✓ audited

9 – Financial result

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Million €

2012

2011

Income from companies accounted for using the equity method

171

48

Income from participations in affiliated and associated companies

41

56

Income from the disposal of participations

17

890

Income from profit transfer agreements

14

15

Income from tax allocation to participating interests

3

5

Other income from participations

75

966

Losses from loss transfer agreements

(23)

(7)

Write-downs on/losses from the sales of participations

(20)

(23)

Other expenses from participations

(43)

(30)

Interest income from cash and cash equivalents

171

177

Interest and dividend income from securities and loans

8

12

Interest income

179

189

Interest expenses

(752)

(763)

Write-ups of/profits from the sale of securities and loans

1

1

Expected income from plan assets to cover pensions and similar obligations

819

819

Income from plan assets to cover other long-term personnel obligations

42

14

Income from the capitalization of borrowing costs

68

73

Miscellaneous financial income

2

Other financial income

930

909

Write-downs on/losses from the disposal of securities and loans

(18)

(3)

Interest accrued on pension obligations and other similar obligations

(853)

(833)

Expenses from/interest accrued on other long-term employee obligations

(58)

(32)

Interest accrued on other long-term liabilities

(61)

(67)

Miscellaneous financial expenses

(110)

Other financial expenses

(1,100)

(935)

Financial result

(540)

384

The increase in income from companies accounted for using the equity method resulted primarily from the adoption of the equity method for Styrolution Holding GmbH as of the fourth quarter of 2011 and from higher income at Nord Stream AG since the start-up of the first pipeline in fall 2011. The previous year also included negative earnings effects from the application of the equity method for the South Korean Heesung Catalysts Corporation for the last time.

Income from the disposal of participations declined; in 2011, this item primarily included the gain of €887 million from the sale of 19.7 million shares in K+S Aktiengesellschaft.

The interest result matched the level of the previous year. The decrease in interest income is mainly attributable to lower income from interest rate swaps. The repayment of two bonds led to lower interest expenses.

Miscellaneous financial income and miscellaneous financial expenses relate to gains and losses from the translation of individually hedged financing-related receivables and payables and the associated hedging instruments. Furthermore, these items include expense and income from the compounding and discounting of long-term liabilities and receivables as required by IFRS.

Miscellaneous financial expenses in 2012 included effects from the market valuation of options for the disposal of BASF’s share in the Styrolution joint venture amounting to minus €88 million.