BASF full year and 4Q 2009: BASF Group Business Review 2009.

In 2009, BASF's business was shaped by the economic crisis and the integration of Ciba. As forecast at start 2009, sales and earnings were significantly below 2008's levels. Sales declined by 19% to EUR 50.693 bn whereas income from operations decreased by 43% to EUR 3.677 bn. Despite the difficult business environment and the charges related to the Ciba acquisition, the group only narrowly missed its goal of earning its cost of capital. The capacity utilization of BASF's plants was at a historic low in large parts of its business. However, demand recovered over the course of the year, especially in Asia. Sales volumes in 1H 2009 were significantly below the level achieved in 1H 2008, …