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31 – Related-party transactions

IAS 24 requires the disclosure of transactions with related parties.

A related party is a person or entity where the BASF Group can exercise influence or significant influence, or which is controlled by the BASF Group. In particular, this comprises non-consolidated subsidiaries, jointly controlled entities, associated companies and other participations.

The following table shows the volume of business with related parties that are consolidated at amortized cost, accounted for using the equity method or are proportionally consolidated.

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Million €

 

2012

 

2011

 

 

Sales

Accounts receivable, trade

Accounts payable, trade

 

Sales

Accounts receivable, trade

Accounts payable, trade

Non-consolidated subsidiaries

 

632

179

64

 

878

205

47

Jointly controlled entities

 

941

119

195

 

673

84

170

Associated companies and other participations

 

3,671

268

34

 

1,994

467

64

Sales from jointly controlled entities related primarily to sales with Heesung Catalysts Corporation, Seoul, South Korea; Ellba C.V., Rotterdam, the Netherlands; Wintershall Erdgas Handelshaus GmbH & Co. KG, Berlin, Germany; and Ellba Eastern Private Ltd., Singapore. The non-consolidated share of the sales with these companies amounted to €710 million in 2012 and €422 million in 2011.

Sales with associated companies and other participations resulted primarily from the business with VNG–Verbundnetz Gas Aktiengesellschaft, Leipzig, Germany; Erdgas Münster GmbH, Münster, Germany; and the Styrolution Group. The non-consolidated portion of the sales with these companies amounted to €3,518 million in 2012 and €1,834 million in 2011. As a result of the establishment of the Styrolution joint venture on October 1, 2011, sales with companies in the Styrolution Group which were previously recorded as internal sales are now reported as third-party sales with related parties.

As in the previous year, there were no significant valuation allowances in 2012 for trade accounts receivable from related parties.

There were no reportable related party transactions with members of the Board of Executive Directors or the Supervisory Board and their related parties in 2012.