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 or does not exercise significant influence are shown as other investments under noncurrent financial assets.
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Number |
Germany |
Rest of |
The |
Asia |
Other |
Total | ||||||
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Fully consolidated subsidiaries (incl. parent company) |
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Jan. 1, 2012 |
14 |
13 |
5 |
16 |
2 |
50 | ||||||
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Dec. 31, 2012 |
14 |
13 |
5 |
16 |
2 |
50 | ||||||
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Companies consolidated using the equity method |
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Jan. 1, 2012 |
1 |
– |
– |
4 |
– |
5 | ||||||
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Disposals |
-1 |
– |
– |
– |
– |
-1 | ||||||
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Dec. 31, 2012 |
– |
– |
– |
4 |
– |
4 | ||||||
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Non-consolidated affiliated companies |
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Jan. 1, 2012 |
1 |
– |
– |
– |
– |
1 | ||||||
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Dec. 31, 2012 |
1 |
– |
– |
– |
– |
1 | ||||||
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Total |
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Jan. 1, 2012 |
16 |
13 |
5 |
20 |
2 |
56 | ||||||
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Disposals |
-1 |
– |
– |
– |
– |
-1 | ||||||
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Dec. 31, 2012 |
15 |
13 |
5 |
20 |
2 |
55 | ||||||
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Special-purpose entities |
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Jan. 1, 2012 |
1 |
– |
– |
– |
– |
1 | ||||||
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Dec. 31, 2012 |
1 |
– |
– |
– |
– |
1 | ||||||
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Changes in the Scope of Consolidation | ||
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Disposals of companies consolidated using the equity method |
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Thin Materials AG, Eichenau, Germany (loss of significant influence in June 2012) |
32.68 % | |
There were no acquisitions in 2012. WACKER sold shares in Thin Materials AG, which was consolidated using the equity method. WACKER lost significant influence in the company through obligations from the sales contract.
The changes in the scope of consolidation had no substantial impact on the Group’s earnings, net assets or financial position.
A total of 14 domestic and 40 foreign companies were included in the consolidated financial statements.
As it had no substantial impact on the Group’s earnings, net assets or financial position, the W.E.L.T. Reisebüro GmbH subsidiary was not consolidated. In 2011, its sales were below €1 million and its total assets were below €0.5 million. WACKER holds 51 percent of the subsidiary’s shares; it will be valued at cost under noncurrent financial assets.
Apart from directly or indirectly controlled companies, WACKER consolidates one special-purpose entity where WACKER’s influence amounts to control. This is a special fund (trust) into which Wacker Chemie AG has paid investment funds. 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.