16 – Investments accounted for using the equity method and other financial assets

Additions of €152 million to investments accounted for using the equity method were primarily attributable to the joint venture Synvina C.V., Amsterdam, the Netherlands, established with Avantium in 2016. Furthermore, additions included Chongqing Chemetall Surface Treatment Co., Ltd, Chongqing, China; and the Changchun Chemetall Chemicals Co. Ltd., Changchun, China. Both companies were acquired in connection with the acquisition of Chemetall on December 14, 2016. The capital increase at Markor Meiou Chemical (Xinjiang) Co., Ltd., Korla, China, had an effect of €8 million on additions.

Disposals totaling €107 million in the previous year were primarily attributable to the sale of the 25% share in SolVin to our partner Solvay, effective July 1, 2015.

Transfers include dividend distributions and other comprehensive income of the companies as well as the net income of investments accounted for using the equity method. The previous year’s figure was made up primarily of the first-time use of the equity method to account for Wintershall Noordzee B.V., Rijswijk, the Netherlands. The company is operated together by BASF and Gazprom since the sale of BASF’s 50% share to Gazprom in September 2015. Wintershall Noordzee B.V. is accounted for as a joint venture using the equity method in the Consolidated Financial Statements since then. In 2016, the final purchase price allocation resulted in an adjustment of the fair value of Wintershall Noordzee B.V. in the amount of minus €15 million, which is included in transfers.

The change in other shareholdings resulted from additions of €107 million, primarily attributable to Gullfaks AS, Stavanger, Norway, and disposals of €12 million. Impairments amounted to €41 million. Other shareholdings decreased by €12 million as a result of reclassifications and transfers. Currency effects resulted in an increase of €6 million in other shareholdings.