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Part of the audited Consolidated Financial Statements and Management´s Analysis

13 -- Investments accounted for using the equity method and other financial assets

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Development 2008 (million €)

 

 

 

 

 

Investments accounted for using the equity method

Investments in affiliated companies

Investments in associated companies

Shares in other participations

Long-term securities

Acquisition cost

 

 

 

 

 

Balance as of January 1, 2008

890

327

68

904

29

Changes in scope of consolidation

(13)

(10)

.

.

.

Additions

450

58

22

350

2

Disposals

(96)

(51)

(9)

(6)

(2)

Transfers/Changes in market value

(81)

9

2

(9)

(2)

Exchange differences

46

2

1

1

2

Balance as of December 31, 2008

1,196

335

84

1,240

29

Accumulated valuation adjustments

 

 

 

 

 

Balance as of January 1, 2008

56

92

7

31

1

Changes in scope of consolidation

(2)

.

Additions

50

14

2

2

1

Disposals

(56)

.

(6)

.

.

Transfers

.

.

Exchange differences

.

.

Balance as of December 31, 2008

50

104

3

33

2

Net carrying amount as of December 31, 2008

1,146

231

81

1,207

27

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans to affiliated companies

Loans to associated companies and participating interests

Other loans

Other financial assets

Investments accounted for using the equity method and other financial assets Total Acquisition cost

Acquisition cost

 

 

 

 

 

Balance as of January 1, 2008

135

694

54

2,211

3,101

Changes in scope of consolidation

.

(10)

(23)

Additions

6

31

4

473

923

Disposals

(3)

(374)

(5)

(450)

(546)

Transfers/Changes in market value

.

.

(2)

(2)

(83)

Exchange differences

.

3

(4)

5

51

Balance as of December 31, 2008

138

354

47

2,227

3,423

Accumulated valuation adjustments

 

 

 

 

 

Balance as of January 1, 2008

121

3

4

259

315

Changes in scope of consolidation

.

(2)

(2)

Additions

5

5

2

31

81

Disposals

.

.

(6)

(62)

Transfers

.

(2)

(2)

(2)

Exchange differences

.

.

Balance as of December 31, 2008

126

8

4

280

330

Net carrying amount as of December 31, 2008

12

346

43

1,947

3,093

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Development 2007 (million €)

 

 

 

 

 

Investments accounted for using the equity method

Investments in affiliated companies

Investments in associated companies

Shares in other participations

Long-term securities

Acquisition cost

 

 

 

 

 

Balance as of January 1, 2007

706

361

62

563

43

Changes in scope of consolidation

(5)

6

Additions

174

3

11

5

.

Disposals

(1)

(38)

(1)

(2)

(11)

Transfers/Changes in market value

52

.

(2)

340

.

Exchange differences

(36)

(5)

(2)

(1)

(3)

Balance as of December 31, 2007

890

327

68

904

29

Accumulated valuation adjustments

 

 

 

 

 

Balance as of January 1, 2007

56

89

9

31

1

Changes in scope of consolidation

(1)

Additions

6

1

1

.

Disposals

(5)

.

(1)

Transfers

3

(3)

.

Exchange differences

.

Balance as of December 31, 2007

56

92

7

31

1

Net carrying amount as of December 31, 2007

834

235

61

873

28

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans to affiliated companies

Loans to associated companies and participating interests

Other loans

Other financial assets

Investments accounted for using the equity method and other financial assets Total Acquisition cost

Acquisition cost

 

 

 

 

 

Balance as of January 1, 2007

132

202

59

1,421

2,127

Changes in scope of consolidation

.

6

1

Additions

11

518

15

562

737

Disposals

(9)

(16)

(9)

(85)

(86)

Transfers/Changes in market value

1

(1)

(8)

330

381

Exchange differences

.

(9)

(2)

(23)

(58)

Balance as of December 31, 2007

135

694

54

2,211

3,101

Accumulated valuation adjustments

 

 

 

 

 

Balance as of January 1, 2007

92

4

3

231

286

Changes in scope of consolidation

(1)

(1)

Additions

28

1

1

38

38

Disposals

(2)

(8)

(8)

Transfers

.

.

.

Exchange differences

.

(1)

(1)

Balance as of December 31, 2007

121

3

4

259

315

Net carrying amount as of December 31, 2007

14

691

50

1,952

2,786

In 2008, the additions to investments accounted for using the equity method resulted primarily from the capital injections in Nord Stream AG and OAO Severneftegazprom. In 2007, the additions to investments accounted for using the equity method were primarily due to the purchase of a stake in OAO Severneftegazprom and the increase in the share capital of Nord Stream AG.

The shares in other participations and long-term securities are recognized at fair value. Additions in 2008 resulted from the acquisition of the 15.2% stake in Ciba Holding AG for €344 million. The amounts recorded under transfers resulted primarily from the measurement at fair value of our stakes in K+S AG and Ciba Holding AG.

Investments contain impairments of €68 million in 2008, chiefly as a result of our 42% stake in N.E. Chemcat Corporation. Due to impairments of other participations and long-term securities, impairment losses of €8 million were charged to income in 2007. The disposal of other investments resulted in a loss of €7 million in 2008 and a gain of €11 million in 2007.

The disposals of loans to associated companies and participating interests resulted from the partial repayment of the loan to OAO Severneftegazprom granted in 2007. This company is accounted for using the equity method. In 2007, loans to associated companies and participating interests related primarily to BASF’s share of the financing of OAO Severneftegazprom.

The market values of available-for-sale shares on the balance sheet date are summarized below:

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Market values of available for sale securities (million €)

 

 

 

 

2008

 

2007

 

Original acquisition cost

Book/
market value

Recognized in other compre-
hensive income

 

Original acquisition cost

Book/
market
value

Recognized in other compre-
hensive income

Shares in funds

29

25

(2)

 

29

26

(2)

Shares in other participations and securities

561

1,209

652

 

209

874

673

 

590

1,234

650

 

238

901

671

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