2.2 – Joint operations

Proportionally consolidated joint operations particularly comprise:

  • Ellba C.V., Rotterdam, Netherlands, which is operated jointly with Shell and produces propylene oxide and styrene monomer
  • 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. The partners ensure the ongoing financing of the companies by purchasing the production. They were therefore classified as joint operations in accordance with IFRS 11.

On December 31, 2014, BASF sold its 50% stake in Ellba Eastern Private Ltd., Singapore, to Shell. The following table considers the income statement of this company to the date of sale.

Financial information on proportionally consolidated companies (BASF stake, unconsolidated) (in million €)

 

 

2014

2013

Income statement

 

 

 

Sales

 

1,088

1,548

Income from operations

 

220

220

Income before taxes and minority interests

 

222

219

Net income

 

189

195

 

 

 

 

Balance sheet

 

 

 

Noncurrent assets

 

446

503

Thereof property, plant and equipment

 

431

468

Current assets

 

172

269

Thereof marketable securities, cash and cash equivalents

 

41

26

Assets

 

618

772

Equity

 

453

388

Noncurrent liabilities

 

54

202

Thereof financial indebtedness

 

Current liabilities

 

111

182

Thereof financial indebtedness

 

Total equity and liabilities

 

618

772

Contingent liabilities and other financial obligations

 

412

575

 

 

 

 

Statement of cash flows

 

 

 

Cash provided by operating activities

 

252

272

Cash used in investing activities

 

(224)

(140)

Cash used in financing activities

 

14

(119)

Net changes in cash and cash equivalents

 

42

13