Professional Documents
Culture Documents
P E RFORMANCE TECHNOLOGIES
KPMG’s Chemicals
Disclosure Excerpts
Risk and Disclosure in the
Chemical Industry 2009–2010
kpmg.com/chemicals
K P M G INTERNATIONAL
Contents
Executive Summary 2
List of Abbreviations 4
Basis of Review 4
50 Companies Reviewed 4
Economic Environment 6
Market Risk 9
Megatrends 12
REACH 13
Social Responsibility 13
Reporting Assurance 14
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
2 | KPMG’S CHEMICALS D I SC L O S U R E E XCE R P T S
Executive Summary
With the global economy seemingly the economic environment. With credit Consistent with the prior year, the
back on track, and the global chemical markets remaining tight in the aftermath ranking of the economic environment
industry potentially heading for double of the global banking meltdown, and the legal and political environment
digit growth in 2010, discussing risk and financing risk was also prevalent as were regarded as important risks
uncertainty resulting from the recession large companies continued to find as a result of the economic crisis.
that decimated chemical demand major credit lines both difficult and Risks resulting from globalization and
throughout late 2008 and most of 2009 expensive to obtain. Looking ahead to internationalization, financing and
may seem counterintuitive. However, the risk landscape in the 2010 reports, hazardous material production and
consider the severity of the conditions the industry remains highly leveraged insurance coverage also remained highly
experienced by the industry in 2009 despite the recent return to growth, ranked risks as in previous years. Further
with many companies, particularly in therefore financing is likely to remain significant risks included the volatility
Western economies, experiencing a significant issue. Access to growing in the cost of raw materials and energy,
output declines of 50 per cent or more as Asian markets is increasingly becoming competition and innovation, and potential
demand collapsed in key markets such as a critical success factor for companies in legal disputes (e.g., product liability).
automotive and construction. As a result, the industry, providing legal and political
Companies reporting under both IFRS
cash became king, with companies risks; whilst the likely non-homogenous
and US GAAP must disclose their
focusing on improving their balance application of emissions trading schemes
accounting policies and accounting
sheets to provide the strength to survive. across the globe will add further
estimates (IAS 1.113, IAS 1.116, and
complexity to what is already a highly
The year was also characterized by SEC Financial Reporting Release
regulated industry.
a number of drastic actions taken by No. 60). Critical accounting policies
companies in response to the changed The main risks mentioned in the 2009 and accounting estimates included
conditions including closing plants and financial reports are: information on significant decisions
reducing capacity as cost reduction relating to the use of accounting and
• Economic environment
joined liquidity management as a key measurement methods, and material
board agenda. • Financing assumptions on future developments.
These implied that there is a
Consequently, the main risks mentioned • Globalization and internationalization
considerable risk that the value of the
in the 2009 financial reports reflect the
• Legal and political environment company’s assets and liabilities may
uncertainty created by the downturn in
require adjustment in the future.
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
K P M G ’ S CH E M I C A LS DI S C L O S U R E EXCERPTS | 3
The top two most mentioned critical IFRS filings by US public companies. Some of the main environmental
accounting policies over the last three The roadmap is conditional on progress reporting issues were:
years were: between now and 2011. At that time, the
• Risks and opportunities related to
SEC should decide whether to proceed
• Deferred tax assets and their climate change and greenhouse gas
and whether IFRS will become obligatory
accounting (GHG) emissions
at the beginning of 2014 for large
• Accounting for pension commitments accelerated US filers. • Activities to preserve resources
Other critical accounting policies referred The chemical industry’s key • Environmental management systems
to contingencies for legal claims resulting stakeholders, most notably customers,
Key social-responsibility reporting topics
from, for example, product sales, governments and other regulatory
include:
violations of patents, and competition bodies are increasingly demanding
regulations. In addition, companies environmentally friendly solutions. • Occupational health and safety
recognized environmental commitments, Despite the overall positive contribution
• Headcount and employment as well
and the related-cost estimates, such as from many chemical products to the
as employee training and education
contractual risks, from product liability mitigation of climate change, the
and site cleanup. high energy use and greenhouse gas • Support for society and local
emissions in producing chemicals communities
IFRS and US GAAP accounting
and the strong dependence on fossil
frameworks have been subject to
feedstock requires chemical companies
changes due to additions, amendments,
to continually reinforce their green
and convergence since the US Financial
credentials. As a result in fiscal
Accounting Standards Board (FASB) and
year 2009, 45 of the world’s largest
the IASB issued the Norwalk Agreement
50 chemical companies by revenue
in their joint meeting in September
reported sustainability issues either
2002. The SEC has proposed a potential
in separate reports, in a chapter in the
“roadmap” for phasing in mandatory
annual reports, or on their web sites.
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
4 | K PMG’S CHEMICALS DI S C L O S U R E EXC E R P T S
List of Abbreviations
10-K Annual summary report form of a company’s performance for the US Securities and Exchanges Commission
Form filed by foreign private issuer with securities traded in the US, used both as a registration statement for
20-F
purposes of registering securities or as an annual report
Registration statement pursuant to Section 12 or annual report pursuant to Section 13(a) or 15(d) for the US
40-F
Securities and Exchanges Commission
CAGR Compounded annual growth rate
EU European Union
FASB US Financial Accounting Standards Board
GHG Greenhouse gas
IAS International Accounting Standard
IASB International Accounting Standards Board
IFRS International Financial Reporting Standards
JV Joint venture
REACH EU legislation for the Registration, Evaluation, and Authorization of Chemicals
SEC US Securities and Exchange Commission
UK United Kingdom of Great Britain and Northern Ireland
US United States of America
US GAAP US Generally Accepted Accounting Principles
Basis of Review
The resulting review constitutes a combination of Chemical Week’s and American Chemical Society’s largest 50 revenue
rankings combined with our own analysis. The information summarized below was obtained from annual regulatory filings
(e.g.10-K and 20-F) and company annual reports, with exception of INEOS.*
Companies Reviewed
Figure 1. Analysis of 50 companies registered
We surveyed the 2009 regulatory
filings (e.g.10-K, 20-F, and 40-F) 40
of 14 SEC registrants as well as
36 annual reports of non SEC 35
registrants with respect to their
30
quantitative and qualitative risk
disclosure. The risk reporting is 25
generally based on Regulation S-K
Item 503 [c] for SEC filers or other 20
national reporting rules. 15
10
0
SEC Registrants Annual Reports
* For Ineos, proforma revenues were used, which were published on the company’s website.
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
K P M G ’ S C HE M I C A LS D IS C L O S U R E E XCERPTS | 5
Financing 69%
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
6 | KPMG’S CHEMICALS D IS C L O S U R E E XC E R P T S
Economic Environment
The chemical market is cyclical because its demand • Increase in risk of bad debt
level is driven by customer industries’ cyclical demand.
• Potential lack of new business
Additionally, due to financial and economic crisis, 91%
of the surveyed 2009 regulatory filings stated economic • Difficulty in making accruate assessments of the future
environmental risk as a significant risk factor with many
• Changing credit ratings
focusing on uncertainties about future econmic recovery.
Commonly disclosed economic risks are: • Further lost sales
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
K P M G ’ S CH E M I C A LS DI S C L O S U R E EXCERPTS | 7
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
8 | K PMG’S CHEMICALS DI S C L O S U R E EXC E R P T S
Impairment 63%
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
K P M G ’ S C H E M I C A LS D I S C L O S U R E E XCERPTS | 9
Market Risk
We reviewed 26 of the largest 50 Figure 6. IFRS 7 Disclosure: Market risk
chemical companies by revenue, all
of which applied IFRS in their financial Currency exchange risk 88%
statements for the year ended
December 31, 2009. We selected Interest rate risk 85%
qualitative and quantitative information
about market, credit and liquidity risk Commodity risk 38%
(provided in excerpts from notes to
the IFRS financial statements of these Equity price risk 12%
chemical companies).
0% 20% 40% 60% 80% 100%
The 26 chemical companies surveyed
identified the following risks as market Percentage of Companies Reporting
risk arising from financial instruments:
Source: Company statutory accounts
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
10 | KPMG’S CHEMICA LS D I S C L O S U R E E XC E R P T S
16%
64%
67%
Other
100%
86%
Europe
95%
75%
Asia-Pacific
93%
64%
North America
79%
2008 2009
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
K P M G ’ S CH E M I C A LS D I S C L O S U R E E XCERPTS | 11
22%
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
12 | K PMG’S CHEMICA LS DI S C L O S U R E EXC E R P T S
Megatrends
Global Megatrends are affecting Figure 11. Reporting on Global Megatrends (Basis of
companies across all industries. reference of 2009 survey: 45 of those reviewed reported
The most frequently cited risks and on global megatrends)
challenges related to global megatrends
are as follows: climate change Climate Change
0.8 80%
(80 percent), protection of biodiversity
(53 percent) or scarcity of water Energy Demand Biodiversity
0.6
(44 percent). 53%
0.4
0.2
Population Growth 11% Scarcity of Water
22% 44%
0
11%
24%
36% Demographical
Urbanization 38%
Change
Growth of Emerging
Resource Scarcity
Markets
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
K P M G ’ S CH E M I C A LS DI S C L O S U R E EXCERPTS | 13
REACH
Based on 45 reporting companies, Figure 13. Reporting on REACH (Basis of reference of 2009
71 percent mentioned their commitment survey: of those reviewed 30 companies reported on REACH)
to REACH. In comparison 72 percent
of all EU companies and 53 percent of
non-EU companies report on REACH. REACH EU 72%
All Japanese companies, which are
important exporters to the European Average headquartered
60%
market, report on REACH. Most of them companies
Social Responsibility
The chemical industry has a long history Figure 14. Reporting on Social Issues (Basis of reference
of reporting social responsibility issues. of 2009 survey: 45 companies of those reviewed had
sustainability reports; Basis of reference of 2008 survey:
More than half of the largest 50 38 companies of those reviewed had sustainability reports)
chemical companies by revenue, align
their operations and strategies to
Occupational Health 100%
the United Nation’s Global Compact and Safety
Principals on human rights, labor,
environment, and anti-corruption. Community Engagement 91%
Headcount/Redundancy 56%
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
14 | K PMG’S CHEMICA LS DI S C L O S U R E EXC E R P T S
Reporting Assurance
The majority of assurance reports on Figure 15. Independent Assurance (Basis of reference
sustainability information were issued of 2009 survey: 45 companies of those reviewed had
by auditing firms (2009: 33 percent) sustainability reports; Basis of reference of 2008 survey:
and 13 percent were reviewed by 38 companies of those reviewed had sustainability reports)
other specialized organizations1. The
majority (2009: 54 percent) did not seek
voluntary assurance.
14%
53%
33%
No Assurance
Auditing Firm
Other Organization
1
Percentages are based on 45 reports on sustainability issues in 2009. This is a slight increase when compared
to 2008. In Europe more than 70 percent of the reports have been assured.
2
Where a segment split is published; for companies that do not publish segment reporting, we show total sales
as chemical sales.
3
Asahi Kasei, Dainippon Inks & Chemicals, Mitsubishi Chemical Holdings, Mitsui Chemicals, Reliance
Industries, Shin-Etsu, Sumitomo Chemical Company,Toray Industries, and Tosoh Corporation
4
All numbers are shown as originally published.
5
CAGR is shown for the period FY2004–FY2009, where appropriate, or for the years figures obtained.
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
K P M G ’ s C h emica ls D iscl o s u re E xc erp ts | 15
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
16 | KPMG’ s Chemicals Discl o su re E xc e rp ts
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
K P M G ’ S C H E M I C A LS DI S C L O S U R E E XCERPTS | 17
Chemical Revenue
(in millions )
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
18 | K PMG’S CHEMICA LS DI S C L O S U R E E XC E R P T S
Total Revenue
(in millions )
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
K P M G ’ S CH E M I C A LS DI S C L O S U R E EXCERPTS | 19
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
20 | K PMG’S CHEMICA LS DI S C L O S U R E EXC E R P T S
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
22 | K PMG’S CHEMICA LS DI S C L O S U R E EXC E R P T S
Total Assets
(in millions )
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
K P M G ’ S C H E M I C A LS DI S C L O S U R E E XCERPTS | 23
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
24 | K PMG’S CHEMICA LS DI S C L O S U R E EXC E R P T S
Equity Equity/Ratio in %
Company
2004 2005 2006 2007 2008 2009 2004 2005 2006 2007 2008 2009
Air Liquide S.A. 5,274 6,209 6,567 6,328 7,006 7,752 37 38 40 35 34 38
Air Products & Chemicals Inc. 3,655 3,799 3,882 3,854 3,483 3,343 44 44 44 43 40 37
Akzo Nobel N.V. 3,036 3,415 4,263 11,129 7,913 8,245 24 27 33 58 42 44
Arkema S.A. 1,753 1,463 1,938 1,935 2,018 1,836 39 31 43 44 45 47
Asahi Kasai Corporation 3,736 4,166 3,573 4,252 4,757 4,568 40 43 38 47 44 44
Ashland Inc. 2,225 2,943 2,441 2,305 2,217 2,501 36 55 47 55 55 38
BASF SE 15,765 17,524 18,578 20,098 18,722 18,609 46 49 41 43 37 36
Bayer AG 12,268 11,157 12,767 16,734 16,236 18,951 32 30 23 33 31 37
Borealis GmbH 1,488 1,549 1,827 2,316 2,330 2,396 47 45 50 50 48 50
Braskem S.A. 1,163 1,639 1,530 2,212 1,115 1,908 28 29 26 28 16 21
Celanese Corporation (82) 199 597 722 129 407 (2) 3 10 13 3 7
Chevron Phillips Chemical 2,914 3,406 3,213 2,826 2,941 3,268 58 58 60 58 62 63
Company LLC
Clariant AG 1,426 1,665 1,512 1,431 1,335 1,275 28 35 34 33 33 31
Dainippon Inks & Chemicals 1,053 1,319 1,355 1,631 1,482 1,482 14 19 21 26 26 26
Inc.
The Dow Chemical Company 8,995 12,950 12,939 13,173 9,586 14,341 27 33 37 40 30 30
DuPont 8,340 7,527 7,144 7,566 5,055 5,034 32 27 30 33 20 19
Eastman Chemical Company 868 1,362 1,538 1,415 1,102 1,056 20 28 33 35 29 27
ENI S.p.A. 30,338 39,217 41,199 42,867 48,510 50,051 44 47 47 42 42 43
Evonik Industries AG 4,681 4,186 4,527 4,651 5,192 5,214 34 31 34 36 26 28
(formerly Degussa)
Exxon Mobil Corporation 74,597 93,963 86,347 82,725 80,144 77,144 52 53 52 50 50 47
Formosa Petrochemical 4,154 5,409 5,064 5,400 4,198 5,039 51 52 50 53 45 52
Corporation
Hitachi Chemical 953 1,515 1,707 1,754 2,053 1,982 63 48 57 60 67 67
Huntsman Corporation (280) 1,285 1,316 1,249 1,142 1,287 (4) 13 21 22 20 21
Ineos Group Limited NA NA NA NA NA NA NA NA NA NA NA NA
Lanxess AG 1,331 1,256 1,428 1,525 1,407 1,445 29 29 34 38 30 29
LG Chem, Ltd. 1,569 2,040 2,133 2,819 2,756 3,288 39 44 45 55 61 66
Linde AG 4,081 4,413 8,225 9,210 8,249 8,736 35 35 29 37 35 36
Lyondell-Basell 1,960 2,542 2,417 1,624 (4,314) (6,263) 17 20 18 6 (21) (42)
Mitsubishi Chemical 3,256 4,600 4,172 5,283 5,208 5,389 23 31 28 30 24 25
Corporation
Mitsui Chemicals Inc. 2,962 3,253 3,209 3,060 2,724 2,837 34 35 34 33 29 31
Nova Chemicals Corporation 1,240 1,030 414 748 648 1,721 34 17 13 23 23 45
PPG Industries, Inc. 2,619 2,580 2,452 2,820 2,365 2,736 36 35 32 33 23 28
Praxair Inc. 2,645 3,298 3,453 3,493 2,844 3,708 37 39 41 38 31 37
Reliance Industries Ltd. 7,126 9,420 9,869 13,579 12,510 1,251 64 64 NA 58 58 3
Rhodia S.A. 70 (666) (628) (389) (375) (735) 1 (12) (12) (9) (9) (17)
Royal DSM N.V. 4,834 5,541 5,784 5,310 4,633 4,949 54 55 57 54 48 51
Royal Dutch Shell plc 62,003 76,840 87,151 85,583 91,425 96,377 44 41 49 47 46 47
Sasol limited 3,717 5,451 5,774 6,643 6,331 8,137 48 50 51 53 56 59
Saudi Basic Industries 9,947 14,045 14,737 16,554 19,464 20,146 41 46 44 36 38 36
Corporation – SABIC
Sherwin Williams 1,207 1,642 1,510 1,213 1,139 1,040 39 45 40 37 36 34
Shin-Etsu Chemical Co Ltd 7,273 8,229 7,997 8,929 10,956 11,545 67 70 68 73 84 88
Sinopec Corp. 17,121 26,489 25,533 28,637 34,205 38,430 41 47 43 42 43 43
Solvay S.A. 3,792 3,920 4,456 4,459 4,745 5,160 38 35 40 40 39 41
Sumitomo Chemical Co. Ltd. 4,158 NA 5,041 NA NA NA 35 NA 34 NA NA NA
Syngenta AG 4,163 4,590 4,317 4,104 4,187 4,992 47 47 48 45 40 43
Teijin 2,092 2,384 2,593 2,624 2,571 2,442 34 36 41 40 38 37
Toray Industries Inc. 3,303 3,765 3,753 3,786 3,652 4,046 32 35 35 35 31 35
Tosoh Corporation 922 1,221 1,110 1,547 1,208 1,217 21 27 22 30 20 21
Total S.A 31,260 41,483 41,148 45,700 49,950 53,539 37 39 39 40 42 42
Yara International ASA 1,288 1,665 1,948 2,663 3,053 3,466 39 43 48 45 37 47
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
K P M G ’ S C H E M I C A LS DI S C L O S U R E E XCERPTS | 25
Capital Expenditures
(in millions )
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
26 | K PMG’S CHEMICA LS DI S C L O S U R E EXC E R P T S
EPS (Diluted)
( )
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
K P M G ’ S C H E M I C A LS DI S C L O S U R E E XCERPTS | 27
Number of Employees
(end of fiscal year)
Company 2004 2005 2006 2007 2008 2009
Air Liquide S.A. 35,900 35,900 36,900 40,300 43,000 42,300
Air Products & Chemicals Inc. 19,300 20,200 20,700 22,100 21,100 18,900
Akzo Nobel N.V. 61,450 61,340 61,900 43,000 60,000 57,060
Arkema S.A. 18,556 17,718 16,521 16,600 14,983 13,800
Asahi Kasai Corporation 23,820 23,219 23,715 23,854 24,244 24,244
Ashland Inc. 21,200 20,900 11,700 11,700 11,900 14,700
BASF SE 81,955 80,945 95,247 95,715 96,924 104,779
Bayer AG 113,000 93,700 106,000 106,200 108,600 108,400
Borealis GmbH 4,547 4,536 4,602 5,060 5,385 5,215
Braskem S.A. NA NA 3,000 5,000 5,000 NA
Celanese Corporation 9,100 9,300 8,900 8,400 8,350 7,400
Chevron Phillips Chemical Company LLC 5,300 5,150 5,150 5,500 5,500 NA
Clariant AG 24,769 23,383 21,748 20,931 20,102 17,536
Dainippon Inks & Chemicals Inc. 26,757 25,915 25,413 25,167 25,167 23,613
The Dow Chemical Company 43,203 42,413 42,578 45,900 46,102 52,000
DuPont 60,000 60,000 59,000 60,000 60,000 58,000
Eastman Chemical Company 12,000 12,000 11,000 10,800 10,500 10,000
ENI S.p.A. 71,497 72,258 72,915 74,717 77,371 78,417
Evonik Industries AG (formerly Degussa) 44,566 45,553 41,088 33,847 41,185 39,768
Exxon Mobil Corporation 85,900 83,700 82,100 80,800 79,900 80,700
Formosa Petrochemical Corporation 3,477 3,679 3,825 3,897 3,897 6,275
Hitachi Chemical NA NA NA NA NA 15,289
Huntsman Corporation 11,300 10,800 NA 12,900 12,600 11,000
Ineos Group Limited NA NA 15,000 16,600 15,500 15,500
Lanxess AG 19,659 18,282 16,481 14,610 14,797 14,338
LG Chem, Ltd. NA 13,415 10,654 14,513 14,513 13,000
Linde AG 41,383 42,229 55,445 50,485 51,908 47,731
Lyondell-Basell 9,930 10,000 11,000 7,113 NA NA
Mitsubishi Chemical Corporation 33,261 32,955 33,447 39,305 41,480 41,480
Mitsui Chemicals Inc. 12,228 NA 12,511 12,814 12,964 12,964
Nova Chemicals Corporation 4,100 3,600 3,300 2,820 2,850 NA
PPG Industries, Inc. 31,800 30,800 32,200 34,900 44,900 39,900
Praxair Inc. 27,020 27,306 27,042 27,992 26,936 26,164
Reliance Industries Ltd. 12,113 12,540 NA NA NA 24,679
Rhodia S.A. 20,577 19,444 17,077 15,530 14,353 13,600
Royal DSM N.V. 24,180 21,820 22,156 23,254 23,500 22,700
Royal Dutch Shell plc 112,000 109,000 108,000 104,000 102,000 101,000
Sasol limited 30,910 30,004 31,460 31,860 33,928 33,544
Saudi Basic Industries Corporation – SABIC NA NA 19,000 31,000 NA 33,000
Sherwin Williams 28,690 29,434 30,767 31,572 30,677 29,220
Shin-Etsu Chemical Co Ltd 18,151 18,888 19,1 NA NA 19,170
Sinopec Corp. 389,451 364,528 340,886 344,377 358,304 371,333
Solvay S.A. 29,300 28,730 29,258 28,340 29,433 28,204
Sumitomo Chemical Co. Ltd. 20,195 24,160 24,691 NA NA 26,902
Syngenta AG 19,536 19,300 19,500 21,000 24,000 25,925
Teijin NA NA NA NA NA 19,453
Toray Industries Inc. 33,707 34,670 36,553 38,565 38,565 37,924
Tosoh Corporation 9,148 9,373 10,514 NA 11,316 11,166
Total S.A 111,401 112,877 95,070 96,442 96,959 96,387
Yara International ASA 7,067 6,792 7,060 8,173 7,971 7,629
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
28 | K PMG’S CHEMICA LS DI S C L O S U R E EXC E R P T S
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
K P M G ’ S C H E M I C A LS DI S C L O S U R E E XCERPTS | 29
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. All rights reserved.
Contacts us Authors
kpmg.com/chemicals
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual
or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is
accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information
without appropriate professional advice after a thorough examination of the particular situation.
© 2010 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent
firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to
obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such
authority to obligate or bind any member firm. All rights reserved.
The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International.
Designed by Evalueserve.