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TRANSCRIPT
We add value as one company
Tobias Dratt Senior Vice President
Treasury
Creditor Roadshow
Singapore
November 26, 2014
BASF Credit Story November 2014 2
Cautionary note regarding
forward-looking statements
This presentation may contain forward-looking statements that are subject to risks and
uncertainties, including those pertaining to the anticipated benefits to be realized from the
proposals described herein. Forward-looking statements may include, in particular,
statements about future events, future financial performance, plans, strategies,
expectations, prospects, competitive environment, regulation and supply and demand.
BASF has based these forward-looking statements on its views and assumptions with
respect to future events and financial performance. Actual financial performance could differ
materially from that projected in the forward-looking statements due to the inherent
uncertainty of estimates, forecasts and projections, and financial performance may be better
or worse than anticipated. Given these uncertainties, readers should not put undue reliance
on any forward-looking statements. The information contained in this presentation is subject
to change without notice and BASF does not undertake any duty to update the forward-
looking statements, and the estimates and assumptions associated with them, except to the
extent required by applicable laws and regulations.
BASF Credit Story November 2014 3
BASF at a glance
Growth levers
Operational excellence
Financing highlights
BASF Credit Story November 2014 4
BASF – The Chemical Company
#1 chemical company – uniquely positioned with
broad market access and customers in more than
200 countries in virtually all industries
Combining economic success, social responsibility
and environmental protection
Top 3 market positions in ~75 % of our businesses
6 unique Verbund sites and 376 other production
sites in more than 40 countries
International, interdisciplinary R&D network with
more than 10,650 employees
Globally, more than 112,000 employees
We create chemistry for a sustainable future
BASF Credit Story November 2014 5
Percentage of sales 2013*
* Not depicted here: ~6% of Group sales reported as ‘Other‘
BASF today – a well-balanced portfolio Total sales 2013: €74 billion
BASF Credit Story November 2014 6
BASF outperformed global chemical
production by ~3 percentage points p.a.
Sales to third parties billion €
33
79
72
74
16.6
20.7 -4.8
13.7
-6.6 3.7 -0.5 -2.0 0.6
20
40
60
80
2001 2012 2012 restated
2013
Volumes
Prices
Currencies M&A
Volumes Prices Currencies M&A
IFRS
Impact
BASF Credit Story November 2014 7
Q3 2014: BASF with higher sales and
earnings
Sales development
Period Volumes Prices Portfolio Currencies
Q3’14 vs. Q3’13 7% (4%) 0% 0%
Q1-Q3 2014 vs. Q1-Q3 2013 6% (3%) 0% (2%)
Business performance Q3’14 vs. Q3’13 Q1-Q3’14 vs. Q1-Q3’13
Sales €18.3 billion +3% €56.3 billion +1%
EBITDA €2.5 billion +1% €8.2 billion +4%
EBIT before special items €1.8 billion +9% €6.0 billion +5%
EBIT €1.8 billion +8% €6.1 billion +8%
Net income €1.0 billion (5%) €3.8 billion +3%
Reported EPS €1.14 (5%) €4.16 +3%
Adjusted EPS €1.27 (1%) €4.45 +2%
BASF Credit Story November 2014 8
We aim to increase our sales volumes excluding the effects of acquisitions and divestitures.
Nonetheless, sales will decline slightly compared with 2013 due to the divestiture of the gas
trading and storage business planned for autumn 2014 and negative currency effects.
Despite the challenging environment, we strive for a slight increase in EBIT before special
items.
Outlook 2014
GDP: 2.3% (previous: 2.5%)
Industrial production: 3.4% (previous: 3.7%)
Chemical production: 4.0% (previous: 4.4%)
US$ / Euro: 1.35 (unchanged)
Oil price (US$ / bbl): 105 (previous: 110)
Assumptions 2014
Outlook 2014
BASF Credit Story November 2014 9
Customers from 17 countries
More than 100 production sites
130 sales offices*
16,708 employees,
thereof ~700 R&D staff
Sales in 2013: €12.5 billion**
EBITbSI in 2013: €842 million
BASF in Asia Pacific
* Some sites are not shown due to scale. Site and office numbers refer
to companies of significant size where BASF holds a stake of at least
50% .
** Sales to third parties by location of customers.
Regional headquarters
Verbund site
Production site
R&D/Technical center
Asia Pacific service center
Singapore
Hong Kong
Japan South Korea
Mongolia
China
Pakistan
India
Sri Lanka
Bangladesh
Thailand Vietnam
Philippines
Indonesia
Taiwan
Malaysia
Australia
New Zealand
BASF Credit Story November 2014 10
Functional
Materials &
Solutions
30%
Sales* by segment
Chemicals
31%
Other
9%
Performance
Products
26% Greater
China
44%
Australia,
New Zealand (ANZ)
4%
South Asia
10%
Japan
12%
South Korea
8%
ASEAN
22%
€12.5
billion €12.5
billion
Sales by sub-region
Agricultural
Solutions
4%
Sales Asia Pacific 2013
South Asia: India, Pakistan, Bangladesh, Sri Lanka
ASEAN: Singapore, Philippines, Vietnam,
Thailand, Indonesia, Malaysia
*Sales to third parties by location of customers
BASF Credit Story November 2014 11
BASF at a glance
Growth levers
Operational excellence
Financing highlights
BASF Credit Story November 2014 12
Demographic challenges … set the stage for the future of the chemical industry
Nine billion people in 2050 but only one earth
Resources, Environment & Climate
Food & Nutrition Quality of Life
Chemistry as enabler
BASF Credit Story November 2014 13
Portfolio development Moving downstream towards customer industries
* Agriculture, Construction, Consumer Goods, Health & Nutrition, Electronics, Energy & Resources, Transportation.
** Sales excluding Oil & Gas. Targets were published on November 29, 2011.
BASF Credit Story November 2014 14
Catalysts
Construction chemicals
Water-based resins
Pigments, plastic additives
Oil & Gas
Personal care & food
Battery materials
Functional crop care
Omega-3 fatty acids
Enzymes
…
BASF
core business
Strong partnerships
Gazprom
Monsanto
Petronas
Shell
Sinopec
Statoil
Total
Selected transactions
2004 − today
Acquisitions
~ €14 billion sales
Divestitures
Printing systems
Agro generics
Vitamin premixes
Styrenics
Fertilizers
Construction equipment, flooring and wall systems
Natural gas trading and storage business
Textile chemicals
…
~ €16 billion sales*
Portfolio development Towards more market driven and innovative businesses
* Without styrenics (transferred into Styrolution JV on Oct. 1, 2011). Natural Gas Trading: Closing expected in autumn 2014
BASF Credit Story November 2014 15
Chemistry-based innovations Growth and technology fields
Growth fields
Resources,
Environment
& Climate
Food &
Nutrition
Quality of Life White
Biotechnology
Materials,
Systems &
Nanotechnology
Raw Material
Change
Key customer industries
Health & Nutrition
Consumer Goods
Transportation
Energy & Resources
Electronics
Agriculture
Construction
Technology fields Global needs
...
Batteries for Mobility
Enzymes
Heat Management for Construction
Organic Electronics
Functional Crop Care
Plant Biotechnology
E-Power Management
Wind Energy
Lightweight Composites
Water Solutions
BASF Credit Story November 2014 16
Strong commitment to innovation Innovations for a sustainable future
1.4 1.5
1.6 1.7
1.8
0.0
0.5
1.0
1.5
2.0
2009 2010 2011 2012 2013
€1.8 billion R&D expenditure in
2013, further increase of R&D
spending planned in 2014
~10,650 employees in R&D
~3,000 projects
Research Verbund:
Cooperations with ~600
excellent partners from
universities, start-ups
and industry
Target 2015 and 2020:
– €10 billion in sales from
innovations younger 5 years
– €30 billion in sales from
innovations younger 10 years
R&D expenditures
in € billion
Chemicals
10%
Performance Products
20%
Functional Mat. & Sol.
20%
Agricultural Solutions
26%
Oil & Gas
3%
Corporate Research
21%
Key facts
2.0
1.5
1.0
0.5
0
BASF Credit Story November 2014 17
Expansion of research capabilities in
Asia Pacific with new R&D centers
R&D Center Korea (2013)
Focus: electronics
R&D Center Singapore (2007)
Focus: water, membrane, oilfield
R&D Center Australia (2012)
Focus: mining
Innovation Campus Asia Pacific,
Shanghai (2012)
Focus: polymers & materials
Global R&D Center India (2014)
Focus: life science, agro
R&D Center Japan (2013)
Focus: battery materials
BASF Credit Story November 2014 18
Expansion oil & gas activities
Aroma Ingredients Kuantan, Malaysia
Investments Major projects
Ammonia and gas-to-propylene in USA*
MDI plant Chongqing, China
Acrylic acid complex Camacari, Brazil
TDI plant Ludwigshafen, Germany
* Under evaluation
BASF Credit Story November 2014 19
Performance
Products
15%
Oil & Gas
20%
€20
billion
Functional
Materials &
Solutions
12%
Capex budget 2014-2018
Other
13%
Chemicals
33%
Capex budget 2014-2018
Asia Pacific
18%
€20
billion
South
America
4%
North America
25%
Europe
49%
Agricultural
Solutions
7%
Other
4%
by segment by region
Investments Capex budget 2014-2018 by segment and region
BASF Credit Story November 2014 20
Innovation ~3,500 R&D staff
Market €25 billion sales
Portfolio >€2 billion sales from
new biz and acquisitions
People ~9,000 new jobs
Investment 75% OMP ratio
Excellence €1 billion cost savings
We create chemistry in Asia Pacific:
2020 targets
BASF Credit Story November 2014 21
BASF at a glance
Growth levers
Operational excellence
Financing highlights
BASF Credit Story November 2014 22
Operational excellence Strong track record
BASF Group* 2001–2013 Index
50
100
150
200
250
300
350
2001 2006 2009 2012
CAGR 2001 – 2013
10 %
8 %
3 %
EBITDA
Sales
Fixed costs
* Excl. companies with major IFRS 10/11 restatements, i.e. BASF YPC Nanjing, Libya onshore, other Oil & Gas and Catalysts companies
2013
BASF Credit Story November 2014 23
Global reduction in carbon
emissions of 6.1 million metric
tons/a. and reduction of waste
Example Ludwigshafen:
avoidance of 7 million metric
tons of freight/a.
= 280,000 fewer truckloads
Shared use of on-site facilities:
fire department, security, waste
water treatment and analytics
Verbund generates >€1 billion p.a. global
cost savings*, supports sustainability
* Savings include only tangible synergies. Additional (intangible) benefits and retained profits are not included.
BASF Credit Story November 2014 24
0
1,000
2,000
3,000
4,000
2013 2015
Former cost saving programs
NEXT STEP
Operational excellence programs ~€1.3 billion earnings contribution from STEP by 2015
Annual earnings contribution
in € million Targeted annual earnings
contribution increased
from €1 billion to ~€1.3 billion
by end of 2015
Optimization of processes and
structures in all regions, e.g.
manufacturing, maintenance
supply chain
engineering, best-cost country
sourcing
Project timeline: 2012–2015
Between €0.9 and €1 billion by
the end of 2014 expected
One-time cost : ~€1 billion
STEP program
BASF Credit Story November 2014 25
BASF at a glance
Growth levers
Operational excellence
Financing highlights
BASF Credit Story November 2014 26
* Cash provided by operating activities less capex (in 2005 before CTA) ** 2009 adjusted for re-classification of settlement payments for currency derivatives *** Figures for 2013 in accordance with changes in IFRS and new segment structure as of January 1, 2013
Cash provided by operating activities
Free cash flow*
4.8
3.2
1.3
0
1
2
3
4
5
6
7
8
2004 2005 2006 2007 2008 2009** 2010 2011 2012 2013*** Q1-Q32014
Continuous strong free cash flow
generation
Free cash flow in billion €
7.9
BASF Credit Story November 2014 27
Diversified Debt Financing Instruments As of September 30, 2014
EUR 20 billion debt issuance
program (for long-term debt
financing)
USD 12.5 billion commercial
paper program (for short-term
debt financing)
Two broadly syndicated
backup-lines of EUR 3 billion
each (maturing in 2018 and
2019, respectively)
Funding Strategy Highlights
Commercial Papers
7%
Bank Loans
18%
EUR-denominated
Bonds
60%
€15.8 billion
Financing strategy
Keep a solid A rating (current ratings* S&P A+ / Moody’s A1) Our target:
* Last Confirmation Moody’s: October 31, 2014 Last Confirmation S&P: May 13, 2014
Other Bonds
15%
BASF Credit Story November 2014 28
2.2
1.1 1.1
1.8
0.8
0.3
0.7
1.0
0.5
2.1
0.0
0.5
1.0
1.5
2.0
2.5
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 >2024
* Nominal values, excluding industrial revenue and pollution control bonds from BASF Corporation Group.
Profile as of September 30, 2014 (billion €)*
Well balanced bond maturity profile
BASF Credit Story November 2014 29
Highlights of BASF’s credit
1. Strong track record, outperforming chemical production by 3% p.a. (2001-2013)
6. Diversified financing strategy with a strong commitment to keep a solid A rating
Strong free cash flow in every single year over the last decade
Focus on operational excellence
Advantageous cost position due to unique Verbund concept
Focus on cost management
2. Well positioned for profitable growth
Excellent innovation platform
Leading Positions in growth industries and emerging markets
Ongoing portfolio optimization
5.
3.
4. Combining economic success with social commitment and environmental protection
BASF Credit Story November 2014 30
Appendix I
BASF Credit Story November 2014 31
Overview of bonds (1/2) as of September 30, 2014
Bond Term Issuer Volume ISIN Code
EUR Floating Rate Note 2014/2017 BASF SE € 300 million XS1043167433
2.5% Euro Bond 2014/2024 BASF SE € 500 million XS1017833242
1.375% Euro Bond 2014/2019 BASF SE € 750 million XS1017828911
3.89% USPP Series A 2013/2025 BASF SE USD 250 million N/A
4.09% USPP Series B 2013/2028 BASF SE USD 700 million N/A
4.43% USPP Series C 2013/2034 BASF SE USD 300 million N/A
EUR Floating Rate Note 2013/2016 BASF SE € 200 million XS0963402572
3.675% NOK Bond 2013/2025 BASF SE NOK 1.45 billion XS0932079717
EUR Floating Rate Note 2013/2020 BASF SE € 300 million XS0931272776
2.875% EUR Bond 2013/2033 BASF SE € 200 million XS0932307100
EUR Floating Rate Note 2013/2018 BASF SE € 300 million XS0903325206
3.25% EUR Bond 2013/2043 BASF SE € 200 million XS0888667200
3% EUR Bond 2013/2033 BASF SE € 500 million XS0885399583
1.875% EUR Bond 2013/2021 BASF SE € 700 million XS0883560715
BASF Credit Story November 2014 32
Overview of bonds (2/2) as of September 30, 2014
1 Guaranteed by BASF SE
Bond Term Issuer Volume ISIN Code
2.0% EUR Bond 2012/2022 BASF SE € 1 billion DE000A1R0XG3
1.5% EUR Bond 2012/2018 BASF SE € 1 billion XS0836260975
4.25% EUR Bond 2009/2016 BASF SE € 200 million XS0439773002
4.625% EUR Bond 2009/2017 BASF SE € 300 million XS0437957086
5.875% GBP Bond 2009/2017 BASF SE GBP 400 million XS0420401779
5.125% EUR Bond 2009/2015 BASF Finance Europe N.V. 1 € 2 billion XS0412154378
4.5% EUR Bond 2009/2016 BASF Finance Europe N.V. 1 € 150 million XS0414672070
3.625% CHF Bond 2008/2015 BASF Finance Europe N.V. 1 CHF 200 million CH0039943292
4.5% EUR Bond 2006/2016 BASF SE € 500 million DE 000 A0JRFB0
4.875% EUR Bond 2003/2018 Ciba Specialty Chemicals
Finance Luxembourg S.A. € 500 million XS0170386998
BASF Credit Story November 2014 33
BASF Creditor Relations Team
Frank Wilhelmi
Head of Capital Market Financing
Hannes Koske
IR Manager Creditor Relations
Contact Details:
Email: [email protected]
Hotline: +49 621 60 48230
Websites: www.basf.com/bonds
www.basf.com/anleihen
Juliane Beckmann
Senior Specialist
Capital Market Financing
Lüthje Brandt
Specialist
Capital Market Financing
BASF Credit Story November 2014 34
2013 sales* and EBIT before special
items in the regions
million €
North America
South America, Africa, Middle East Asia Pacific
Europe
Sales 14,573
EBIT before 1,539 special items
Sales 4,386
EBIT before 387 special items
Sales 43,335
EBIT before 4,422 special items
Sales 11,679
EBIT before 842 special items
* Sales to third parties by location of company
58%
16% 6%
20%
Sales
BASF Group
73,973
BASF Credit Story November 2014 35
Monomers
Intermediates
Dispersions &
Pigments
Performance
Chemicals
Care
Chemicals
Paper
Chemicals
Coatings
Catalysts
Construction
Chemicals
BASF sales by first customer industry*
> 15 %
> 10 %
< 10 %
> 15 %
Consumer goods
Transportation
Construction
Energy & Resources
Market approach Cross-divisional customer industry approach
* Excluding Oil & Gas, Crop Protection and Other. 2012 numbers
Petro-
chemicals
Performance
Materials
Bubble Size: BASF divisional sales by first customer industry*/**
** Nutrition & Health sales predominantly into Health & Nutrition market
BASF Credit Story November 2014 36
E-textiles
Solar roof with transparent
organic solar panels and
OLED modules
Multifunctional seat
Infrared-reflective
coating
Infrared-reflective film
High performance foams
Lightweight tridion cell
All-plastic wheel
Cross-divisional approach BASF’s technology Verbund combined with customer know-how
Daimler & BASF concept car ‘Smartforvision’
BASF Credit Story November 2014 37
Customer Verbund - adidas and BASF Working together for disruptive innovation: Infinergy™
BASF Credit Story November 2014 38
Growth field example: Enzymes Innovation-driven specialties for various markets
Become a major player in enzyme technology; sales target of >€400million (2020)
Textile /
Leather
Oilfield Water
Biofuels
Detergents
Processed
food Beverages
Bakery Feed
Existing business mainly with
enzymes for animal nutrition
Acquired Henkel's detergent
enzyme technology
Entered into research and
license agreement with Dyadic
to access C1-host technology
Successfully acquired enzyme
biotechnology company
Verenium
R&D pipeline is reinforced with
several new projects
Enzymes know-how leveraged
with chemical ingredients
Pulp &
Paper
The fungus Aspergillus niger is a powerful
production host for feed enzymes.
BASF Credit Story November 2014 39
Acquisitions … will contribute to profitable growth in the future
Provide a minimum return on
investment of 8% p.a. after tax
Are EPS accretive by year three
at the latest
Financial acquisition criteria
Generate profitable growth
above the industry average
Are innovation-driven
Offer a special value proposition
to customers
Reduce earnings cyclicality
Strategic acquisition criteria
We want to acquire businesses which …
BASF Credit Story November 2014 40
Appendix II
BASF Credit Story November 2014 41
Chemicals Earnings growth despite flat volumes
Intermediates
701
0%
Monomers
1,587
(1%)
Petrochemicals
1,913
(1%)
€4,201
(1%)
Q3’14 segment sales (million €) vs. Q3’13
Sales development
Period Volumes Prices Portfolio Currencies
Q3’14 vs. Q3’13 0% (1%) 0% 0%
EBIT before special items (million €)
527 510
601 570616
0
200
400
600
800
Q3 Q4 Q1 Q2 Q3
2014 2013
BASF Credit Story November 2014 42
Performance Products Sales and earnings stability during restructuring
Performance
Chemicals
847
+3%
Care Chemicals
1,203
0%
€3,919
(1%)
Paper Chemicals
344
(6%)
Q3’14 segment sales (million €) vs. Q3’13
Nutrition
& Health
522
(3%) Dispersions
& Pigments
1,003
0%
EBIT before special items (million €)
Sales development
Period Volumes Prices Portfolio Currencies
Q3’14 vs. Q3’13 0% 0% 0% (1%)
376
216
427 435376
0
200
400
600
Q3 Q4 Q1 Q2 Q3
2014 2013
BASF Credit Story November 2014 43
Functional Materials & Solutions Continued robust demand from automotive
Catalysts
1,572
+7%
Construction
Chemicals
565
(2%)
Coatings
736
+1%
€4,527
+2%
Q3’14 segment sales (million €) vs. Q3’13
Sales development
Period Volumes Prices Portfolio Currencies
Q3’14 vs. Q3’13 1% 2% 0% (1%)
Performance
Materials
1,654
(1%)
300
238
311356
310
0
200
400
Q3 Q4 Q1 Q2 Q3
EBIT before special items (million €)
2014 2013
BASF Credit Story November 2014 44
Agricultural Solutions Strong earnings decline in seasonally slow quarter
Q3’14 segment sales (million €) vs. Q3’13
Sales development
Period Volumes Prices Portfolio Currencies
Q3’14 vs. Q3’13 (4%) 2% 0% (1%)
0
100
200
Q3 Q3
0
300
600
900
1,200
Q3 Q3
1,018 (3%)
43
(75%)
172 1,054
EBIT before special items (million €)
2014 2013 2014 2013
BASF Credit Story November 2014 45
62
451*
194
265
0
100
200
300
400
500
Q3/2013 Net Income Q3/2014 Net Income
Oil & Gas Considerably higher sales and earnings
Exploration &
Production
611
(19%)
Natural Gas
Trading
3,059
+29% €3,670
+17%
Q3’14 segment sales (million €) vs. Q3’13 EBIT bSI/Net income (million €)
Natural Gas Trading
Exploration & Production
Net income
Sales development
Period Volumes Prices/Currencies Portfolio
Q3’14 vs. Q3’13 43% (26%) 0%
422
360
310
504
* Incl. one-time disposal gain of 164 million euros from the divestment of
a 15% stake in Edvard Grieg field
BASF Credit Story November 2014 46
Review of “Other”
Million € Q3’14 Q3’13
Sales 977 947
EBIT before special items (7) (105)
Thereof Corporate research
Group corporate costs
Currency result, hedges and other
valuation effects
Other business
(96)
(53)
100
23
(90)
(57)
(74)
59
Special items (20) (24)
EBIT (27) (129)
BASF Credit Story November 2014 47
Cash Flow Solid cash flow in Q1-Q3 2014
Million € Q1-Q3’14 Q1-Q3’13
Cash provided by operating activities 4,765 5,982
Thereof Changes in net working capital
Miscellaneous items
(739)
(425)
374
(327)
Cash provided by investing activities (3,625) (4,629)
thereof Payments related to tangible / intangible assets (3,426) (3,038)
Acquisitions / divestitures 355 (1,093)
Cash used in financing activities (995) (1,300)
thereof Changes in financial liabilities
Dividends
1,661
(2,656)
1,304
(2,604)
BASF Credit Story November 2014 48
EBITDA / EBITDA impact (billion €)
Projection 2015
Expected sales and
EBITDA in line with financial
market expectations for
2015
Market expectation for 2015
EBITDA between €10 - €12
billion. BASF aims to
achieve upper end of range
Detailed outlook for 2015
provided on Feb. 27, 2015
BASF Credit Story November 2014 49
Appendix III
BASF Credit Story November 2014 50
Macroeconomics Competition Sustainability
Capturing opportunities and addressing
challenges in Asia Pacific
Demands of
society & government
BASF Credit Story November 2014 51
We create chemistry in Asia Pacific:
Our strategic levers
Innovation Market Portfolio
People Investment Excellence
BASF Credit Story November 2014 52
Market Connecting with our customers and
business partners to capture growth
opportunities
€25 billion sales by 2020
Drive industry and customer orientation
Engage with stakeholders to support
sustainable development
Explore opportunities in new markets
52 BASF Credit Story November 2014
BASF Credit Story November 2014 53
Innovation Driving innovation in Asia for Asia and
the world
~3,500 R&D staff by 2020
Expand the Asia Pacific presence within BASF’s
global R&D network
Collaborate with customers to capture new
business areas
53 BASF Credit Story November 2014
BASF Credit Story November 2014 54
Portfolio Enhancing our portfolio
>€2 billion sales from new business and
acquisitions by 2020
Develop new businesses and growth fields
Identify attractive acquisition opportunities
54 BASF Credit Story November 2014
BASF Credit Story November 2014 55
Investment Expanding our local production network
75% own manufactured products
(OMP ratio) by 2020
Implement ambitious investment plan efficiently
Form production clusters to address target
industry needs
55 BASF Credit Story November 2014
BASF Credit Story November 2014 56
People Attracting and developing talent
~9,000 new jobs by 2020
Develop a differentiated recruitment approach
Establish a “Learning Campus”
Redesign our motivational compensation and
rewards system
Engage our people in sustainability
56 BASF Credit Story November 2014
BASF Credit Story November 2014 57
Excellence Improving operational efficiency and
organizational effectiveness
€1 billion cost savings by 2020
Drive marketing and sales excellence
Enhance operational excellence
Optimize business enabling structures
Increase collaboration efficiency
57 BASF Credit Story November 2014
BASF Credit Story November 2014 58