfolio downstream towards functionalized materials and solutions

Strong focus on sustainability and innovation

Commitment to deliver long-term shareholder value


2011

57

This presentation includes 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. This presentation contains a number of forward-looking statements including, 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 with respect to future events and financial performance. Actual financial performance of the entities described herein 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.

Forward-looking statements represent estimates and assumptions only as of the date that they were made. The information contained in this presentation is subject to change without notice and BASF does not undertake any duty to update the forward-looking statements, and the estimates and assumptions associated with them, except to the extent required by applicable laws and regulations.

Forward-looking statements


2011

We create chemistry

BASF Strategy: We

create

chemistry__November

2011 5959

BackupMacro-economic assumptions

60

Assumptions 2010 – 2020

Growth 2001 - 2010

Global GDP 2.5% p.a.

Chemical production (excl. Pharma) 3.0% p.a.

Industrial production 2.4% p.a.

Growth 2010 – 2020 (Forecast*)

3.0% p.a.

4.0% p.a.

3.8% p.a.

* Assumptions 2010-2020: US$/€

Ø

1.40. oil price Ø

US$110/bbl


2011

BASF Strategy: We

create

chemistry__November

2011 6161

BackupBASF track record 2001-2010

62

Generating high EBITDA

4.15.1

7.7 8.29.7 10.2

9.6

5.1

7.4

11.1


2011

EBITDA in billion €

CAGR (2001-2010) 12%

63

Generating strong EPS growth

-0.10**0.81

1.83

2.87 3.19

4.16

3.13

1.30 1.54

4.96


2011

Earnings per share* in €

CAGR (2002-2010) 18%

* Reported EPS; adjusted for 2:1 stock split in 2008

** Excluding extraordinary income

64

From 2001 to 2010, BASF paid dividends in the amount of ~€13 billion

Delivering attractive shareholder returns

Dividend per share in €

* Dividend yield based on share price at year-end

CAGR 14.5%

Dividend payments

3.9%3.1% 3.2% 3.1% 4.1% 3.8% 7.0%Yield* 3.7%3.1% 3.9%

From 2001 to 2010, BASF bought back shares in the amount of €8.9 billion

This equaled ~25% of total shares outstanding

Share buy-backs


2011

65

Cash generation enables business growth and shareholder returns

Source of cash (2001-2010) in €

Use of cash (2001-2010) in €

Cash and financing 5%

Earnings after tax 35%

Depreciation44%

Acquisitions19%

Dividend20%

Capex35%

Divestitures15%

Share buy- back13%€68

billion€68

billion

Working capital5%

CTA* % others 8%

Financial investments

& Other 1%

* Contractual Trust Agreement: transfer of pension obligations to external trust


2011

66

Investments spur future growth

Capex 2001-2010 in €

R&D spending 2001-2010 in €

FunctionalSolutions

9%

Other 3%

Oil & Gas 1%

Chemicals9%

AgriculturalSolutions26%

Plastics10%

€12 billion Performance

Products22%

FunctionalSolutions

5%

Other (e.g. Infrastructure)

12%

Oil & Gas 28%

Chemicals21%

AgriculturalSolutions4%

Plastics15%€26

billionPerformance

Products15%

Corporate research20%


2011

67

Further increase in R&D spending planned for 2011

Innovation will spur further growth

Total R&D expenditures 2010 (billion €)

€1.5 billion R&D expenditures in 2010 (2009: €1.4 billion)

~€8 billion

R&D expenditures

in the

period

2011-2015

~9,600 employees in R&D

~3,000 projects

and topics

Research Verbund: About 1,900 partnerships with universities, start-ups and industry partners

Strong commitment to R&D

Corporate Research22%

Agricultural Solutions

26%

Functional Solutions12%

Performance Products19%

Chemicals9%

Plastics10%

€1.5 billion

Other2%


2011

BASF Strategy: We

create

chemistry__November

2011 6868

BackupBusiness development Q3 2011

69

Chemicals Significant sales growth driven by strong price increases

Intermediates671+4%

Inorganics356

+11%

Petrochemicals2,141+12%

€3,168+10%

617537

765674

621

0

200

400

600

800

Q3 Q4 Q1 Q2 Q3

Sales development

Period Volumes Prices Portfolio Currencies

Q3’11 vs. Q3’10 (3)% 18% 0% (5)%

Q3’11 segment sales (million €) vs. Q3’10 EBIT before special items (million €)

2010 2011


2011

70

Plastics Sales up mainly due to a strong Performance Polymers business

Polyurethanes1,480+2%

Performance Polymers

1,321+16%

€2,801 +8%

371

285

393 383

317

0

200

400

Q3 Q4 Q1 Q2 Q3

Sales development Period Volumes Prices Portfolio Currencies

Q3’11 vs. Q3’10 2% 10% 0% (4)%


2010 2011


2011

71

Sales developmentPeriod Volumes Prices Portfolio Currencies

Q3’11 vs. Q3’10 (2%) 7% 23% (4)%

Performance Products Strong contributions from acquired Cognis businesses

370294

554513

440

0

100

200

300

400

500

600

Q3 Q4 Q1 Q2 Q3

PerformanceChemicals

904+9%

Care Chemicals1,265+85%

€3,991+24%

Paper Chemicals423-6%


Nutrition & Health471+32% Dispersions

& Pigments 928

+5%

2010 2011


2011

72


Q3’11 vs. Q3’10 4% 11% 3% (6)%

Functional Solutions Strong performance of Catalysts

Catalysts1,608+19%

ConstructionChemicals

5990%

Coatings700

+9%

€2,907+12%

158

33

142167 162

0

50

100

150

Q3 Q4 Q1 Q2 Q3


2010 2011


2011

73

Agricultural Solutions On track for record year in sales and earnings

66

95

0

50

100

150

Q3 Q3


20112010

0

200

400

600

800

1.000

Q3 Q320112010

+9%

+44%


Q3’11 vs. Q3’10 12% 3% 0% (6)%

832908


2011

74

272 225

0

200

400

600

Q3 Q3

Exploration & Production534-39%

Natural Gas Trading

1,661+23%

€2,195 -1%

Sales developmentPeriod Volumes Prices/Currencies Portfolio

Q3’11 vs. Q3’10 (25)% 24% 0%

EBIT bSI

Natural Gas TradingEBIT bSI

Exploration & Production Net income

Q3’11 segment sales (million €) vs. Q3’10 EBIT before special items/ Net income (million

€)

20112010

503227

573

350

Non-compensable

oil

taxes

224

70 123

Oil & Gas EBIT before SI on last year’s level (adj. for non-compensable oil taxes)


2011

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