Manche Analysten waren skeptisch und voellig falscher Meinung was Wintershall und Vattenfal (Windfarm) angeht.
Jetzt tut es den leid und wollen uns wieder Dummheiten und Fehlleitungen verkaufen.
Matthew Yates (Bank of America): I wanted to ask you what the strategic options are
for the Wintershall Dea asset and how we can avoid this becoming somewhat of a
stranded asset if the market continues to be resistant to valuations in the oil and gas
sector. Other than an IPO, are you also exploring options for a trade sale or could you
even contemplate some sort of spin-off to shareholders, if given the improvement in
the rest of the business? You are making good progress on deleveraging anyway. So
could you simply just spin the asset off?
Dr. Hans-Ulrich Engel: Wintershall Dea, a stranded asset? I would say, definitely not.
We made a conscious decision here, seeing where the broker prices were. When it
comes to valuation and when it comes to valuation for an IPO, what is at this point in
time in particular of relevance are the years 2022, 2023, 2024. We saw the strong
move on the front end of the curve, but 2023 and 2024 were clearly lagging behind.
It’s slightly improving, as we had expected. It also looks like the multiples are
improving. So from that point of view, I think we made economically here the right
decision.
Are there alternatives? I can tell you that between the shareholders we have agreed
on a path for an exit, which is the IPO, and we’ll continue on that path. Let me also
reiterate what I said during my brief speech earlier: The strategic decision for BASF is
absolutely clear. As we have implemented on the divestitures of the water and paper
treatment chemicals business, the construction chemicals business, the pigments
business, we will also implement in this case.
Tony Jones (Redburn): With EBIT this year, the new guidance, it’s going to be well over €7 billion. How are you thinking about returning any excess cash to shareholders in a peak earnings year or are you favoring growth investments and strategic M&A?
Dr. Hans-Ulrich Engel: So, first of all, let’s bring the year home, number one. Number two, you know what our priorities are for the use of cash and they have not changed.
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