<PAGE> 1
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
For the month of November
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- .
---------
Page 1
<PAGE> 2
Third-Quarter Results
November 9, 2000
o Third-quarter sales +27%, Jan.-Sept. +25%
o Income from operations before special items up more than 10% in third
quarter, Jan.-Sept. +22.5%
o Continued growth in 2001
<PAGE> 3
BASF GROUP
<TABLE>
<CAPTION>
3rd Quarter Change Jan.-Sept. Change
Million Euro 2000 1999 in % 2000 1999 in %
------------ ----- ----- ------ ------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
Sales 9,196 7,247 26.9 26,635 21,255 25.3
Income from operations before
special items 765 693 10.4 2,570 2,098 22.5
Income from operations 466 322 44.7 2,324 1,314 76.9
Income before taxes and minority interests 322 290 11.0 2,208 1,222 80.7
Net income 101 112 - 9.8 1,013 541 87.2
Earnings per share (Euro) 0.17 0.19 -10.5 1.65 0.88 87.5
Earnings per share before special items (Euro) 0.42 0.42 -- 1.77 1.68 5.4
Number of employees 108,834 106,043 2.6
</TABLE>
SALES
BASF reported record third-quarter sales of Euro 9.2 billion up 27% compared to
the same quarter last year, reflecting an increase in all segments. Double-digit
growth rates were achieved in all regions. The increase in sales was driven by
the following factors:
FACTORS INFLUENCING SALES IN COMPARISON WITH THE PREVIOUS YEAR
<TABLE>
<CAPTION>
In % 3RD QUARTER JAN.- SEPT.
---- ----------- -----------
<S> <C> <C>
Volumes +5.9 +8.1
Prices +12.5 +11.6
Currency +7.1 +6.5
Scope of consolidation +1.4 -0.9
----- -----
Total +26.9 +25.3
----- -----
</TABLE>
EARNINGS
Income from operations before special items increased 10.4% compared with the
third quarter of 1999. This resulted in a 22.5% increase for the first nine
months of the year. In the third quarter, raw material costs rose 38%. This
increase could not yet be fully passed on through price increases in all
divisions. Tax expenditures rose due to higher taxes (Euro 129 million) on
increased oil production that are not fully deductible from German corporate
taxes. For the third quarter, BASF reported a net income of Euro 101 million and
earnings per share of Euro 0.17. This includes Euro 306 million of special items
related to integration of the American Cyanamid crop protection business.
SPECIAL ITEMS
<TABLE>
<CAPTION>
1ST QUARTER 2ND QUARTER 3RD QUARTER 4TH QUARTER
Million Euro 2000 1999 2000 1999 2000 1999 2000 1999
------------ ----- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INCOME BEFORE TAXES AND
SPECIAL ITEMS 888 637 846 708 603 624 826
Special items in income
from operations 44 -85 9 -328 -299 -371 -157
Special items in financial
result -- -- 99 -- 18 37 715
--- --- --- ---- ---- ---- -----
SPECIAL ITEMS 44 -85 108 -328 -281 -334 558
--- --- --- ---- ---- ---- -----
INCOME BEFORE TAXES 932 552 954 380 322 290 1,384
--- --- --- ---- ---- ---- -----
</TABLE>
OUTLOOK
We are confident that we will achieve our goal of increasing income from
operations before special items by at least 10% in 2000. As a result of an
improved business portfolio, BASF is also well prepared for the coming year.
However, we are expecting raw material costs to remain high.
<PAGE> 4
SEGMENTS
<TABLE>
<CAPTION>
SALES INCOME FROM OPERATIONS INCOME FROM
BEFORE SPECIAL ITEMS OPERATIONS
------------------------ ------------------------- ----------------------------
Change Change Change
Million Euro 2000 1999 in % 2000 1999 in % 2000 1999 in %
------------ ----- ----- ------ ------ ----- ------- ------ ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3RD QUARTER
Chemicals 1,498 1,138 31.6 199 186 7.0 198 204 -2.9
Plastics & Fibers 3,016 2,145 40.6 168 181 -7.2 250 195 28.2
Colorants & Finishing Products 1,834 1,586 15.6 114 131 -13.0 117 172 -32.0
Health & Nutrition 1,651 1,288 28.2 -24 43 . -431 -404 -6.7
Oil & Gas 946 768 23.2 357 195 83.1 378 195 93.8
Other 251 322 -22.0 -49 -43 -14.0 -46 -40 -15.0
o thereof exploratory
research costs 39 34 14.7 39 34 14.7
----- ----- ------ ------ ----- ------- ------ ------ --------
9,196 7,247 26.9 765 693 10.4 466 322 44.7
----- ----- ------ ------ ----- ------- ------ ------ --------
JAN.-SEPT.
Chemicals 4,223 3,132 34.8 563 549 2.6 557 540 3.1
Plastics & Fibers 8,693 6,023 44.3 614 424 44.8 732 428 71.0
Colorants & Finishing Products 5,343 4,729 13.0 418 482 -13.3 424 447 -5.1
Health & Nutrition 4,886 4,221 15.8 266 369 -27.9 -127 -399 68.2
Oil & Gas 2,560 2,018 26.9 844 364 131.9 865 366 136.3
Other 930 1,132 -17.8 -135 -90 -50.0 -127 -68 -86.8
o thereof exploratory research
costs 114 102 11.8 114 102 11.8
------ ------ ------ ------ ----- ------- ------ ------ --------
26,635 21,255 25.3 2,570 2,098 22.5 2,324 1,314 76.9
------ ------ ------ ------ ----- ------- ------ ------ --------
</TABLE>
CHEMICALS
Sales in this segment rose almost 32% in the third quarter to Euro 1.5 billion
compared with the previous year (volume +18%, price +9%). The Petrochemicals and
Inorganics divisions in particular contributed to this increase. Income from
operations before special items was Euro 199 million in the third quarter, an
increase of 7% in comparison with the same quarter in 1999.
As of July 1, 2000, the Petrochemicals & Inorganics and Industrial Chemicals
divisions were both reorganized to better reflect the Verbund structure. The
Petrochemicals division now includes all cracker products, solvents and
plasticizers, while the Inorganics division comprises inorganics, catalysts,
glues and impregnating resins.
Sales by division
<TABLE>
<CAPTION>
3RD QUARTER JAN.-SEPT.
-------------------------- --------------------------
Change Change
Million Euro 2000 1999 in % 2000 1999 in %
------------ ----- ------ -------- ------ ------- --------
<S> <C> <C> <C> <C> <C> <C>
Inorganics 153 122 25.4 460 374 23.0
Petrochemicals 493 264 86.7 1264 672 88.1
Intermediates 421 362 16.3 1266 1077 17.5
Specialty Chemicals 431 390 10.5 1233 1009 22.2
</TABLE>
PLASTICS & FIBERS
Sales in this segment rose 41% in the third quarter to Euro 3 billion compared
with the previous year (volumes +9%, prices +22%). All divisions contributed to
the increase. Income from operations before special items for the segment was
negatively affected by the Polyolefins division and fell 7% compared to the
previous year to Euro 168 million. Income from operations before special items -
excluding Polyolefins - increased 14%.
Sales by division
<TABLE>
<CAPTION>
3RD QUARTER JAN.-SEPT.
--------------------------- -------------------------
Change Change
Million Euro 2000 1999 in % 2000 1999 in %
------------ ------ ------ ------- ------- ------ --------
<S> <C> <C> <C> <C> <C> <C>
Styrenic Polymers 691 473 46.1 2,046 1,274 60.6
Engineering Plastics 461 317 45.4 1,311 893 46.8
Polyurethanes 717 539 33.0 2,030 1,581 28.4
Fiber Products 440 294 49.7 1,239 855 44.9
Polyolefins 707 522 35.4 2,067 1,420 45.6
</TABLE>
<PAGE> 5
As of October 1, we merged our Elenac and Targor polyolefin subsidiaries into a
new joint venture company, Basell Polyolefins. A positive special item resulted
from the sale of Targor's Novolen polymerization technology.
COLORANTS & FINISHING PRODUCTS
Third-quarter sales in this segment increased 16% - mainly due to acquisitions -
to Euro 1.8 billion. Income from operations before special items decreased 13%
in the third quarter to Euro 114 million compared with same period in 1999. In
the Colorants division, past restructuring efforts continued to show positive
results. The decline in income was due mainly to higher raw materials costs as
well as lower sales of the decorative paint business in Brazil. As of October 1,
the textile dyes business became part of the DyStar joint venture.
Sales by division
<TABLE>
<CAPTION>
3RD QUARTER JAN.-SEPT.
---------------------- ----------------------
Change Change
Million Euro 2000 1999 in % 2000 1999 in %
------------ ---- ---- ------ ----- ----- ------
<S> <C> <C> <C> <C> <C> <C>
Colorants 584 541 7.9 1,756 1,637 7.3
Coatings 546 460 18.7 1,623 1,395 16.3
Dispersions 704 585 20.3 1,964 1,697 15.7
</TABLE>
HEALTH & NUTRITION
Sales and income by division
<TABLE>
<CAPTION>
INCOME FROM
OPERATIONS INCOME FROM
SALES BEFORE SPECIAL ITEMS OPERATIONS
---------------------------- ----------------------- ----------------------------
Change Change Change
Million Euro 2000 1999 in % 2000 1999 in % 2000 1999 in %
------------ ------ ------ -------- ------ ------ ------- ------ ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3RD QUARTER
Pharmaceuticals 659 628 4.9 152 85 78.8 96 44 118.2
Fine Chemicals 448 343 30.6 9 -5 . -36 -413 91.3
Agricultural Products 544 317 71.6 -185 -37 . -491 -35 .
------ ------ -------- ------ ------ ------- ------ ------ --------
JAN.-SEPT.
Pharmaceuticals 1,915 1,745 9.7 208 126 65.1 163 -6 .
Fine Chemicals 1,151 986 16.7 26 28 -7.1 -22 -609 96.4
Agricultural Products 1,820 1,490 22.1 32 215 -85.1 -268 216 .
------ ------ -------- ------ ------ ------- ------ ------ --------
</TABLE>
On July 1, BASF's pharmaceutical active ingredients business was transferred to
the Fine Chemicals division from the Pharmaceuticals division.
Pharmaceuticals: Pharmaceuticals division sales rose 5% in the third quarter
compared with the previous year to Euro 659 million. The increase in sales was
18% on a comparable basis, i.e. excluding pharmaceutical active ingredients in
the previous year's sales.
Third-quarter income from operations before special items surged by almost 80%
to Euro 152 million. The improvement was driven by major products such as
Synthroid(R), Reductil(R)/Meridia(R) and Rytmonorm(R). Return on sales for the
first nine months was about 11% compared to 7% in previous year, reflecting the
success of restructuring measures. Special charges were related to the current
restructuring program.
Fine Chemicals: The division's third-quarter sales rose to Euro 448 million, an
increase of 31%. The increase in sales was 9% on a comparable basis, i.e.
including pharmaceutical active ingredients in the previous year's sales. Income
from operations increased to Euro 9 million. Charges resulting from the
settlement in the United States with indirect purchasers of vitamins were higher
than expected and not fully covered by provisions previously made for this
purpose.
<PAGE> 6
Agricultural Products: For the first time, the integration of American Cyanamid
was reflected in the division's results. Due to this, sales rose 72% to Euro 544
million compared with the previous year. As expected, the division reported a
greater loss in income from operations before special items in the seasonally
weak third quarter, in which efforts were concentrated on the integration of the
two businesses. The results also reflect the fixed costs of a business that is
twice as large and amortization of goodwill and of intangible assets of Euro 50
million. In some major crops, there was significant price pressure due to the
continuing consolidation in the industry. Special charges of Euro 306 million in
the third quarter resulted from the integration. However, we now expect that the
total cost of the integration will be lower than assumed at the end of the
second quarter.
OIL & GAS
As a result of higher oil and natural gas prices, third-quarter sales in the Oil
& Gas segment rose 23% compared with the previous year to Euro 946 million.
Income from operations before special items rose 83% in the third quarter to
Euro 357 million. Oil and gas production, in particular, grew significantly,
especially the results of our Argentinean activities. Higher oil-related sales
and income in various regions meant an increase in the amount of local income
taxes on oil production.
REGIONS
<TABLE>
<CAPTION>
Location of company INCOME FROM OPERATIONS INCOME FROM
SALES BEFORE SPECIAL ITEMS OPERATIONS
------------------------- ---------------------- ----------------------
Change Change Change
Million Euro 2000 1999 in % 2000 1999 in % 2000 1999 in %
------------ ------ ------- ------ ------ ------ ------- ------ ----- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
3RD QUARTER
Europe 5,590 4,658 20.0 674 496 35.9 556 130 327.7
o thereof Germany 3,662 3,126 17.1 478 307 55.7 449 -52 --
North America (NAFTA) 2,174 1,667 30.4 -21 145 . -149 147 --
South America 583 408 42.9 50 14 257.1 32 7 357.1
Asia, Pacific Area, Africa 849 514 65.2 62 38 63.2 27 38 -28.9
------ ------ ---- ----- ----- ----- ----- ----- -----
9,196 7,247 26.9 765 693 10.4 466 322 44.7
------ ------ ---- ----- ----- ----- ----- ----- -----
JAN.-SEPT.
Europe 16,641 13,723 21.3 1,932 1,448 33.4 1873 789 137.4
o thereof Germany 10,745 9,083 18.3 1,277 891 43.3 1319 257 413.2
North America (NAFTA) 6,341 5,072 25.0 290 496 -41.5 171 399 -57.1
South America 1,378 1,037 32.9 163 74 120.3 130 43 202.3
Asia, Pacific Area, Africa 2,275 1,423 59.9 185 80 131.3 150 83 80.7
------ ------ ---- ----- ----- ----- ----- ----- -----
26,635 21,255 25.3 2,570 2,098 22.5 2,324 1,314 76.9
------ ------ ---- ----- ----- ----- ----- ----- -----
</TABLE>
All regions achieved high sales growth in the third quarter compared with the
previous year. Sales and income from operations in Asia, Pacific Area, Africa
and in South America increased at an above-average rate. In North America
(NAFTA), special charges resulted from the integration of acquisitions. Income
from operations before special items was also affected by additional
depreciation costs resulting from the acquisitions. In addition there were
start-up losses from new plants.
<PAGE> 7
FINANCE
The expansion of business resulted in an increased amount of funds being tied up
in inventories and receivables. Cash flow from operating activities was
therefore lower than in the comparable period in 1999. Cash flow used in
investment activity was significantly affected by the acquisition of the
American Cyanamid crop protection business of American Home Products, the
superabsorbents business of Chemdal and of the industrial coatings business of
Rohm and Haas. To finance the investments and acquisitions, we increased our
financial indebtedness by Euro 6.3 billion. By the end of September, we had
bought back almost 14 million shares for a total amount of Euro 622 million.
Total assets have increased by Euro 10.9 billion since the end of 1999 as a
result of acquisitions and business expansion. In addition, currency exchange
rates, particularly the rise in the dollar, resulted in an approximately Euro
2 billion increase in assets.
CONSOLIDATED STATEMENTS OF CASH FLOWS JAN.-SEPT.
<TABLE>
<CAPTION>
Million Euro 2000 1999
------------ -------- -------
<S> <C> <C>
Net income 1,013 541
Depreciation of fixed assets 2,132 1,916
Changes in net current assets -1,145 258
Miscellaneous items -95 190
------ ------
CASH PROVIDED BY OPERATING ACTIVITIES 1,905 2,905
------ ------
Additions to tangible and intangible
fixed assets -2,022 -2,125
Acquisitions and divestitures, net -5,526 -196
Financial investments and other items 297 303
------ ------
CASH USED IN INVESTING ACTIVITIES -7,251 -2,018
------ ------
Proceeds from capital increases -562 -255
Changes in financial indebtedness 6,290 478
Dividends -739 -701
------ ------
CASH USED IN FINANCING ACTIVITIES 4,989 -478
------ ------
Net changes in cash and cash equivalents -357 409
Initial cash and cash equivalents
and other changes 1,036 801
------ ------
CASH AND CASH EQUIVALENTS 679 1,210
------ ------
Marketable securities 385 479
------ ------
LIQUID FUNDS AS SHOWN ON BALANCE SHEET 1,064 1,689
------ ------
</TABLE>
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements under the 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. We do not assume any obligation to
update the forward-looking statements contained in this report.
FUTURE REPORTS
<TABLE>
<S> <C>
Year 2000 March 14, 2001
1st quarter 2001/
Annual Meeting April 26, 2001
1st half 2001 August 7, 2001
3rd quarter 2001 Nov. 13, 2001
</TABLE>
<PAGE> 8
FINANCIAL STATEMENT OF THE BASF GROUP (ABRIDGED VERSION)
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF INCOME Million Euro
3rd QUARTER JAN.-SEPT
---------------------------------- -------------------------------
CHANGE CHANGE
2000 1999 IN % 2000 1999 IN %
------ ------- --------- ------- ------- ---------
<S> <C> <C> <C> <C> <C> <C>
SALES* 9,196 7,247 +26.9 26,635 21,255 +25.3
Cost of sales 5,927 4,526 +31.0 17,068 13,071 +30.6
----- ----- ------ ------ ------ ------
GROSS PROFIT ON SALES 3,269 2,721 +20.1 9,567 8,184 +16.9
Selling expenses 1,489 1,255 +18.6 4,256 3,748 +13.6
General administrative costs 211 160 +31.9 559 510 +9.6
Research costs 410 329 +24.6 1,111 1,015 +9.5
Other operating income 409 58 +605.2 824 397 +107.6
Other operating expenses 1,102 713 +54.6 2,141 1,994 +7.4
----- ----- ------ ------ ------ ------
INCOME FROM OPERATIONS 466 322 +44.7 2,324 1,314 +76.9
Financial result -144 -32 . -116 -92 -26.1
----- ----- ------ ------ ------ ------
INCOME BEFORE TAXES AND MINORITY INTERESTS 322 290 +11.0 2,208 1,222 +80.7
Income taxes 208 178 +16.9 1,164 680 +71.2
Minority interests 13 . 31 1 .
----- ----- ------ ------ ------ ------
NET INCOME 101 112 -9.8 1,013 541 +87.2
EARNINGS PER SHARE (Euro) 0.17 0.19 -10.5 1.65 0.88 +87.5
Number of shares in millions (weighted) 613 617 -0.6
----- ----- ------ ------ ------ ------
</TABLE>
* excluding petroleum and natural gas taxes
<TABLE>
<CAPTION>
CONSOLIDATED BALANCE SHEETS Million Euro
SEPT. 30 DEC. 31
------------------------------------ ---------------------
CHANGE CHANGE
ASSETS 2000 1999 IN % 1999 IN %
-------- ------ --------- ------- ------
<S> <C> <C> <C> <C> <C>
FIXED ASSETS 22,593 15,743 +43.5 16,070 +40.6
Inventories 5,375 3,896 +38.0 4,028 +33.4
Accounts receivable, trade 6,947 4,847 +43.3 4,966 +39.9
Miscellaneous receivables 3,576 2,132 +67.7 2,212 +61.7
Deferred taxes 1,337 1,064 +25.7 1,225 +9.1
Liquid funds 1,064 1,689 -37.0 1,508 -29.4
------ ------ ----- ------ -----
CURRENT ASSETS 18,299 13,628 +34.3 13,939 +31.3
------ ------ ----- ------ -----
TOTAL ASSETS 40,892 29,371 +39.2 30,009 +36.3
------ ------ ----- ------ -----
</TABLE>
<TABLE>
<CAPTION>
SEPT. 30 DEC. 31
------------------------------------ -----------------------
CHANGE CHANGE
LIABILITIES 2000 1999 IN % 1999 IN %
-------- ------ --------- ------- --------
<S> <C> <C> <C> <C> <C>
Suscribed capital and capital surplus 4,265 4,185 +1.9 4,265 0.0
Retained earnings and other equity 9,811 8,707 +12.7 9,551 +2.7
Minority interests 502 359 +39.8 329 +52.6
------ ------ ------ ------ ------
STOCKHOLDERS' EQUITY 14,578 13,251 +10.0 14,145 +3.1
Provisions 9,772 8,611 +13.5 8,638 +13.1
Financial indebtedness 7,798 2,094 +272.4 1,294 +502.6
Other liabilities 8,744 5,415 +61.5 5,932 +47.4
------ ------ ------ ------ ------
LIABILITIES 26,314 16,120 +63.2 15,864 +65.9
------ ------ ------ ------ ------
STOCKHOLDERS' EQUITY AND LIABILITIES 40,892 29,371 +39.2 30,009 +36.3
------ ------ ------ ------ ------
</TABLE>
The interim balance has not been audited.
<TABLE>
<S> <C> <C>
Corporate Media Relations: Investor Relations: www.basf.com
Tel. +49-621-60-99938 Tel. +49-621-60-4 8230 BASF Aktiengesellschaft
Fax +49-621-60-20129 Fax +49-621-60-22500 67056 Ludwigshafen
E-Mail: [email protected] E-Mail: [email protected] Germany
</TABLE>
<PAGE> 9
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: November 9, 2000 By: /s/ Kurt Leidner
----------------
Name: Kurt Leidner
Title: Director Communications
Ludwigshafen Site
By: /s/ Felix Gress
----------------
Name: Felix Gress
Title: Director Communications
BASF Group
