Scope of Consolidation

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 into account potential voting rights that are currently exercisable or convertible. 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 Europe

  

The Americas

  

Asia

  

Other regions

  

Total

 

  

 

  

 

  

 

  

 

  

 

  

 

Fully consolidated subsidiaries (incl. parent company)

  

 

  

 

  

 

  

 

  

 

  

 

Jan. 1, 2013

  

14

  

13

  

5

  

16

  

2

  

50

Dec. 31, 2013

  

14

  

13

  

5

  

16

  

2

  

50

 

  

 

  

 

  

 

  

 

  

 

  

 

Companies consolidated using the equity method

  

 

  

 

  

 

  

 

  

 

  

 

Jan. 1, 2013

  

–

  

–

  

–

  

4

  

–

  

4

Dec. 31, 2013

  

–

  

–

  

–

  

4

  

–

  

4

 

  

 

  

 

  

 

  

 

  

 

  

 

Non-consolidated affiliated companies

  

 

  

 

  

 

  

 

  

 

  

 

Jan. 1, 2013

  

1

  

–

  

–

  

–

  

–

  

1

Dec. 31, 2013

  

1

  

–

  

–

  

–

  

–

  

1

 

  

 

  

 

  

 

  

 

  

 

  

 

Total

  

 

  

 

  

 

  

 

  

 

  

 

Jan. 1, 2013

  

15

  

13

  

5

  

20

  

2

  

55

Dec. 31, 2013

  

15

  

13

  

5

  

20

  

2

  

55

 

  

 

  

 

  

 

  

 

  

 

  

 

Special-purpose entities

  

 

  

 

  

 

  

 

  

 

  

 

Jan. 1, 2013

  

1

  

–

  

–

  

–

  

–

  

1

Dec. 31, 2013

  

1

  

–

  

–

  

–

  

–

  

1

 

  

 

  

 

  

 

  

 

  

 

  

 

There were no acquisitions in 2013. The scope of consolidation has not changed compared with December 31, 2012.

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 2012, both its sales and its total assets were below € 0.5 million. This subsidiary, in which WACKER holds a 51-percent stake, is valued at cost under noncurrent financial assets.

Apart from directly or indirectly controlled companies, WACKER consolidates one special-purpose entity where its 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.