PRTODAY / NewswireToday Free press release distribution service network

Written by / Agency / Source: BASF

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

BASF Applies New Financial Reporting Standards - BASF published restated figures for fiscal year 2012 due to the application of new International Financial Reporting Standards (IFRS) 10 and 11 and of International Accounting Standard (IAS) 19 (revised) - BASF.com
BASF Applies New Financial Reporting Standards

 

NewswireToday - /newswire/ - Ludwigshafen, Germany, 2013/03/22 - BASF published restated figures for fiscal year 2012 due to the application of new International Financial Reporting Standards (IFRS) 10 and 11 and of International Accounting Standard (IAS) 19 (revised) - BASF.com. DE000BASF111

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Manufacturing/Robotics Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

• IFRS 10 and 11 and IAS 19 (revised) applied since January 1, 2013;
• New segment structure effective January 1, 2013;
• Restated figures for fiscal year 2012; financial targets for 2015 and 2020 adjusted accordingly;
• Outlook for 2013 unchanged.

The company has applied these standards since January 1, 2013. BASF is publishing restated figures for 2012 in order to provide a basis for comparison for its first-quarter interim report 2013 which will be published on April 26, 2013. The restated figures also reflect the changes in the company’s segment structure which also took effect January 1, 2013. BASF thus has 14 instead of 15 operational divisions, which are aggregated into five instead of six segments.

The application of IFRS 10 and 11 leads to a change in the scope of consolidation at BASF. From January 1, 2013, four companies which were previously fully consolidated and several which were proportionally consolidated will now be accounted for in the BASF Group Financial Statements using the equity method. Overall, the application of IFRS 10 and 11 does not impact net income, but leads to lower reported sales and income from operations (EBIT), especially in the Oil & Gas segment. Net income will be slightly reduced by the application of IAS 19 (revised), which concerns the accounting for employee benefits.

Key restated figures for 2012:
• Sales: €72,129 million (previously reported: €78,729 million)
• Income from operations before depreciation and amortization (EBITDA): €10,009 million (previously reported: €12,516 million)
• EBIT before special items: €6,647 million (previously reported: €8,881 million)
• EBIT: €6,742 million (previously reported: €8,976 million)
• Net income: €4,819 million (previously reported: €4,879 million)
• Earnings per share (EPS): €5.25 (previously reported: €5.31)

Financial targets for 2015 and 2020 adjusted accordingly
BASF announced in November 2011 sales and earnings targets for 2015 and 2020 as part of its “We create chemistry” strategy. BASF aims to grow on average two percentage points above chemical production per year. Based on the changes of IFRS 10 and 11, BASF is adjusting the absolute values of its targets as follows:

2015
• Sales: €80 billion (previously: €85 billion)
• EBITDA: €14 billion (previously: €15 billion)
• EPS: €7.50 (unchanged)

2020
• Sales: €110 billion (previously: €115 billion)
• EBITDA: €22 billion (previously: €23 billion)

Annual goal
Premium on cost of capital: at least €2.0 billion on average per year (previously: €2.5 billion)

These adjustments do not take into account the planned asset swap with Gazprom, which is expected to close by the end of 2013. This transaction includes the divestiture of BASF’s natural gas trading and storage business as well as a share in exploration and production activities in the North Sea. Together these activities contributed about €10 billion to sales and roughly €500 million to EBITDA of BASF Group in 2012.

Outlook for 2013 unchanged
Excluding the effects of acquisitions and divestitures, BASF strives to increase its sales volumes in 2013. The company aims to exceed the 2012 restated levels in sales and EBIT before special items. The expected increase in demand, together with measures to improve operational excellence and raise efficiency, will contribute to this. BASF aims to earn a high premium on cost of capital once again in 2013.

About BASF
BASF (basf.com) is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society. Our products and solutions contribute to conserving resources, ensuring nutrition and improving quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF had sales of €72.1 billion in 2012 and more than 110,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN).

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Manufacturing/Robotics Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: BASF

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Manufacturing/Robotics articles,
CATCH Visitors via Your Competitors Announcements!


BASF Applies New Financial Reporting Standards

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

BASF |
Publisher Contact: Jennifer Moore-Braun - BASF.com 
+49 621 60-99123 jennifer.moore-braun[.]basf.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any BASF securities in any jurisdiction including any other companies listed or named in this release.

Manufacturing/Robotics via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From BASF / Company Profile


Read Manufacturing/Robotics Most Recent Related Newswires:

BASF Launches Ucrete MF40AS Industrial Flooring System on the European Market
Raritan Unveils Intelligent Cabinet Concept in Collaboration with Legrand Data Communications At Gartner Conference
Beretta Continues Global Celebration of its 490th Anniversary with Unveiling of One-of-a-Kind Shotgun in New York City
LANXESS Virkon S Proven to Kill Highly Pathogenic Avian Influenza Strains
BASF to Offer Tailor-made Product Innovation At European Coatings Show
Nexans to Drive Sustainable Transportation At its Annual Technical Conference
Tripp Lite Introduces A New Series of Pre-assembled 40 Gb to 10 Gb Breakout Fiber Patch Panels
Borealis and Asmidal Sign Memorandum of Understanding to Jointly Evaluate Opportunities for Melamine Production in Algeria
SCHOTT’s New Ultra-Thin Glass is the Thinnest, Toughest, Most Eco-Friendly Glass for Consumer Electronics
Hexagon Manufacturing Intelligence Supplies PTB with Leitz PMM-G
Atlas Copco Completes Acquisition of Chinese Self-pierce Riveting Solutions Business
SCHOTT Introduces Superior X-ray Imaging with SCHOTT’s Fiber Optic Faceplates and BOROFLOAT® Glass
PPG Wins Big At 2016 SEMA Show PPG-painted Cars, Trucks Capture Major Awards
Tripp Lite’s Breakthrough 3-Phase Rack ATS PDUs Granted U.S. Patent
Nexans Launches PVC-free MOTIONLINE® HALEX Automation Cables

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  La Bella Bakery Artisan Bakery Arizona

Visit  Triggr & Bloom





 
  ©2016 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)