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review

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evra u odnosu na prethodnu godinu. Akcije

kompanije BASF ponovo, po ugledu na cenu

akcija na kraju 2013. godine, nude visok pri-

nos isplati dividendi od 3,5%.

Predvianja za 2014. godinu

"Ni ove godine ne ocekujemo

snazan vetar u lea. Ipak, sa oprezom smo

optimisticni po pitanju svetskog ekonom-

skog razvoja. Predvia se da e se, uprkos

konstantnoj nestabilnosti, svetska industrija

tokom 2014. godine razvijati nesto brze nego

sto je to bio slucaj 2013. godine", dodao je

Bok. Za svetsku industriju hemikalija kom-

panija predvia porast obima slican onome

od lane i predvia nesto vei rast u vodeim

idustrijama za kupce poput transporta,

potrosacke robe i industriji elektronike. Ovo

e zasigurno imati pozitivan uticaj na poslo-

vanje kompanije BASF.

U 2014. godini, BASF predvia sledee

ekonomske uslove (proslogodisnji rezultati

navedeni su u zagradi):

Svetski ekonomski porast: +2.8%

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(+2.3%)

Porast u svetskoj industriji hemika-

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lija (iskljucujui farmaceutsku): +4.4%

(+4.6%)

Prosecna kursna stopa evro/dolar od 1,30

�

dolara za evro (1,33 dolara za evro)

Prosecna cena nafte (Brent) od 110 dola-

�

ra po barelu (109 dolara po barelu)

Bok navodi: ,,Sve u svemu, u 2014.

godini ocekujemo dobre rezultate na trzistu

koje i dalje predstavlja izazov. Planiramo da

poveamo obim nase prodaje izuzimajui

uticaj pripajanja i odvajanja poslovanja."

Meutim, prodaja e verovatno bla-

go opasti u odnosu na 2013. godinu usled

odvajanja poslovanja gasom i poslovanja

skladistenja planiranog za sredinu 2014.

godine. BASF ocekuje blagi porast EBIT-a

pre oporezivanja, narocito usled znatno

veeg doprinosa iz segmenata proizvoda

za poboljsanje performansi i proizvoda

za poboljsanje materijala. Ova kompanija

predvia znacajno vei EBIT za BASF Gru-

pu nego sto je to bio slucaj 2013. godine, de-

lom zbog oporezivanja od odvajanja poslo-

vanja trgovine gasom i poslova skladistenja.

,,Planiramo da znatno uveamo EBIT nakon

troskova kapitala i stoga ponovo zaradimo

velike premije na nase troskove kapitala", re-

kao je Bok.

At the Annual Shareholders' Meeting on

May 2, the Board of Executive Directors and

the Supervisory Board will propose a dividend

of 2.70 per share. This is an increase of 0.10

compared with the previous year. Based on

the 2013 year-end share price of 77.49, BASF

shares again offer a high dividend yield of

3.5%.

Outlook for full year 2014

"We do not expect strong tailwinds this

year either. Nevertheless, we are cautiously

optimistic with regards to global economic

development. The world economy is expected

to grow slightly faster in 2014 than in 2013,

despite continuing volatility," said Bock. For

the global chemical industry, the company

anticipates growth rates comparable with the

previous year's level and forecasts somewhat

higher growth in key customer industries such

as the transportation, consumer goods and

electronics industries. This will likely have a

positive effect on BASF's business.

For 2014, BASF assumes the following

economic conditions (previous year figures in

parentheses):

Global economic growth: +2.8% (+2.3%)

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Growth in global chemical production

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(without pharmaceuticals): +4.4% (+4.6%)

An average euro/dollar exchange rate of

�

$1.30 per euro ($1.33 per euro)

An average oil price (Brent) of $110 per

�

barrel ($109 per barrel)

Bock: "Overall, we expect to perform

well in a market environment that remains

challenging in 2014. We aim to increase

our sales volumes excluding the effects of

acquisitions and divestitures." Nonetheless,

sales are likely to decline slightly compared

with 2013, due to the divestiture of the gas

trading and storage business planned for the

middle of 2014. BASF expects a slight increase

in EBIT before special items, especially as a

result of considerably higher contributions

from the Performance Products and

Functional Materials & Solutions segments.

The company predicts a considerably higher

EBIT for the BASF Group than in 2013,

partially due to special income arising from

the divestiture of the gas trading and storage

business. "We aim to considerably increase

EBIT after cost of capital and therefore again

earn a high premium on our cost of capital,"

continued Bock.