DGAP-Adhoc: BASF SE: Asset swap between BASF and Gazprom will not be completed


BASF SE  / Key word(s): Joint Venture/Miscellaneous

18.12.2014 18:51

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Asset swap between BASF and Gazprom will not be completed

  - Required discontinuation of disposal group leads to expenses in 2014
    and retroactively in 2013

Ludwigshafen, Germany - December 18, 2014 - BASF and Gazprom agreed today
that they will not complete the asset swap, which was planned for the end
of the year. Through the asset swap, Wintershall, a 100% subsidiary of
BASF, would have transferred the jointly operated natural gas trading and
storage business to Gazprom. Gazprom would have also received a 50% share
in the activities of Wintershall Noordzee B.V., which is active in the
exploration and production of oil and gas in the southern North Sea
(Netherlands, UK and Denmark). Together these activities contributed around
EUR12 billion to sales and about EUR500 million to EBITDA of the BASF Group
in 2013. In return, it was planned that two additional blocks of the
Achimov formation of the Urengoi natural gas and condensate field in
western Siberia would be jointly developed by Gazprom and Wintershall.

The natural gas trading business will now continue to operate as a 50-50
joint venture between Gazprom and BASF Group company Wintershall.
Wintershall Noordzee B.V. will remain a 100% BASF Group company. At the end
of 2012, the assets and liabilities of the natural gas trading business
were classified as a disposal group in the financial statements. Due to the
cancellation of the transaction, it is required to discontinue the
reporting as a disposal group and book depreciation and the equity result,
which were suspended since 2012. This leads to expenses of EUR113 million
in 2013 and EUR211 million in 2014. The figures for the financial year 2013
will be restated accordingly. Income from operations (EBIT) before special
items for 2013 will thus be about EUR7.1 billion.

In light of this, the outlook for the current year of achieving an EBIT
before special items that is slightly higher than the previous year still
appears to be reachable. EBIT will likely slightly increase; previously a
considerable rise in EBIT was expected due to the special income from the
divestitures of the gas trading and storage business.


Contact:
Jennifer Moore-Braun
Phone: +49 621 60-99123
Mobile: +49 173 3478718
Fax: +49 621 60-92693
E-Mail: jennifer.moore-braun@basf.com
Postal Address: BASF SE, ZOA/CM - C100, 67056 Ludwigshafen, Germany


18.12.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      BASF SE
              Carl-Bosch-Straße 38
              67056 Ludwigshafen
              Germany
Phone:        +49 (0)621 60-0
Fax:          +49 (0)621 60-4 25 25
E-mail:       info.service@basf.com
Internet:     www.basf.com
ISIN:         DE000BASF111, DE000A0JRFB0, Börse Dublin, Frankfurter
              Wertpapierbörse, DE000A0JRFA2, Börse Dublin, Frankfurter
              Wertpapierbörse, DE000A0JQF26, Börse Dublin, Frankfurter
              Wertpapierbörse, DE000A0EUB86, Frankfurter Wertpapierbörse,
              DE0008846718, Frankfurter Wertpapierbörse, DE000A0XFK16,
              Börse Luxemburg, Frankfurter Wertpapierbörse, XS0420401779,
              Börse Luxemburg, XS0412154378, Börse Luxemburg, Frankfurter
              Börse, DE000A0T4DU7,Börse Luxemburg, Frankfurter Börse,
              CH0039943292, Swiss Exchange (SWX), CH0039943383, Swiss
              Exchange (SWX), DE000A0TKBM, Börse Luxemburg, Frankfurter
              Börse, XS0414672070, Börse Luxemburg, ,
WKN:          BASF11, WKN A0JRFB, Börse Dublin, Frankfurter Wertpapierbörse, 
, WKN A0JRFA, Börse Dublin, Frankfurter Wertpapierbörse, , WKN A0JQF2, Börse
Dublin, Frankfurter Wertpapierbörse,  , WKN A0EUB8, Frankfurter
Wertpapierbörse, , WKN 884671, Frankfurter Wertpapierbörse, , WKN A0XFK1,
Börse Luxemburg, Frankfurter Wertpapierbörse, , WKN A0XFHJ, Börse Luxemburg,
, WKN A0T6EG, Börse Luxemburg, Frankfurter Wertpapierbörse, , WKN A0T4DU,
Börse Luxemburg, Frankfurter Wertpapierbörse, , WKN 3994329, Swiss Exchange
(SWX), , WKN 3994338, Swiss Exchange (SWX), , WKN A0TKBM, Börse Luxemburg,
Frankfurter Wertpapierbörse, , WKN A0T65R, Börse Luxemburg, 
Indices:      DAX, EURO STOXX 50
Listed:       Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
              Standard), Hamburg, Hannover, München, Stuttgart; Terminbörse
              EUREX; London, SIX
 
End of Announcement                             DGAP News-Service
 
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