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Last Update:
March 1, 2012
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2.2 – Proportionally and at equity consolidated companies

Proportionally consolidated joint ventures of major significance are as follows:

  • Wintershall Erdgas Handelshaus GmbH & Co. KG, Berlin, Germany, Wintershall Erdgas Handelshaus Zug AG, Zug, Switzerland, as well as ZAO Achimgaz, Novy Urengoy, the Russian Federation, joint ventures with Gazprom through which gas trading activities and the production of natural gas and condensate in Siberia are operated
  • ELLBA C.V., Rotterdam, the Netherlands and ELLBA Eastern Private Ltd., Singapore, which are operated jointly with Shell and produce propylene oxide and styrene monomers
  • BASF DOW HPPO Production B.V.B.A., Antwerp, Belgium, which is operated jointly with The Dow Chemical Company to produce propylene oxide
  • BASF-YPC Company Ltd., a joint venture between BASF and Sinopec, which operates the Verbund site in Nanjing, China
  • N.E. Chemcat Corporation, Tokyo, Japan, which is operated jointly with Sumitomo Metal Mining.

On May 31, 2011, BASF increased its stake in Heesung Catalysts Corporation, Seoul, South Korea, to 50%. Therefore, the company is now proportionally consolidated and is no longer consolidated using the equity method. In accordance with IFRS 3, a purchase price allocation has to be carried out following the acquisition of additional shares. The purchase price allocation took place in the second quarter and should be considered provisional. It can be adjusted within a period of one year. The first proportional consolidation of Heesung Catalysts Corporation resulted in goodwill of €1 million. Furthermore, €58 million was charged as a special item to the financial result. Of this amount, €23 million resulted from the recycling into profit and loss of negative currency translation effects on the participation value of Heesung, which had been previously recognized in other comprehensive income in accordance with IAS 21. On the date when the stake increase took place, the previously held stake of 49% had to be revalued, which led to an additional charge of €35 million.

As of August 1, 2011, Shell withdrew from the joint venture Sabina Petrochemicals LLC, Port Arthur, Texas. Since then, the company has been operated together under joint control with TOTAL as the sole remaining partner. BASF’s stake in the company was raised from 23% to 60%.

In 2011, 13 companies were accounted for using the equity method (2010: 14). The following associated companies of major significance have been accounted for using the equity method:

  • Solvin Group (BASF stake: 25%)
  • CIMO Compagnie industrielle de Monthey S.A., Monthey, Switzerland (BASF stake: 50%)
  • Nord Stream AG, Zug, Switzerland (BASF stake: 15.5%)
  • OAO Severneftegazprom, Krasnoselkup, the Russian Federation (BASF stake: 25%; share of economic rewards: 35%)
  • Shanghai Lianheng Isocyanate Co. Ltd., Shanghai, China (BASF stake: 35%)
  • Styrolution Holding GmbH, Frankfurt am Main, Germany (BASF stake: 50%). Effective October 1, 2011, the carved-out parts of the styrenics business were transferred to Styrolution, which is jointly operated with INEOS.

A complete listing of all proportionally consolidated companies and companies consolidated using the equity method is available in the List of Shares Held.

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Financial information on proportionally consolidated companies (BASF stake)

Million €

2011

2010

Income statement information

 

 

Sales

5,749

4,602

Income from operations

345

383

Income before taxes and minority interests

371

408

Net income

284

363

 

 

 

Balance sheet information

 

 

Long-term assets

1,674

1,533

Thereof property, plant and equipment

1,498

1,382

Short-term assets

1,642

1,262

Thereof marketable securities, cash and cash equivalents

133

148

Total assets

3,316

2,795

Equity

1,617

1,385

Long-term liabilities

556

426

Thereof financial indebtedness

349

237

Short-term liabilities

1,143

984

Thereof financial indebtedness

154

105

Total equity and liabilities

3,316

2,795

Contingent liabilities and other financial obligations

285

158

 

 

 

Consolidated statements of cash flows

 

 

Cash provided by operating activities

395

486

Cash used in investing activities

(194)

(213)

Cash used in financing activities

(234)

(300)

Net changes in cash and cash equivalents

(33)

(27)

  Download (Download XLS xls, 19 kB)

Financial information on associated companies of major significance consolidated using the equity method (complete financial statements; 100%)

Million €

2011

2010

Income statement information

 

 

Sales

4,100

3,332

Income from operations

330

712

Income before taxes and minority interests

254

702

Net income

206

554

BASF’s share of net income

69

202

 

 

 

Balance sheet information

 

 

Long-term assets

11,739

7,431

Thereof property, plant and equipment

9,949

2,556

Short-term assets

3,483

1,535

Thereof marketable securities, cash and cash equivalents

448

559

Total assets

15,222

8,966

Equity

5,574

3,871

Long-term liabilities

7,196

2,598

Thereof financial indebtedness

5,996

224

Short-term liabilities

2,452

2,497

Thereof financial indebtedness

937

1,577

Total equity and liabilities

15,222

8,966

BASF’s share of equity

1,786

958

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