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 |
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Acquisition or production cost |
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Balance as of Jan. 1, 2013 |
41.0 |
15.4 |
256.4 |
271.8 |
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Disposals |
– |
-2.2 |
– |
-2.2 |
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Other changes |
– |
– |
12.2 |
12.2 |
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Changes resulting from application of equity method |
-18.9 |
– |
-21.2 |
-21.2 |
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Exchange-rate differences |
-3.2 |
-0.4 |
-15.8 |
-16.2 |
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Balance as of Dec. 31, 2013 |
18.9 |
12.8 |
231.6 |
244.4 |
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Depreciation |
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Balance as of Jan. 1, 2013 |
– |
2.0 |
– |
2.0 |
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Exchange-rate differences |
– |
-0.4 |
– |
-0.4 |
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Balance as of Dec. 31, 2013 |
– |
1.6 |
– |
1.6 |
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Carrying amounts as of Dec. 31, 2013 |
18.9 |
11.2 |
231.6 |
242.8 |
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2012
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€ million |
Investments in joint ventures and associates accounted for using the equity method |
Investments |
Other financial assets |
Financial assets |
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Acquisition or production cost |
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Balance as of Jan. 1, 2012 |
124.5 |
13.1 |
130.1 |
143.2 |
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Additions |
– |
0.3 |
117.8 |
118.1 |
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Other changes |
– |
2.1 |
5.9 |
8.0 |
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Changes resulting from application of equity method |
-83.4 |
– |
– |
– |
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Exchange-rate differences |
-0.1 |
-0.1 |
2.6 |
2.5 |
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Balance as of Dec. 31, 2012 |
41.0 |
15.4 |
256.4 |
271.8 |
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Depreciation |
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Balance as of Jan. 1, 2012 |
– |
2.2 |
– |
2.2 |
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Exchange-rate differences |
– |
-0.2 |
– |
-0.2 |
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Balance as of Dec. 31, 2012 |
– |
2.0 |
– |
2.0 |
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Carrying amounts as of Dec. 31, 2012 |
41.0 |
13.4 |
256.4 |
269.8 |
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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.