08 Investments in Joint Ventures and Associates / Financial Assets

2013

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€ million

 

Investments in joint ventures and associates accounted for using the equity method

 

Investments

 

Other financial assets

 

Financial assets

 

 

 

 

 

 

 

 

 

Acquisition or production cost

 

 

 

 

 

 

 

 

Balance as of Jan. 1, 2013

 

41.0

 

15.4

 

256.4

 

271.8

Disposals

 

 

-2.2

 

 

-2.2

Other changes

 

 

 

12.2

 

12.2

Changes resulting from application of equity method

 

-18.9

 

 

-21.2

 

-21.2

Exchange-rate differences

 

-3.2

 

-0.4

 

-15.8

 

-16.2

Balance as of Dec. 31, 2013

 

18.9

 

12.8

 

231.6

 

244.4

 

 

 

 

 

 

 

 

 

Depreciation

 

 

 

 

 

 

 

 

Balance as of Jan. 1, 2013

 

 

2.0

 

 

2.0

Exchange-rate differences

 

 

-0.4

 

 

-0.4

Balance as of Dec. 31, 2013

 

 

1.6

 

 

1.6

 

 

 

 

 

 

 

 

 

Carrying amounts as of Dec. 31, 2013

 

18.9

 

11.2

 

231.6

 

242.8

 

 

 

 

 

 

 

 

 

2012

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€ million

 

Investments in joint ventures and associates accounted for using the equity method

 

Investments

 

Other financial assets

 

Financial assets

 

 

 

 

 

 

 

 

 

Acquisition or production cost

 

 

 

 

 

 

 

 

Balance as of Jan. 1, 2012

 

124.5

 

13.1

 

130.1

 

143.2

Additions

 

 

0.3

 

117.8

 

118.1

Other changes

 

 

2.1

 

5.9

 

8.0

Changes resulting from application of equity method

 

-83.4

 

 

 

Exchange-rate differences

 

-0.1

 

-0.1

 

2.6

 

2.5

Balance as of Dec. 31, 2012

 

41.0

 

15.4

 

256.4

 

271.8

 

 

 

 

 

 

 

 

 

Depreciation

 

 

 

 

 

 

 

 

Balance as of Jan. 1, 2012

 

 

2.2

 

 

2.2

Exchange-rate differences

 

 

-0.2

 

 

-0.2

Balance as of Dec. 31, 2012

 

 

2.0

 

 

2.0

 

 

 

 

 

 

 

 

 

Carrying amounts as of Dec. 31, 2012

 

41.0

 

13.4

 

256.4

 

269.8

 

 

 

 

 

 

 

 

 

In 2013, WACKER sold a small investment measured at amortized cost because a call option was exercised. The sale generated euro earnings in the single-digit million range.

Negative changes resulting from application of the equity method were set off for the first time in the amount of € 21.2 million against a loan considered a net investment.

In the previous year, further shareholder loans of € 29.9 million were issued to Siltronic Samsung Wafer Pte. Ltd., Singapore. The addition was shown under other financial assets. Over and above the interest and repayment agreements, the loan agreements grant WACKER the right – as is already the case with existing agreements – to convert the loan into equity (call option). The call options have differing exercise periods, with the longest running until March 31, 2016, and were not exercisable as of the reporting date. In addition, a shareholder loan in the amount of € 87.9 million was disbursed in 2012 to Zhangjiagang-based Dow Corning (ZJG) Co. Ltd., China. Shareholder loans were granted at normal market terms.

Further financial information on associated companies and joint ventures is contained in Note 23.