General
Information
Last Update:
March 1, 2012
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Consolidated balance sheets

Compared with the previous year, total assets rose by €1,782 million to €61,175 million.

Assets

  • Total assets slightly increase
  • Decline in long-term assets, due in particular to the sale of shares in K+S Aktiengesellschaft
  • Rise in inventories and trade accounts receivable due to expansion of business volume and higher price levels
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Assets

 

 

 

 

 

December 31, 2011

 

December 31, 2010

 

Million €

%

 

Million €

%

Intangible assets

11,919

19.5

 

12,245

20.6

Property, plant and equipment

17,966

29.4

 

17,241

29.0

Investments accounted for using the equity method

1,852

3.0

 

1,328

2.2

Other financial assets

848

1.4

 

1,953

3.3

Deferred taxes

941

1.5

 

1,112

1.9

Other receivables and miscellaneous
long-term assets

561

0.9

 

653

1.1

Long-term assets

34,087

55.7

 

34,532

58.1

 

 

 

 

 

 

Inventories

10,059

16.5

 

8,688

14.7

Accounts receivable, trade

10,886

17.8

 

10,167

17.1

Other receivables and miscellaneous
short-term assets

3,781

6.2

 

3,883

6.6

Marketable securities

19

.

 

16

.

Cash and cash equivalents

2,048

3.3

 

1,493

2.5

Assets of disposal groups

295

0.5

 

614

1.0

Short-term assets

27,088

44.3

 

24,861

41.9

Total assets

61,175

100.0

 

59,393

100.0

Long-term assets were reduced by €445 million to €34,087 million, particularly due to the sale of our shares in K+S Aktiengesellschaft. This development was only partly offset by the inclusion of our share in the Styrolution joint venture.

Intangible assets decreased as a result of impairments and scheduled amortization; as of December 31, 2011, intangible assets accounted for 19.5% of total assets (2010: 20.6%). Additions to property, plant and equipment exceeded depreciation and amortization. Thus as a percentage of total assets, property, plant and equipment increased slightly compared with the previous year, comprising 29.4% of total assets (2010: 29.0%).

The value of investments accounted for using the equity method increased in 2011. This development was mainly a result of the addition of our share in the Styrolution joint venture.

Other financial assets decreased significantly year-on-year following the sale of our shares in K+S Aktiengesellschaft.

The rise in short-term assets, in particular inventories and trade accounts receivable, is attributable to the expansion of our business volume as well as higher prices. Cash and cash equivalents grew by €555 million compared with the previous year. The disposal group created for the styrenics business in 2010 was dissolved in October 2011 upon the transfer of these activities to the Styrolution joint venture. The disposal group established for our fertilizer business in 2011 contained assets of €295 million.

Equity and liabilities

  • Equity increases sharply due to high net income
  • Long-term liabilities decline
  • Net debt significantly reduced
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Equity and liabilities

 

 

 

 

 

December 31, 2011

 

December 31, 2010

 

Million €

%

 

Million €

%

Subscribed capital

4,379

7.2

 

4,392

7.4

Retained earnings

19,446

31.8

 

15,817

26.6

Other comprehensive income

314

0.5

 

1,195

2.0

Minority interests

1,246

2.0

 

1,253

2.1

Equity

25,385

41.5

 

22,657

38.1

 

 

 

 

 

 

Provisions for pensions and similar obligations

3,189

5.2

 

2,778

4.7

Other provisions

3,335

5.5

 

3,352

5.6

Deferred taxes

2,628

4.3

 

2,467

4.2

Financial indebtedness

9,019

14.7

 

11,670

19.6

Other liabilities

1,142

1.9

 

901

1.6

Long-term liabilities

19,313

31.6

 

21,168

35.7

 

 

 

 

 

 

Accounts payable, trade

5,121

8.4

 

4,738

8.0

Provisions

3,210

5.2

 

3,324

5.6

Tax liabilities

1,038

1.7

 

1,140

1.9

Financial indebtedness

3,985

6.5

 

3,369

5.7

Other liabilities

3,036

5.0

 

2,802

4.7

Liabilities of disposal groups

87

0.1

 

195

0.3

Short-term liabilities

16,477

26.9

 

15,568

26.2

Total equity and liabilities

61,175

100.0

 

59,393

100.0

Equity once again rose sharply compared with the previous year, predominantly thanks to net income, which, at €6,188 million, was significantly higher than the dividend payments. This development was partially countered by effects recognized directly in equity: Upon the sale of the shares in K+S Aktiengesellschaft, the changes in fair value amounting to around €1 billion, which had been accumulated directly in equity, were derecognized. Actuarial losses from pension obligations reduced equity by €582 million. The equity ratio improved to 41.5% (2010: 38.1%).

Long-term liabilities decreased by €1,855 million. While long-term financial indebtedness was reduced by €2,651 million, provisions for pension obligations increased mainly as a result of lower discount rates.

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Net debt (million €)

 

 

Dec. 31, 2011

Dec. 31, 2010

Cash and cash equivalents

2,048

1,493

Financial indebtedness

13,004

15,039

Net debt

10,956

13,546

Short-term liabilities increased compared with the previous year, primarily on account of short-term financial indebtedness, which rose by €616 million. This was mostly because bonds due in 2012 with a value of around €2.9 billion were reclassified from long-term financial indebtedness. In 2011, bonds amounting to around €1.2 billion were repaid and the use of the commercial paper program was scaled back. Overall, financial indebtedness decreased by €2,035 million; net debt declined by €2,590 million.

Overall, trade accounts payable, short-term provisions and other liabilities were at the level of the previous year.

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