9 – Income from companies accounted for using the equity method

Million €

 

2014

2013

Proportional net income

 

283

301

Thereof joint ventures

 

87

89

associated companies

 

196

212

Other adjustments of income and expense

 

(10)

Thereof joint ventures

 

(19)

(8)

associated companies

 

9

8

Income from companies accounted for using the equity method

 

273

301

The largest portion of income from companies accounted for using the equity method pertained to the Oil & Gas segment, mostly from: GASCADE Gastransport GmbH, Kassel, Germany, which was reclassified as an associated company on December 31, 2013; Nord Stream AG, Zug, Switzerland; and, OAO Severneftegazprom, Krasnoselkup, Russia. Shareholdings in Styrolution Holding GmbH, Frankfurt am Main, Germany, BASF SONATRACH Propanchem S.A., Tarragona, Spain, and Heesung Catalysts Corporation, Seoul, South Korea, also contributed significantly to income.

Compared with the previous year, income from companies accounted for using the equity method decreased mainly due to the absence of contributions to income from the onshore production in Libya, which had been suspended to a large extent since July 2013. In addition, currency effects relating to OAO Severneftegazprom as well as declining margins at BASF-YPC Company Ltd., Nanjing, China, had a negative effect.