BASF Report 2021 Management’s Report – Results of Operations 59 EBITDA Compared with earnings per share, adjusted earnings per share is Million € firstly adjusted for special items. Amortization, impairment and 2021 2020 reversal of impairment on intangible assets are then eliminated. EBIT 7,677 –191 Amortization of intangible assets primarily results from the purchase + Depreciation and amortization 3,534 3,805 price allocation following acquisitions and is therefore of a temporary + Impairments and reversals of impairments on nature. The effects of these adjustments on income taxes and on property, plant and equipment and intangible 144 2,880 noncontrolling interests are also considered. This makes adjusted assets earnings per share a suitable measure for making comparisons over Depreciation, amortization, impairments and time and predicting future profitability. reversals of impairments on property, plant 3,678 6,685 and equipment and intangible assets EBITDA 11,355 6,494 In 2021, adjusted earnings per share amounted to €6.76, compared Sales revenue 78,598 59,149 with €3.21 in the previous year. EBITDA margin % 14.4 11.0 For more information on the earnings per share according to IFRS, see Note 6 to the Consolidated Financial Statements on page 220 Adjusted earnings per share Million € 2021 2020 Income after taxes 5,982 –1,075 – Special itemsa –181 –4,606 + Amortization, impairments and reversals of impairments on 614 1,496 intangible assets – Amortization, impairments and reversals of impairments on 0 819 intangible assets contained in special items – Adjustments to income taxes 116 958 – Adjustments to income after taxes from discontinued –36 251 operations Adjusted income after taxes 6,695 2,999 – Adjusted noncontrolling interests 483 54 Adjusted net income 6,212 2,945 Weighted average number of outstanding shares (in thousands) 918,479 918,479 Adjusted earnings per share € 6.76 3.21 a Includes special items in net income from shareholdings of €90 million for 2021 and €855 million for 2020