✓ audited

2.2 – Proportionally and at-equity consolidated companies

Proportionally consolidated jointly controlled entities 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, Russia, 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
  • Heesung Catalysts Corporation, Seoul, South Korea, which is operated jointly with Heesung.

As of September 1, 2012, the jointly controlled entity Sabina Petrochemicals LLC, Port Arthur, Texas, merged with the subsidiary BASF FINA Petrochemicals Limited Partnership. The name of the merged company was changed to BASF TOTAL Petrochemicals LLC. The company is fully consolidated in the Consolidated Financial Statements.

In 2012, 14 companies were accounted for using the equity method (2011: 13). 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, Russia (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%).

The higher sales and earnings at associated companies of major significance resulted in particular from the first-time full-year reporting of the figures of Styrolution Holding GmbH and the increase in business activities at Nord Stream AG.

A complete listing of all proportionally consolidated companies and companies accounted for 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 €

2012

2011

Income statement information

 

 

Sales

6,373

5,749

Income from operations

324

345

Income before taxes and minority interests

323

371

Net income

277

284

 

 

 

Balance sheet information

 

 

Long-term assets

1,609

1,674

Thereof property, plant and equipment

1,442

1,498

Short-term assets

1,542

1,642

Thereof marketable securities, cash and cash equivalents

151

133

Total assets

3,151

3,316

Equity

1,524

1,617

Long-term liabilities

634

556

Thereof financial indebtedness

409

349

Short-term liabilities

993

1,143

Thereof financial indebtedness

149

154

Total equity and liabilities

3,151

3,316

Contingent liabilities and other financial obligations

704

285

 

 

 

Statement of cash flows

 

 

Cash provided by operating activities

486

395

Cash used in investing activities

(189)

(194)

Cash used in financing activities

(274)

(234)

Net changes in cash and cash equivalents

23

(33)

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Financial information on associated companies of major significance accounted for using the equity method (Complete financial statements; 100%)

Million €

2012

2011

Income statement information

 

 

Sales

9,513

4,100

Income from operations

848

330

Income before taxes and minority interests

572

254

Net income

452

206

BASF’s share of net income

144

69

 

 

 

Balance sheet information

 

 

Long-term assets

12,216

11,739

Thereof property, plant and equipment

10,257

9,949

Short-term assets

3,196

3,483

Thereof marketable securities, cash and cash equivalents

979

448

Total assets

15,412

15,222

Equity

5,561

5,574

Long-term liabilities

7,708

7,196

Thereof financial indebtedness

6,075

5,996

Short-term liabilities

2,143

2,452

Thereof financial indebtedness

858

937

Total equity and liabilities

15,412

15,222

BASF’s share of equity

1,781

1,786