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
April 29, 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- .
BASF: First-Quarter Results 2004
Energy Editors/Business Editors
LUDWIGSHAFEN, Germany--(BUSINESS WIRE)--April 29, 2004--BASF
(NYSE:BF) (FWB:BAS) (LSE:BFA):
January - March 2004, published on April 29, 2004
Business strong in first quarter - BASF increases sales and
earnings
-- Volume growth in all segments
-- Chemicals activities improve significantly
-- Cash flow increases further
-- High raw materials costs have negative impact
-- Successful cost reduction programs are continuing
-- Outlook for full year 2004: Higher EBIT before special items
expected
Overview
1st
BASF Group Quarter
Change
Million euro 2004 2003 in %
Sales 9,051 8,832 2.5
Income from operations before interest, taxes
Depreciation and amortization (EBITDA) 1,580 1,496 5.6
Income from operations before special items 1,138 944 20.6
Income from operations (EBIT) 1,038 942 10.2
Financial result (60) (103) 41.7
Income before taxes and minority interests 978 839 16.6
Net income 515 442 16.5
Earnings per share (euro) 0.93 0.78 19.2
EBIT before special items in percent of
sales 12.6 10.7 -
Cash provided by operating activities 963 894 7.7
Additions to fixed assets(1) 493 1,531 (67.8)
Amortization and depreciation(1) 542 554 (2.2)
Segment assets (end of period)(2) 26,733 27,996 (4.5)
Personnel costs 1,351 1,392 (2.9)
Number of employees (end of period) 85,617 88,728 (3.5)
(1) Tangible and intangible fixed assets (including acquisitions)
(2) Tangible and intangible fixed assets, inventories and business-
related receivables
Segments Income from
operations Income from
before operations
special
Sales items (EBIT)
Change Change Change
Million euro 2004 2003 in % 2004 2003 in % 2004 2003 in %
1st Quarter
Chemicals 1,582 1,519 4.1 245 145 69.0 228 144 58.3
Plastics 2,307 2,283 1.1 150 110 36.4 149 109 36.7
Performance
Products 1,929 1,907 1.2 196 142 38.0 189 143 32.2
Agricultural
Products &
Nutrition 1,441 1,296 11.2 269 237 13.5 249 236 5.5
Oil & Gas 1,394 1,483 (6.0) 343 404 (15.1) 343 404 (15.1)
Other(1) 398 344 15.7 (65) (94) 30.9 (120) (94) (27.7)
Thereof costs of
exploratory and
biotech-
nological
research - - - 36 45 (20.0) 36 45 (20.0)
9,051 8,832 2.5 1,138 944 20,6 1,038 942 10.2
(1)"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
(1st quarter: -/previous year euro 3 million).
BASF Group Business Review and Analysis
-- Volume growth in all segments
-- EBIT before special items improves significantly
-- Outlook for full year 2004: Higher EBIT before special items
expected
Sales: First-quarter sales increased by 2.5 % compared with the
same quarter of the previous year. Sales volumes increased
significantly, in particular in the chemicals and agricultural
products businesses. Overall, price levels are still unsatisfactory,
although prices were increased in individual product lines. Excluding
currency effects, in particular the weaker U.S. dollar, sales
increased by 8.4 %.
Factors influencing sales in comparison with previous year
% 1st Quarter
Volumes 8.2
Prices (1.3)
Currencies (5.9)
Acquisitions/divestitures 1.5
Total 2.5
Earnings: At euro 1,138 million, income from operations (EBIT)
before special items climbed 21 % compared with the strong first
quarter of 2003.
Thanks to successful restructuring measures, we achieved
significant cost reductions, in particular in the Chemicals, Plastics
and Performance Products segments. In the Agricultural Products &
Nutrition segment, EBIT improved further as a result of higher sales
volumes of crop protection products, especially in South America.
The Oil & Gas segment again made the largest contribution to EBIT,
although there was a sales-related decline in earnings because the
price of oil was lower in euro terms.
Special items are related to restructuring measures that will be
implemented in the further course of the year - for example NAFTA
restructuring Phase II - and to the accrual of provisions for legal
proceedings in the agricultural products business in the United
States.
EBIT after special items increased by 10 % to euro 1,038 million.
The financial result was euro (60) million compared with euro
(103) million in the first quarter of 2003. The interest result
improved in particular as a result of the lower level of net debt.
Income from financial assets also exceeded the previous year's level.
Income before taxes and minority interests increased by 17 % to
euro 978 million.
The tax rate remained at the previous year's level of 44%. In the
first quarter, income taxes for oil production that are
non-compensable with German taxes were euro 138 million compared with
euro 161 million in 2003.
Net income rose 17 % to euro 515 million. Earnings per share were
euro 0.93 compared with euro 0.78 in 2003.
1st 2nd 3rd 4th
Special items Quarter Quarter Quarter Quarter
Million euro 2004 2003 2004 2003 2004 2003 2004 2003
Special items
- in income
from
operations (100) (2) (58) (29) (246)
- in financial
result (21) - (3) (27) (133)
Total (121) (2) (61) (56) (379)
Outlook: The first three months of 2004 give grounds for
confidence. We expect demand for our products to remain strong. High
and volatile raw materials prices continue to have a negative impact.
We are continuing with our efforts to reduce costs. For 2004 overall,
we expect slightly higher sales and an increase in EBIT before special
items.
Key BASF share data 1st Quarter Full-year
2004 2003
Share price (end of period)(1) euro 41.33 euro 44.58
High(1) euro 45.63 euro 44.58
Low(1) euro 40.49 euro 28.41
Average daily trade (number of shares)(1)3.16 million 3.33 million
BASF share performance(2) -7.3 % + 28.1%
DAX 30 performance(2) -2.7 % + 37.1%
EURO STOXX 50 performance(2) +1.6 % + 18.4%
(1) XETRA trading
(2) with dividends reinvested
Chemicals
-- Sales increase due to strong demand
-- Significant increase in earnings
-- Acquisition of Sunoco's plasticizers business in the United
States
Overview 1st Quarter
Change
Million euro 2004 2003 in %
Sales 1,582 1,519 4.1
Thereof Inorganics 201 183 9.8
Petrochemicals 919 874 5.1
Intermediates 462 462 0.0
EBITDA 335 260 28.8
EBIT before special items 245 145 69.0
EBIT 228 144 58.3
Additions to fixed assets 166 126 31.7
Assets (end of period) 4,911 5,003 (1.8)
Sales climbed compared with the strong first quarter of 2003 due
to significant volume growth and a slight increase in prices (volumes
6.7 %, portfolio 2.8 %, prices 1.6 %, currencies -7.0 %). EBIT before
special items increased significantly in all operating divisions. This
was due primarily to lower fixed costs and improved capacity
utilization.
Inorganics: Demand in key customer industries such as the wood
products and electronics industries began to pick up and led to higher
sales volumes in all business areas. The boron specialties and
alcoholates business acquired in 2003 also contributed to the increase
in sales. Earnings from inorganic specialties and electronic-grade
chemicals declined due to the weak dollar. Earnings improved for glues
and impregnating resins.
Petrochemicals: Demand for olefins, alkylene oxides and glycols
remained at the previous year's high level. Sales prices for olefins,
which increased in Europe and North America due to limited product
availability, led to an improvement in margins for cracker products
despite high and volatile naphtha prices. Margin pressure increased
for plasticizers and solvents, however, because of the increase in
olefin prices. The plasticizers business of Sunoco in the United
States was acquired in January 2004.
Intermediates: During the first quarter, demand increased in
particular in Asia. Sales declined, however, in Europe and in the
NAFTA region. Worldwide sales of amines increased, but sales of diols
and polyalcohols declined compared with the previous year. Improved
cost structures in Ludwigshafen and in the NAFTA region led to
significantly higher earnings despite persistently high raw materials
prices.
Plastics
-- Sales at previous year's level despite the weak dollar
-- Earnings improve due to better capacity utilization and cost
savings
-- Good progress made in construction of new production plants in
Asia
Overview 1st Quarter
Change
Million euro 2004 2003 in %
Sales 2,307 2,283 1.1
Thereof Styrenics 918 997 (7.9)
Performance Polymers 613 568 7.9
Polyurethanes 776 718 8.1
EBITDA 265 230 15.2
EBIT before special items 150 110 36.4
EBIT 149 109 36.7
Additions to fixed assets 98 86 14.0
Assets (end of period) 5,985 6,236 (4.0)
The slight increase in sales despite the weak dollar was due to a
significant increase in sales volumes (volumes 8.2 %, prices -0.2 %,
currencies -6.9 %). The Performance Polymers and Polyurethanes
divisions more than offset the decline in sales in the Styrenics
division. Higher capacity utilization and cost savings improved the
earnings situation.
Styrenics: Higher earnings were achieved, despite lower sales due
to declining volumes. Price increases needed to cover high raw
materials costs were implemented in several product lines, but overall
pressure on margins persists. We are continuing our successful cost
optimization measures.
Performance Polymers: Sales volumes increased, in particular for
engineering plastics worldwide and for fiber intermediates in Asia and
Europe. Negative currency effects were partially offset by price
increases. Earnings increased significantly following the extremely
weak performance in 2003. We achieved synergies in production and
distribution by integrating the engineering plastics businesses we
acquired last year from Honeywell and Ticona. We have established a
joint venture with Toray to produce the engineering plastic PBT in
Kuantan, Malaysia.
Polyurethanes: Sales volumes increased in all regions. Sales
increased in Europe and in particular in Asia. Significantly higher
sales volumes of basic products in the NAfTA region were offset by the
weakness of the dollar. Earnings improved despite high raw materials
costs thanks to the improvement in volumes. In March, we laid the
cornerstone for the integrated isocyanates plants in Caojing, China.
Performance Products
-- Sales slightly up compared with previous year due to volume
growth
-- Earnings improve as a result of restructuring measures
-- System supplier concept for the automotive industry introduced
in Mexico
Overview 1st Quarter
Change
Million euro 2004 2003 in %
Sales 1,929 1,907 1.2
Thereof Performance Polymers 796 806 (1.2)
Coatings 505 504 0.2
Functional Polymers 628 597 5.2
EBITDA 279 244 14.3
EBIT before special items 196 142 38.0
EBIT 189 143 32.2
Additions to fixed assets 63 41 53.7
Assets (end of period) 4,919 5,191 (5.2)
Sales increased slightly despite negative currency effects
(volumes 6.0 %, portfolio 0.6 %, prices -0.4 %, currencies -5.0 %).
EBIT before special items improved in the Performance Chemicals and
Functional Polymers divisions, in particular due to successful
consolidation and optimization of sites and product portfolios.
Performance Chemicals: Despite higher volumes, sales declined
slightly because of currency effects and persistent price pressure.
This especially affected performance chemicals for textiles and for
the automotive and oil industry in North America and Asia. In Europe,
we posted higher sales and earnings for performance chemicals for
coatings, plastics and specialties, as well as for detergents and
formulators. Margin erosion persisted for textile and leather
chemicals.
Coatings: Higher sales volumes of automotive coatings and
decorative paints offset the nega-tive currency effects. Restructuring
measures paid off in the areas of automotive refinish coatings and
industrial coatings. The system supplier concept for automotive
coatings, which has proven successful in Europe, has now also been
launched in Mexico.
Functional Polymers: Sales increased, in particular due to higher
sales volumes of disper-sions for decorative paints and acrylic
monomers. We achieved strong sales growth in Asia and Europe. Price
increases partially offset negative currency effects. Restructuring
and portfolio optimization measures, e. g., in paper dispersions,
contributed to the increase in earnings.
Agricultural Products & Nutrition
-- Sales and earnings increase further in Agricultural Products
-- Fine Chemicals at previous year's level despite negative
currency effects
Overview 1st Quarter
Change
Million euro 2004 2003 in %
Sales 1,441 1,296 11.2
Thereof Agricultural Products 983 833 18.0
Fine Chemicals 458 463 (1.1)
EBITDA 370 349 6.0
EBIT before special items 269 237 13.5
Thereof Agricultural Products 227 196 15.8
Fine Chemicals 42 41 2.4
EBIT 249 236 5.5
Thereof Agricultural Products 207 192 7.8
Fine Chemicals 42 44 (4.5)
Additions to fixed assets 53 1,131 (95.3)
Assets (end of period) 7,320 8,030 (8.8)
Agricultural Products: Agricultural Products posted the highest
sales growth of all operating divisions (volumes 16.0 %, portfolio 9.0
%, prices -1.2 %, currencies -5.8 %). This increase was due primarily
to a good close to the season in South America, improved business in
Asia and the acquisition of the fipronil package. EBIT before special
items rose significantly due to the higher volume of business and
despite negative currency effects. We sold our global business with
phenoxy herbicides to an Australian producer of crop protection
products. Provisions were accrued for legal proceedings in the United
States.
Fine Chemicals: Compared with same period of 2003, sales declined
slightly despite good volume growth (volumes 5.8 %, prices 0.2 %,
currencies -7.1 %). Margins improved, in particular for lysine and
vitamin C. EBIT before special items was slightly higher than in the
strong first quarter of 2003. Our new production plant for citral is
currently being put into operation in Ludwigshafen. This will enhance
our competitiveness in the areas of vitamins A and E as well as
several aroma chemicals.
Oil & Gas
-- Sales and earnings decline compared with previous year due to
the weak U.S. dollar
-- Natural gas trading started in the United Kingdom
Overview 1st Quarter
Change
Million euro 2004 2003 in %
Sales 1,394 1,483 (6.0)
Thereof natural gas trading 867 874 (0.8)
EBITDA 426 481 (11.4)
EBIT before special items 343 404 (15.1)
Thereof natural gas trading 96 94 2.1
EBIT 343 404 (15.1)
Thereof natural gas trading 96 94 2.1
Additions to fixed assets 80 39 105.1
Assets (end of period) 3,598 3,536 1.8
In the Oil & Gas segment, volumes increased but sales (volumes 5.5
%, prices/currencies -11.5 %) and earnings were below the previous
year's strong level due to the weaker U.S. dollar.
In natural gas trading, sales to customers in Germany and Belgium
increased. This increase in volumes almost fully offset the decline in
sales prices compared with the same period in 2003. Since margins
remained relatively stable, earnings increased slightly. We have
founded the joint venture HydroWingas Ltd. together with NorskHydro to
market natural gas to major industrial customers and regional
providers in the United Kingdom.
In exploration and production, the price of Brent crude declined
by euro 3.72 per barrel or 13 % compared with the previous year due to
the weaker U.S. dollar. Sales and earnings declined as a result.
Together with Romgaz, we started producing natural gas in Romania.
Regions
-- Sales increase in local currency terms in all regions
-- Strong growth in South America and Asia
-- Earnings in North America unsatisfactory despite improvement
EBIT before
special
Overview Sales 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 %
1st Quarter
Europe 5,296 5,241 1.0 5,621 5,539 1.5 889 826 7.6
Thereof
Germany 1,949 2,099 (7.1) 3,893 3,904 (0.3) 646 644 0.3
North
America
(NAFTA) 1,909 1,938 (1.5) 1,918 1,960 (2.1) 80 29 175.9
South
America 432 322 34.2 357 258 38.4 73 32 128.1
Asia,
Pacific
Area,
Africa 1,414 1,331 6.2 1,155 1,075 7.4 96 57 68.4
9,051 8,832 2.5 9,051 8,832 2.5 1,138 944 20.6
In Europe, sales by location of company increased by 1.5 % in the
first quarter. Sales rose in all segments with the exception of Oil &
Gas. EBIT before special items climbed euro 63 million to euro 889
million.
Sales by location of company in the NAFTA region declined 2.1 %.
In dollar terms, sales increased by 14 %, with all segments
contributing to this growth. The improved earnings situation in the
Chemicals and Agricultural Products & Nutrition segments led to an
increase in EBIT before special items, which rose by euro 51 million
to euro 80 million. This level of earnings is unsatisfactory. Measures
introduced to improve profitability are therefore being implemented
rigorously. Among other things, the portfolio will be further
optimized and our restructuring program to permanently reduce fixed
costs will be continued.
In South America, first-quarter sales by location of company
increased in local currency terms by 39 %, in particular due to strong
sales of crop protection products. EBIT before special items more than
doubled to euro 73 million.
In local currency terms, companies in the Asia, Pacific Area,
Africa region increased sales by 20 %; all segments contributed to
this increase. EBIT before special items rose by euro 39 million to
euro 96 million.
Finance
-- Cash provided by operating activities increases further
-- Capital expenditures and acquisitions below depreciation and
amortization
-- euro 136 million spent on share buybacks
Consolidated Statements of Cash Flows
1st Quarter
Million euro 2004 2003
Net income 515 442
Depreciation and amortization of fixed assets 552 557
Changes in net working capital (109) (155)
Miscellaneous items 5 50
Cash provided by operating activities 963 894
Payments related to tangible and intangible
fixed assets (433) (451)
Acquisitions/divestitures (73) (1,185)
Financial investments and other items (71) (48)
Cash used in investing activities (577) (1,684)
Proceeds from capital increases/(decreases) (165) (226)
Changes in financial indebtedness (15) 1,023
Dividends (16) (26)
Cash provided by (used in) financing activities (196) 771
Net changes in cash and cash equivalents 190 (19)
Cash and cash equivalents as beginning of year
and other changes 540 231
Cash and cash equivalents 730 212
Marketable securities 167 213
Liquid funds 897 425
Cash provided by operating activities rose 8 % to euro 963
million. The higher level of net income contributed to this increase.
Despite the significant expansion of our business, additional
financing for net working capital was below the previous year's level.
Cash used in investing activities totaled euro 577 million.
Payments related to capital expenditures of euro 433 million and
related to acquisitions of euro 73 million were below the level of
amortization and depreciation of euro 552 million. The first quarter
of 2003 was marked by the acquisition of the fipronil crop protection
business.
In cash used in financing activities, further share buybacks led
to a cash outflow. In the first quarter of 2004, 3.3 million shares
were bought back for euro 136 million or an average of euro 41.59 per
share.
Liquid funds increased to euro 897 million, and at euro 3,496
million financial indebtedness was virtually unchanged 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 2,599 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 quarter of 2004.
Consolidated Statements of Income
1st Quarter
Change
Million euro 2004 2003 in %
Sales, net of natural gas taxes 9,051 8,832 2.5
Cost of sales 6,161 6,073 1.4
Gross profit on sales 2,890 2,759 4.7
Selling expenses 1,117 1,117 0.0
General and administrative expenses 174 163 6.7
Research and development expenses 260 276 (5.8)
Other operating income 106 104 1.9
Other operating expenses 407 365 11.5
Income from operations 1,038 942 10.2
(Expenses)/income from financial assets (8) (19) 57.9
Interest result (52) (84) 38.1
Financial result (60) (103) 41.7
Income before taxes and minority
interests 978 839 16.6
Income taxes 431 368 17.1
Minority interests 32 29 10.3
Net income 515 442 16.5
Earnings per share (euro) 0.93 0.78 19.2
Number of shares in millions, weighted 555 566 (1.9)
Consolidated Balance Sheets
March 31, March 31, Change Dec. 31, Change
Million euro 2004 2003 in % 2003 in %
Assets
Intangible assets 3,790 4,286 (11.6) 3,793 (0,1)
Property, plant and
equipment 13,185 13,641 (3.3) 13,070 0.9
Financial assets 2,529 3,194 (20.8) 2,600 (2.7)
Fixed assets 19,504 21,121 (7.7) 19,463 0.2
Inventories 4,303 4,912 (12.4) 4,151 3.7
Accounts receivable, trade 5,912 5,986 (1.2) 4,954 19.3
Miscellaneous receivables 3,137 3,242 (3.2) 3,159 (0.7)
Deferred taxes 1,316 1,177 11.8 1,247 5.5
Liquid funds 897 425 111.1 628 42.8
Current assets 15,565 15,742 (1.1) 14,139 10.1
Total assets 35,069 36,863 (4.9) 33,602 4.4
Stockholders' equity and liabilities
Subscribed capital and
capital surplus 4,408 4,408 0.0 4,408 0.0
Retained earnings and
other equity 11,540 12,160 (5.1) 11,083 4.1
Minority interests 341 387 (11.9) 388 (12.1)
Stockholders' equity 16,289 16,955 (3.9) 15,879 2.6
Provisions for pensions
and similar obligations 3,881 3,897 (0.4) 3,862 0.5
Provisions for taxes and
other provisions 5,677 5,390 5.3 5,325 6.6
Provisions 9,558 9,287 2.9 9,187 4.0
Financial indebtedness 3,496 4,558 (23.3) 3,507 (0.3)
Accounts payable, trade 2,465 2,474 (0.4) 2,056 19.9
Other liabilities 3,261 3,589 (9.1) 2,973 9.7
Liabilities 9,222 10,621 (13.2) 8,536 8.0
Total liabilities 18,780 19,908 (5.7) 17,723 6.0
Total stockholders' equity
and liabilities 35,069 36,863 (4.9) 33,602 4.4
Consolidated Statements of Stockholders' Equity January - March 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 - - - 515
Share buy-back and
cancellation of shares
including own shares
intended to be cancelled (3,270,000) (8) 8 (136)
Dividends paid - - - -
(Decrease)/increase
of foreign currency
translation adjustments - - - -
Capital injection by
minority interests - - - -
Changes in scope of
consolidation and
other changes - - - 3
As of March 31, 2004 553,373,410 1,417 2,991 12,437
Consolidated Statements of Stockholders'
Equity January - March 2004
Currency/ Stock-
translation Minority holders'
Million euro adjustment interests equity
As of January 1, 2004 (972) 388 15,879
Net income - 32 547
Share buy-back and
cancellation of shares
including own shares
intended to be cancelled - - (136)
Dividends paid - (16) (16)
(Decrease)/increase of
foreign currency
translation adjustments 75 (59) 16
Capital injection by
minority interests - (29) (29)
Changes in scope of
consolidation and
other changes - 25 28
As of March 31, 2004 (897) 341 16,289
Consolidated Statements of Stockholders' Equity January - March 2004
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 - - - 442
Share buy-back and
cancellation of shares
including own shares
intended to be
cancelled (6,930,000) (18) 18 (226)
Dividends paid - - - -
(Decrease)/increase
of foreign currency
translation
adjustments - - - -
Changes in scope of
consolidation and
other changes - - - (5)
As of March 31, 2003 563,386,410 1,442 2,966 12,679
Consolidated Statements of
Stockholders' Equity January -
March 2004
Currency/ Stock-
translation Minority holders'
Million euro adjustment interests equity
As of January 1, 2003 (330) 396 16,942
Net income - 29 471
Share buy-back and
cancellation of
shares
including own shares
intended to be
cancelled - - (226)
Dividends paid - (26) (26)
(Decrease)/increase
of foreign currency
translation
adjustments (189) (3) (192)
Changes in scope of
consolidation and
other changes - (9) (14)
As of March 31, 2003 (519) 387 16,955
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
-- August 4, 2004
Interim Report Second Quarter 2004
-- 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
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: April 29 2004 By: /s/ Elisabeth Schick
------------------------------------
Name: Elisabeth Schick
Title: Director Site Communications Ludwigshafen
and Europe
By: /s/ Christian Schubert
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Name: Christian Schubert
Title: Director Corporate Communications
BASF Group