General
Information
Last Update:
Mar. 10, 2011
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Part of the audited Consolidated Financial Statements and Management´s Analysis

Consolidated balance sheets

Compared with the previous year, total assets rose by €8,125 million to €59,393 million. This increase was mainly due to the acquisition of Cognis, which was completed on December 9, 2010. Furthermore, currency effects contributed €2,231 million to the increase in total assets.

Assets

  • Total assets rise by €8,125 million
  • Increase in long-term assets largely due to the acquisition of Cognis
  • Increase in inventories and trade accounts receivable attributable to significant expansion of the business and inclusion of Cognis

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Assets

 

 

 

 

 

December 31, 2010

 

December 31, 2009

 

Million €

%

 

Million €

%

Intangible assets

12,245

20.6

 

10,449

20.4

Property, plant and equipment

17,241

29.0

 

16,285

31.8

Investments accounted for using the equity method

1,328

2.2

 

1,340

2.6

Other financial assets

1,953

3.3

 

1,619

3.2

Deferred taxes

1,112

1.9

 

1,042

2.0

Other receivables and miscellaneous long-term assets

653

1.1

 

946

1.8

Long-term assets

34,532

58.1

 

31,681

61.8

 

 

 

 

 

 

Inventories

8,688

14.7

 

6,776

13.2

Accounts receivable, trade

10,167

17.1

 

7,738

15.1

Other receivables and miscellaneous short-term assets

3,883

6.6

 

3,223

6.3

Marketable securities

16

.

 

15

.

Cash and cash equivalents

1,493

2.5

 

1,835

3.6

Assets of disposal groups

614

1.0

 

Short-term assets

24,861

41.9

 

19,587

38.2

Total assets

59,393

100.0

 

51,268

100.0

Long-term assets grew by €2,851 million to €34,532 million. This increase is largely attributable to the purchase price allocation for the Cognis acquisition. The acquisition resulted in an increase in goodwill of €589 million, in other intangible assets of €1,301 million and in tangible fixed assets of €833 million.

Intangible assets have risen due to the acquisitions in the past two years and now comprise 20.6% of total assets (2009: 20.4%). As a percentage of total assets, property, plant and equipment decreased slightly from 31.8% of total assets in 2009 to 29.0% in 2010.

The value of investments accounted for using the equity method declined slightly in 2010. This was primarily due to the fact that we raised our stake in N.E. Chemcat Corporation to 50%, with the result that the company is now proportionally consolidated instead of accounted for using the equity method. Deferred tax assets increased mainly due to the increase in underlying pension provisions, but this was partially offset by the use of tax loss carryforwards of €133 million.

The rise in short-term assets, in particular inventories and trade accounts receivable, is attributable to the significant expansion in business volume as well as the inclusion of Cognis. Furthermore, there was an increase in the positive fair values of derivatives, which are reported under miscellaneous short-term assets. A disposal group was created in view of our plan to divest the styrenics business area.

Stockholders’ equity and liabilities

  • Stockholders’ equity grows significantly due to high net income
  • Equity ratio increases despite Cognis acquisition
  • Liabilities rise mainly as a result of Cognis acquisition

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Stockholders’ equity and liabilities

 

 

 

 

 

December 31, 2010

 

December 31, 2009

 

Million €

%

 

Million €

%

Subscribed capital

4,392

7.4

 

4,405

8.6

Retained earnings

15,817

26.6

 

12,916

25.2

Other comprehensive income

1,195

2.0

 

156

0.3

Minority interests

1,253

2.1

 

1,132

2.2

Stockholders’ equity

22,657

38.1

 

18,609

36.3

 

 

 

 

 

 

Provisions for pensions and similar obligations

2,778

4.7

 

2,255

4.4

Other provisions

3,352

5.6

 

3,289

6.4

Deferred taxes

2,467

4.2

 

2,093

4.1

Financial indebtedness

11,670

19.6

 

12,444

24.3

Other liabilities

901

1.6

 

898

1.7

Long-term liabilities

21,168

35.7

 

20,979

40.9

 

 

 

 

 

 

Accounts payable, trade

4,738

8.0

 

2,786

5.4

Provisions

3,324

5.6

 

3,276

6.4

Tax liabilities

1,140

1.9

 

1,003

2.0

Financial indebtedness

3,369

5.7

 

2,375

4.6

Other liabilities

2,802

4.7

 

2,240

4.4

Liabilities of disposal groups

195

0.3

 

Short-term liabilities

15,568

26.2

 

11,680

22.8

Total stockholders’ equity and liabilities

59,393

100.0

 

51,268

100.0

Stockholders’ equity rose sharply compared with the previous year. The largest contributor was the net income of €4,557 million, which was significantly higher than the dividend payments. An additional increase resulted from effects recognized directly in equity: The currency translation of the financial statements of foreign subsidiaries resulted in a rise in equity of €745 million, while the market valuation of securities resulted in a rise of €311 million. The equity ratio improved slightly to 38%.

Long-term liabilities rose by €189 million. While long-term financial indebtedness was reduced by €774 million, provisions for pension obligations as well as deferred taxes increased mainly as a result of the inclusion of Cognis.

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Net debt (million €)

 

 

Dec. 31, 2010

Dec. 31, 2009

Cash and cash equivalents

1,493

1,835

Financial indebtedness

15,039

14,819

Net debt

13,546

12,984

The Cognis acquisition also resulted in the increase in short-term liabilities; in particular the financing of the purchase price led to a rise in short-term financial indebtedness of €994 million. Trade accounts payable grew by a total of €1,952 million as a result of business operations as well as the inclusion of Cognis.
More on the composition and development of individual balance sheet items
in the
Notes

More on the development of the balance sheet, see the ten-year summary
More on the styrenics disposal group, in the Notes

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