DuPontDow ChemicalBASFBayer Syngenta 5 vision ICI
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1 DuPont Dow Chemical BASF Bayer Syngenta Basic /Utility Conglomerate /Diversified Specialty /Pure-Play Consumer /Retail J/V PER EPS ROE BVPS ROA Financial Leverage Turn Over Margin ROIC 1
2 DuPontDow ChemicalBASFBayer Syngenta 5 vision ICI
3
4 Middle Middle Risk RiskMiddle Middle Return Return High High Risk RiskHigh High Return Return Specialty Specialty etc. etc. etc. etc. Low Low Risk RiskLow Low Return Return High High Risk RiskLow Low Return Return Commodity Commodity etc. etc. etc. etc. 4
5 5 / / / /
6 3-1 DuPont DuPont Dow Chemical BASF Bayer Syngenta 5 Annual report Fact book / Vision USD 1 BASF Germany 40, Toray Industries Japan 8,254 2 Dow Chemical U.S. 40, Solvay Belgium 8,066 3 Bayer Germany 28, Shin-Etsu Japan 7,999 4 ExxonMobil U.S. 27, Clariant Switzerland 7,378 5 DuPont U.S. 27, PPG Industries U.S. 7,309 6 Total France 26, Rohm and Haas U.S. 7,300 7 Royal Dutch/Shell Netherlands;U.K. 21, Syngenta Switzerland 7,269 8 BP U.K. 20, Eni Italy 7,205 9 Sinopec China 15, Air Products U.S. 7, Sabic Saudi Arabia 15, Rhodia France 7, Degussa Germany 14, Reliance Industries India 6, Mitsubishi Chemical Japan 14, Ineos U.K.. 6, Akzo Nobel Netherlands 12, Praxair U.S. 6, Air Liquide France 12, Eastman Chemical U.S. 6, Mitsui Chemicals Japan 11, Asahi Kasei Japan 6, Formosa Plastics Group Taiwan 11, Borealis Denmark 6, Huntsman U.S. 11, Sherwin-Williams U.S. 6, ICI U.K. 10, Ciba Specialty Chemicals Switzerland 6, Sumitomo Chemical Japan 10, Lyondell Chemical U.S. 5, DSM Netherlands 10, BOC U.K 5, Koch Industries U.S. 10, Tosoh Japan 5, Dainippon Ink & Chemicals Japan 9, Monsanto U.S. 5, Equistar Chemicals U.S. 9, Ashland U.S. 5, CPChem U.S. 9, Linde Germany 5, General Electric U.S. 8, Nova Chemicals Canada 5,270 Chemical Week / / Core Value 6
7 Vision 3 Mission vision 3 Integrated Science 20 Knowledge Intensity 200 Productivity/Six Sigma COO Chief Operating Officer CFO Chief Financial Officer ROIC Return On Invested Capital 3%Pt RONA Return On Net Assets CSTO Chief Science & Technology Officer 3 CMO Chief Marketing Officer 7
8 5 H.H. Index 50% Other Chemicals 8% Specialty Fibers 11% Polyester Enterprize 17% Others 0% Sales USD27,340million (H.H.Index 1,855) Performance Coating & Polymer 21% Agrochemicals & Nutrition 22% Pigment & Chemicals 21% Asia Pacific 17% North America Sales 46% USD27,340million Europe Africa M.East 29% South America 8% PL CF BS 35% 2004/12 BS Cash 10% A.P. 8% A.R. 14% Debt 18% Inventory 13% Others 39% Fixed Asset 29% Others 35% Equity 35% Total Assets 35,632 20% 15% 10% 5% 0% -5% -10% -15% 10 PL CF (Sales=100%) 12% 11% 6% EBIT Net Income Depreciation & Amortization 16% Cash Flow from Operations -5% Cash Flow from Investments 11% Free Cash Flow -10% Cash Flow from Finance 1% Total Cash Flow 8
9 SWOT Dow Chemical / / Dow s Essential Elements VisionValues 4 Vision 4 Mission Why We are Here Values Who We are Vision What We Seek to Become What We Intended to Do 4 40% 9
10 BRICs Agricultural Products 8% Hydro-Carbons 12% Chemicals 14% Others 1% Sales USD40,161million (H.H.Index 1,862) Performance Chemical 17% Plastics 24% Performance Plastics 24% Rest of The World 27% Sales USD40,161million Europe 36% United States 37% PL CF BS DE /12 BS Cash 7% A.P. 8% A.R. 10% Debt 27% Inventory 11% Fixed Asset 30% Others 35% Others 42% Total Assets Equity 30% 45,885 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% 10 PL CF (Sales=100%) 9% EBIT 5% Net Income Depreciation 6% & Amortization 11% Cash Flow from Operations -5% Cash Flow from Investments 6% Free Cash Flow -5% Cash Flow from Finance 1% Total Cash Flow SWOT 10
11 BRICs BASF 1865 / / Mission Vision 4 Value 6 Vision 7 Vision BASF
12 Verbund 6 2/3 Crop Protection 9% Oil&Gas 14% Nutrition 5% Chemicals 19% Others 4% Sales USD45,044million (H.H.Index 1,908) Plastic & Fibers 28% Colorants & Fine Products 21% Latin America 5% Asia/Africa 17% North America 22% Germany 20% Sales USD45,044million Other Europe 36% PL CF BS 2004/12 BS 10 PL CF Cash 7% A.P. 7% A.R. 16% Debt 10% Others 37% Inventory 14% Fixed Asset 37% 10% 5% 0% (Sales=100%) 9% 6% 8% 11% 3% 0% Equity 46% -5% -2% Others 27% Total Assets 39,901-10% EBIT Net Income Depreciation & Amortization Cash Flow from Operations -8% Cash Flow from Investments Free Cash Flow Cash Flow from Finance Total Cash Flow 12
13 SWOT Bayer / 1863 Material Science Health Care Crop Science / Value 5 Vision 13
14 CVA Cash Valued Added 6.0% 8.5% 6.5% 7.0% 3 Sales USD35,710million (H.H.Index 2,805) Polymers 38% Healthcare 29% Others 2% Chemicals 11% Agriculture 20% Sales USD45,044million Asia 17% S.America Africa 12% North America 28% Europe 43%
15 PL CF BS Lanxess /12 BS 10 PL CF SWOT Syngenta Cash 10% A.P. 6% Debt 26% A.R. 15% Inventory 16% Others 36% Fixed Asset 24% Others 35% Equity 33% Total Assets 44,475 8% 4% Lanxess M&A / Novartis AgriBusiness Ciba Geigy Sandoz Zeneka AgroChemicals ICI 2 90 / 15% 10% 5% 0% -5% -10% -15% (Sales=100%) EBIT Net Income Depreciation 8% & Amortization 11% Cash Flow from Operations Crop Solution -10% Cash Flow from Investments 1% Free Cash Flow 0% Cash Flow from Finance 1% Total Cash Flow 15
16 Vision PL CF BS Sales USD5,592million (H.H.Index 7,172) Seeds 17% Crop Protection 83% Sales USD5,592million NAFTA 32% Latin America 15% Asia 13% Europe 40%
17 SWOT 2004/12 BS Cash 2% A.P. 12% A.R. 16% Debt 13% Inventory 18% Others 28% Fixed Asset 18% Others 46% Equity 47% Total Assets 9,237 15% 10% 5% 0% -5% -10% -15% 7 PL CF (Sales=100%) 12% EBIT 4% Net Income Depreciation 7% & Amortization 12% Cash Flow from Operations 6 7 BRICs -2% Cash Flow from Investments 10% Free Cash Flow -9% Cash Flow from Finance 1% Total Cash Flow DuPont Dow Chemical BASF Bayer Syngenta vision 17
18 18 M&A M.E.Portor Basic Utility BP Exxon Shell Sinopec / / / / / / / / / Conglomerate Diversified Conglomerate Conglomerate Diversified Diversified Consumer Retail Consumer Consumer Retail Retail Basic Utility Basic Basic Utility Utility Specialty Pure-Play Specialty Specialty Pure Pure-Play Play
19 Conglomerate Diversified Dow ChemicalBASF Specialty Pure-Play DegussaAkzo Syngenta JSR / Consumer Retail P&G 19
20 DuPont / / 1993 ICI 7 DuPont M&A Next century ICI Hoechst BMS 1997 PA/PET DuPont Spin Off DuPont Merck KGAA Pioneer Hi-Bred Invista Koch Industries 20
21 Bayer 3 Chiron Aventis CropScience Lanxess Spin Off Bayer Bayer Spin Off Health care Material Crop Science Science Lyondell Haarmann Reimer J/V BASF Shell PP PE Basell S&B Access Industries J/V Wyeth Abbott BASF 1997 J/V PP Targor 1998 J/V PE Elenac BASF Basell 2005 Access Industries Bayer 21
22 M&A 1993 ICI Syngenta ICI Sandoz Ciba 3 No.1 Syngenta 6 Novartis Ciba Specialty Chemicals Astra Zeneca ICI Sandoz Clariant 1995 Spin off 1999 Astra Zeneca 2000 Spin Off Syngenta Ciba Geigy 1997 Spin Off Spin Off Ciba Geigy Ciba Specialty Novartis Dow Chemical 10 22
23 Eli Lilly Rohm & Haas Dow Chemical Dow Chemical Union Carbide Ascot BP Innovene Ineos Atlantic Richfield Veba Oel BP BP Spin Off Amoco Burmah Castrol Innovene Ineos 23
24 Ineos Innovene Caprihans Norsk Hydro ICI Eni Cytec Chevron Chlor/Silica/ PVC PVC Cumene Fluor/acrylics /acrylics Ineos Ineos Phenol EO 2003 PS Salt Inspec Degussa BASF BP Compass Minerals 5 Specialty Akzo Nobel Conglomerate 4 Specialty Formosa Plastics LG Chemical Saudi Basic Industries Reliance Industries /12 or 2005/
25 25 PSR PER EPS PER EPS EPS EPS EPS PER DuPont Dow BASF Bayer Syngenta Akzo FPC LG chem Sinopec SABIC Reliance (billion USD) (x) Market Capitalization Sales PSR PSR1.0 PER EPS DuPont Dow BASF Bayer Syngenta Akzo FPC LG chem Sinopec SABIC Reliance x USD EPS PER PER PER
26 PER PER 1520 PER 30 2 DDM PERd r-g d r g PER r g d ROE BVPS g d rrisk free rate market risk premium risk free rate market risk premium EPS EPSBVPS 1 ROE BVPS BVPS BVPS ROE 30.0% 25.0% BVPS ROE USD % % % % 0.0% DuPont Dow BASF Bayer Syngenta Akzo FPC LG chem Sinopec SABIC Reliance
27 ROE ROE ROA Financial Leverage ROE ROEFinancial Leverage ROA ROE Financial Leverage Financial Leverage Financial Leverage ROE ROA Financial Leverage 6-5 Financial Leverage ROA 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% Financial Leverage ROA (x) % 0.0% DuPont Dow BASF Bayer Syngenta Akzo FPC LG chem Sinopec SABIC Reliance
28 (x) Net Capex/Equity Net Working Capital/Equity DuPont Dow BASF Bayer Syngenta Akzo FPC LG chem Sinopec SABIC Reliance Turn Over Margin ROA ROAMargin Turn Over 4 12 Margin 4 Specialty Conglomerate Consumer Specialty 28
29 Tax Management Margin Turn Over 30.0% Turnover Margin (x) % % % % % 0.0% DuPont Dow BASF Bayer Syngenta Akzo FPC LG chem Sinopec SABIC Reliance (months) DuPont Dow Cash/Sales*12 Accounts Receivable/Sales*12 Fixed assets/sales*12 Inventory/Sales*12 BASF Bayer Syngenta Akzo FPC LG chem Sinopec (months) 12.0 SABIC Reliance % 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% DuPont Dow EBT/EBIT Income/EBT Gross margin/sales EBIT/Gross margin BASF Bayer Syngenta Akzo FPC LG chem Sinopec SABIC Reliance 200.0% 180.0% 160.0% 140.0% 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% ROIC ROIC Return On Invested Capital Invested Capital ROA EBIT ROA manageable ROIC ROA 29
30 ROIC Invested Capital ROA 35.0% 30.0% 25.0% Invested Capital (billion USD) Total Capital 50.0 ROIC 45.0 ROA % 15.0% % 5.0% 0.0% DuPont Dow BASF Bayer Syngenta Akzo FPC LG chem Sinopec SABIC Reliance Margin Tax Management Invested Capital Financial Flexibility EVA 2 M&A 30
31 Sustainable growth Sustainable Growth S&B M&A Product Out Market In Strategic Business Unit 31
32 3 value driver 12 EPS DE DE EPS 32
33 33 / Follower Leader kenichi.yamaoka@mizuho-cb.co.jp Dow EPS DE /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/30 (USD/) -30% 0% 30% 60% 90% 120% 150% 180% 12 EPS DE DE UCC DuPont EPS DE /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/30 (USD/) -30% 0% 30% 60% 90% 120% 150% 180% 12 EPS DE DE BASF EPS DE /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/ /3/ /9/30 (EUR/) -20% -10% 0% 10% 20% 30% 40% 50% 60% 12 EPS DE DE Bayer EPS DE /3/ /6/ /9/ /12/ /3/ /6/ /9/ /12/ /3/ /6/ /9/ /12/ /3/ /6/ /9/ /12/ /3/ /6/ /9/ /12/ /3/ /6/ /9/30 (EUR/) -20% 0% 20% 40% 60% 80% 100% 120% 12 EPS DE DE Lanxess
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