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Last Update: 03/12/2009
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Part of the audited Consolidated Financial Statements and Management´s Analysis

Consolidated balance sheets

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Assets

 

 

 

2008
Million €

2008
%

2007
Million €

Intangible assets

9,889

19.4

9,559

Property, plant and equipment

15,032

29.6

14,215

Investments accounted for using the equity method

1,146

2.3

834

Other financial assets

1,947

3.8

1,952

Deferred taxes

930

1.8

679

Other receivables and miscellaneous long-term assets

642

1.3

655

Long-term assets

29,586

58.2

27,894

 

 

 

 

Inventories

6,763

13.3

6,578

Accounts receivable, trade

7,752

15.2

8,561

Other receivables and miscellaneous short-term assets

3,948

7.8

2,337

Marketable securities

35

0.1

51

Cash and cash equivalents

2,776

5.4

767

Assets of disposal groups

614

Short-term assets

21,274

41.8

18,908

Total assets

50,860

100.0

46,802

 

 

 

 

Stockholders’ equity and liabilities

 

2008
Million €

2008
%

2007
Million €

Subscribed capital

4,417

8.7

4,397

Retained earnings

13,250

26.0

14,556

Other comprehensive income

(96)

(0.2)

174

Minority interests

1,151

2.3

971

Stockholders’ equity

18,722

36.8

20,098

 

 

 

 

Provisions for pensions and similar obligations

1,712

3.4

1,292

Other provisions

2,757

5.4

3,015

Deferred taxes

2,167

4.3

2,060

Financial indebtedness

8,290

16.3

6,954

Other liabilities

917

1.8

901

Long-term liabilities

15,843

31.2

14,222

 

 

 

 

Accounts payable, trade

2,734

5.4

3,763

Provisions

3,043

6.0

2,697

Tax liabilities

860

1.7

881

Financial indebtedness

6,224

12.2

3,148

Other liabilities

3,434

6.7

1,976

Liabilities of disposal groups

17

Short-term liabilities

16,295

32.0

12,482

Total stockholders’ equity and liabilities

50,860

100.0

46,802

Long-term assets rose by €1,692 million to €29,586 million.

As of December 31, 2007, parts of the former Styrenics division were classified as a disposal group. In 2008, these businesses, which we operate under the name Styrenics, could not be sold. Due to the underlying macroeconomic conditions and the changes on the capital market, a divesture is no longer likely in the near future. Therefore, the assets and liabilities of Styrenics were no longer reported as disposal group as of December 31, 2008.

Intangible assets increased by €330 million, mainly due to the acquisition of Revus Energy ASA, Norway.

Other financial assets decreased slightly, in particular due to the partial repayment of the loan to finance the production company in the Yuzhno Russkoye natural gas field. This was partially offset by the purchase of 15.2% of the shares of Ciba Holding AG.

Additional reasons for the increase in long-term assets were the strengthening of the U.S. dollar against the euro as of the balance sheet date as well as various investment projects.
More information on our investments can be found in “BASF Segments”.

Inventories increased by €185 million to €6,763 million. Due to lower demand toward the end of the year, days of inventory invested increased compared with 2007.

Trade accounts receivable declined by €809 million to €7,752 million. This was mainly due to lower sales in the fourth quarter. Despite the global credit crisis, we further reduced the number of days of sales outstanding.

Compared with 2007, other receivables and miscellaneous short-term assets increased by €1,611 million to €3,948 million, primarily due to higher market values of derivatives held to hedge against currency risks.

ASSETS


  • Disposal group of the Styrenics dissolved, sale not likely in the near future
  • Intangible assets increased due to the acquisition of Revus Energy ASA, Norway
  • Accounts receivable, trade decreased, particularly due to lower sales in the fourth quarter

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Net debt (million €)

 

 

2008

2007

Cash and cash equivalents

2,776

767

Financial indebtedness

14,514

10,102

Net debt

11,738

9,335

Stockholders’ equity decreased by €1,376 million, mainly due to the repurchase of 37.9 million shares for a total of €1,618 million. Additional factors included the lower net income compared with 2007 and dividend payments of €2,157 million. The equity ratio declined from 42.9% to 36.8%.

Long-term liabilities increased by €1,621 million to €15,843 million. Pension provisions increased as a result of the lower market value of pension assets. To finance its activities, BASF issued bonds totaling €1.6 billion as well as promissory notes for €553 million in the course of 2008.

Short-term liabilities increased by €3,813 million to €16,295 million. This was mainly due to the expansion of our commercial paper program.
More information on the consolidated balance sheets is provided in the Notes to the Consolidated Financial Statements.

STOCKHOLDERS’ EQUITY AND LIABILITIES


  • Stockholders’ equity decreased, due especially to share buybacks, dividends and lower net income
  • Long-term liabilities increased due to higher pension provisions and the issuing of bonds
  • Short-term liabilities increased due to the expansion of the commercial paper program

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