The consolidated financial statements include the financial statements of Wacker Chemie AG and its subsidiaries. Subsidiaries are defined as companies in which Wacker Chemie AG directly or indirectly holds a voting majority or has, in any other way, the power to govern the financial and business policies of an entity in order to benefit from its activities. In assessing control, we take potential voting rights that presently are exercisable or convertible into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.
Special-purpose entities (SPEs) are also consolidated if the economic substance of the relationship indicates the existence of control.
Joint ventures and associated companies are defined as companies in which Wacker Chemie AG exercises significant influence. This normally means that it holds 20–50 percent of the voting rights. These companies are included in the consolidated financial statements using the equity method. If joint ventures and associated companies have their own subsidiaries, these are not included in the table below.
Companies in which Wacker Chemie AG has a shareholding of less than 20 percent are shown as other investments under noncurrent financial assets.
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Number |
Germany |
Rest of Europe |
The Americas |
Asia |
Other |
Total | ||||||||
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Fully consolidated subsidiaries |
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Jan. 1, 2011 |
14 |
13 |
5 |
16 |
2 |
50 | ||||||||
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Dec. 31, 2011 |
14 |
13 |
5 |
16 |
2 |
50 | ||||||||
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Companies consolidated using the equity method |
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Jan. 1, 2011 |
1 |
– |
– |
4 |
– |
5 | ||||||||
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Dec. 31, 2011 |
1 |
– |
– |
4 |
– |
5 | ||||||||
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Non-consolidated affiliated companies1 |
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Jan. 1, 2011 |
1 |
– |
– |
– |
– |
1 | ||||||||
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Dec. 31, 2011 |
1 |
– |
– |
– |
– |
1 | ||||||||
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Total |
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Jan. 1, 2011 |
16 |
13 |
5 |
20 |
2 |
56 | ||||||||
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Dec. 31, 2011 |
16 |
13 |
5 |
20 |
2 |
56 | ||||||||
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Special-purpose entities |
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Jan. 1, 2011 |
– |
– |
– |
– |
– |
– | ||||||||
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Additions |
1 |
– |
– |
– |
– |
1 | ||||||||
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Dec. 31, 2011 |
1 |
– |
– |
– |
– |
1 | ||||||||
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Changes in the Scope of Consolidation | ||
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Additions to special-purpose entities |
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WMM-Universal-Fonds, Germany (acquisition, August 16, 2011) |
100% | |
In 2011, Wacker Chemie AG paid a total of €100 million in investment funds into the institutional investment fund “WMM-Universal-Fonds.” This trust was established exclusively for WACKER, and all shares of the fund are held by WACKER. Because of the special stipulations of the investment fund, the contribution is subject to SIC 12.10. Looking at the economic substance of the arrangement, WACKER’s influence amounts to control and the special-purpose entity must therefore be consolidated.
The changes in the scope of consolidation had no substantial impact on the Group’s earnings, assets or financial position.