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BASF expects record year in 2010

October 28/2010

(BASF) -- Demand for BASFs products continued to be high in the third quarter of 2010. There was hardly any sign of the usual seasonal slowdown and the capacity utilization rate was high.

In this favorable economic environment, BASFs business performed better than anticipated. The good business development is expected to continue in the fourth quarter and BASF has therefore raised its outlook for the current year.

Dr. Jurgen Hambrecht, Chairman of BASFs Board of Executive Directors said: We are now profiting from the favorable economic environment because we further improved our competitiveness in the crisis and made our portfolio even more cyclically resilient through the rapid integration of Ciba.

Net income increased by ?1 billion to ?1.2 billion. At 33.4%, the tax rate was lower than in the third quarter of 2009. This was mainly due to the lower earnings contribution from the highly-taxed Oil & Gas segment.

Cash provided by operating activities increased to the high level of ?5.3 billion. This was partly due to a decrease in net working capital in the third quarter despite continued strong demand.


BASF expects record year in 2010

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