32 – Related-party transactions

IAS 24 requires the disclosure of transactions with related parties.

A related party is a person or entity over whom/which the BASF Group can exercise influence or significant influence, or an entity that is controlled by the BASF Group. In particular, this comprises nonconsolidated subsidiaries, joint ventures, joint operations, associated companies and other shareholdings.

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

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2013

 

2012

Million €

 

Sales

Accounts receivable, trade

Accounts payable, trade

 

Sales

Accounts receivable, trade

Accounts payable, trade

Nonconsolidated subsidiaries

 

507

154

70

 

628

178

64

Joint ventures

 

609

117

293

 

707

109

172

Joint operations

 

413

35

57

 

412

57

55

Associated companies and other shareholdings

 

3,217

397

101

 

3,088

268

34

Sales from joint ventures related primarily to sales with Wintershall Erdgas Handelshaus GmbH & Co. KG, Berlin, Germany; Polioles S.A. de C.V., Lerma, Mexiko; Heesung Catalysts Corporation, Seoul, South Korea; and BASF-YPC Company Ltd., Nanjing, China. The nonconsolidated share of the sales with these companies amounted to €461 million in 2013 and €517 million in 2012.

Sales with associated companies and other shareholdings resulted primarily from the business with VNG – Verbundnetz Gas Aktiengesellschaft, Leipzig, Germany; Erdgas Münster GmbH, Münster, Germany; and the Styrolution Group. The nonconsolidated portion of the sales with these companies amounted to €2,940 million in 2013 and €2,935 million in 2012.

As in the previous year, there were no significant valuation allowances in 2013 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 2013.