2.3 – Joint ventures and associated companies

Equity-accounted joint ventures particularly comprise:

  • BASF-YPC Company Ltd., Nanjing, China, Verbund site operated together with Sinopec (BASF stake: 50%),
  • Heesung Catalysts Corporation, Seoul, South Korea, which is operated jointly with Heesung (BASF stake: 50%), and
  • N.E. Chemcat Corporation, Tokyo, Japan, which is operated jointly with Sumitomo Metal Mining Co. Ltd. (BASF stake: 50%).
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Joint ventures accounted for using the equity method (BASF stake)

Million €

2013

2012

Investments accounted for using the equity method
as of the beginning of the year

1,237

1,481

Proportional net income

86

119

Proportional change of other comprehensive income

(57)

(17)

Total comprehensive income

29

102

Capital measures/dividends/changes in the scope of consolidation/adjustments directly recognized in equity

(77)

(327)

Other adjustments of income and expense

(8)

(19)

Investments accounted for using the equity method
as of the end of the year

1,181

1,237

Equity-accounted associated companies particularly comprise:

  • Wintershall AG, Kassel, Germany, which operates Libyan exploration activities jointly with Gazprom Libyen Verwaltungs GmbH (BASF stake: 51%),
  • Solvin Group, Hanover, Germany (BASF stake: 25%),
  • Nord Stream AG, Zug, Switzerland (BASF stake: 15.5%); BASF continues to exercise significant influence over Nord Stream AG, as BASF’s approval is required for relevant board resolutions.
  • OAO Severneftegazprom, Krasnoselkup, Russia (BASF stake: 25%, economic share: 35%)
  • Shanghai Lianheng Isocyanate Co. Ltd., Shanghai, China (BASF stake: 35%)
  • Styrolution Group, Frankfurt, Germany (BASF stake: 50%); BASF does not intend to hold this share permanently,
  • GASCADE Gastransport GmbH, Kassel, Germany (BASF stake: 50.02%),
  • NEL Gastransport GmbH, Kassel, Germany (BASF stake: 50.02%).
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Associated companies accounted for using the equity method (BASF stake)

Million €

2013

2012

Investments accounted for using the equity method
as of the beginning of the year

2,222

2,005

Proportional net income

212

251

Proportional change of other comprehensive income

(61)

(14)

Total of comprehensive income

151

237

Capital measures/dividends/changes in the scope of consolidation/adjustments directly recognized in equity

575

(30)

Other adjustments of income and expense

8

10

Investments accounted for using the equity method
as of the end of the year

2,956

2,222

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Financial information on companies accounted for using the equity method (BASF stake)

Million €

2013

2012

Income statement information

 

 

Sales

7,692

10,942

Income from operations

992

1,723

Income before taxes and minority interests

872

1,613

Net income

298

370

 

 

 

Balance sheet information

 

 

Noncurrent assets

5,512

4,913

Thereof property, plant and equipment

4,195

3,656

Current assets

2,441

2,517

Thereof marketable securities, cash and cash equivalents

512

374

Total assets

7,953

7,430

Equity

3,712

3,431

Noncurrent liabilities

2,397

2,494

Thereof financial indebtedness

1,495

1,693

Current liabilities

1,844

1,505

Thereof financial indebtedness

495

413

Total equity and liabilities

7,953

7,430

The table includes the totals of the amounts from the financial statements of the companies accounted for using the equity method. Differences between the proportional net income and income accounted for using the equity method and between the proportional equity and the book value of shareholdings accounted for using the equity method are largely due to fair value adjustments.