2.2 – Joint operations

Proportionally consolidated joint operations particularly comprise:

  • 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
  • ZAO Achimgaz, Novy Urengoy, Russia, which is jointly operated with Gazprom for the production of natural gas and condensate.

BASF holds a 50% share in each of these companies and controls them together with an additional partner. The companies sell their products directly to the partners and have no access to external financing sources. They were therefore classified as joint operations per IFRS 11.

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Financial information on proportionally consolidated companies (BASF stake)

Million €

2013

2012

Income statement information

 

 

Sales

1,548

1,423

Income from operations

220

147

Income before taxes and minority interests

219

149

Net income

195

143

 

 

 

Balance sheet information

 

 

Noncurrent assets

503

434

Thereof property, plant and equipment

468

396

Current assets

269

256

Thereof marketable securities, cash and cash equivalents

26

13

Total assets

772

690

Equity

388

319

Noncurrent liabilities

202

201

Thereof financial indebtedness

Current liabilities

182

170

Thereof financial indebtedness

Total equity and liabilities

772

690

Contingent liabilities and other financial obligations

575

679

 

 

 

Statement of cash flows

 

 

Cash provided by operating activities

272

210

Cash used in investing activities

(140)

(117)

Cash used in financing activities

(119)

(96)

Net changes in cash and cash equivalents

13

(3)