Foreign direct investment stock statistics

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1 Foreign direct investment stock statistics Special Statistical Publication 10

2 Foreign direct investment stock statistics 2 Deutsche Bundesbank Wilhelm-Epstein-Strasse Frankfurt am Main Germany Postal address Postfach Frankfurt am Main Germany Tel or /2483 Fax The Statistical Supplement Balance of payments statistics, which is augmented annually by this Special Statistical Publication is published at monthly intervals by the Deutsche Bundesbank, Frankfurt am Main, by virtue of section 18 of the Bundesbank Act. It is available to interested parties free of charge. Reproduction permitted only if source is stated. ISSN (online edition) This Annex provides an English translation of the headings and explanatory notes to the data contained in the German original dated, which is the sole authoritative text. Further statistical data, supplementing the Monthly Report, are to be found in the following supplements. Banking statistics Capital market statistics Seasonally adjusted business statistics Exchange rate statistics monthly monthly monthly quarterly Selected updated statistics are also available on the website.

3 Foreign direct investment stock statistics 3 Contents I German foreign direct investment abroad 1 German corporate assets broken down by type of cross ownership and economic activity (a) in all countries... 6 (b) in EU member states... 6 (c) in the United States Direct investment and important key indicators of enterprises abroad broken down by (a) country of investment... 7 (b) economic activity of the German investors... 9 (c) economic activity of the foreign investment enterprises Primary and secondary direct investment broken down by country of investment and economic activity (a) of the German investors (b) of the foreign investment enterprises II Foreign direct investment in Germany 1 Foreign corporate assets broken down by type of cross ownership and economic activity (a) from all countries (b) from EU member states (c) from the United States Direct investment and important key indicators of enterprises in Germany broken down by (a) country of investor (b) economic activity of the investment enterprises Primary and secondary direct investment broken down by country of investor and economic activity of the investment enterprises Methodological notes List of countries Special Statistical Publications... 29

4 Foreign direct investment stock statistics 4 Notes The latest figures must in all cases be regarded as provisional; subsequent revisions which appear in the following issue of this Special Statistical Publication are therefore not specially marked. Annual production value at credit institutions Credit institutions annual production value is recorded and shown under annual turnover in billions of euro. The annual production value consists of the net interest received, current income from shares and other variable-rate securities, commissions, the net result of financial operations and other operating income. Claims and liabilities arising from foreign direct investment relations In a departure from their definition in accounting terminology, the terms claims and liabilities arising from foreign direct investment relations also include cross-border equity holdings, which, legally speaking, do not constitute claims or liabilities but rather assets abroad held by residents or assets in Germany held by nonresidents. Abbreviations and symbols r Revised. Figure unknown, not to be published or not meaningful 0 Less than 0.5 but more than nil Nil Discrepancies in the totals are due to rounding.

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6 Foreign direct investment stock statistics 6 I German foreign direct investment abroad 1 German corporate assets broken down by type of cross ownership and economic activity (a) in all countries (b) in EU member states (27) (c) in the United States End of year (pages 6-7, 8-9 and of the German original) Economic activity of enterprises abroad (investment enterprises) Item All economic activities Manufacturing Wholesale and retail trade; repair of motor vehicles and motorcycles Financial and insurance activities Activities of head offices; management consultancy activities German direct investment in million Primary German direct investment abroad Primary German investment capital1 + direct lendings by German capital owners 2 + lendings by enterprises in Germany 3 to their foreign sister companies Receivables of primary German investment relations minus direct lendings of direct investment enterprises abroad to their German investors 2 lendings of enterprises abroad 3 to their sister companies in Germany Liabilities of primary German direct investment relations Total of primary German direct investment Primary and secondary German direct investment abroad (consolidated)4 Primary German investment capital1 + secondary German investment capital1 (held by dependent holding companies) + direct lendings by German capital owners 2 + lendings by dependent holding companies + lendings by enterprises in Germany 3 to their foreign sister companies Receivables of primary and secondary German direct investment relations minus direct lendings of direct investment enterprises abroad to their German investors 2 lendings to dependent holding companies lendings by enterprises abroad 3 to their sister companies in Germany Liabilities of primary and secondary German direct investment relations Total of primary and secondary German direct investment Data on enterprises abroad Enterprises with primary German capital interests Number Employees in thousands Annual turnover in billion Enterprises with secondary German majority interests Number Employees in thousands Annual turnover in billion Footnotes (a) to (c) on pages Including pro rata reserves and profits, less losses. 2 Also includes direct lendings to enterprises with secondary German capital interests. 3 Only if the corporate headquarters are located are Germany. 4 Excluding primary direct investment in dependent holding companies, ie excluding interests in the nominal capital and reserves of dependent holding companies and excluding lending connections to dependent holding companies.

7 Foreign direct investment stock statistics 7 I German foreign direct investment abroad 2 Direct investment and important key indicators of enterprises abroad broken down by (a) country of investment End of year (pages of the German original) Europe EU member states Euro-area member states 1 All countries Total Total Total Belgium Estonia Finland France Greece Ireland Italy Luxembourg Malta Netherlands Austria Portugal Slovakia Slovenia Spain Cyprus 1 From 2011 including Estonia. 2 Consolidated secondary direct investments are secondary capital relations of investments held by Germans in enterprises abroad by dependent holding companies domiciled abroad. End of year (pages of the German original) Europe (cont d) EU member states (cont d) Other EU member states1 Total Bulgaria Denmark Latvia Lithuania Poland Romania Sweden Czech Republic Hungary Other European countries United Kingdom Total Albania Belarus Bosnia and Herzegovina Guernsey Isle of Man Jersey Croatia Liechtenstein 1 From 2011 including Estonia. 2 Consolidated secondary direct investments are secondary capital relations of investments held by Germans in enterprises abroad by dependent holding companies domiciled abroad. End of year (pages of the German original) Europe (cont d) Other European countries (cont d) Africa Macedonia former Yugoslav, Republic of Moldova, Republic of Norway Russian Federation Switzerland Serbia Turkey Ukraine Total Egypt Algeria Angola Ghana Kenya Libyan Arab Jamahiriya Morocco Mauritius Namibia Nigeria South Africa 1 Consolidated secondary direct investments are secondary capital relations of investments held by Germans in enterprises abroad by dependent holding companies domiciled abroad. For side-headings in tables, see page 9.

8 Foreign direct investment stock statistics 8 I German foreign direct investment abroad 2 (a) (cont d) End of year Africa (cont d) America Tanzania, United Republic of Tunisia Total Total North America (pages of the German original) Central America Canada United States Total Bahamas Barbados Bermuda Virgin Islands, British Costa Rica Curaçao Dominican Republic El Salvador Guatemala Honduras Cayman Islands Mexico Panama 1 Consolidated secondary direct investments are secondary capital relations of investments held by Germans in enterprises abroad by dependent holding companies domiciled abroad. End of year (pages of the German original) America (cont d) South America Total Argentina Bolivia, Plurinational State of Brazil Chile Ecuador Colombia Paraguay Peru Uruguay Asia Countries in Near and Middle East Venezuela, Bolivarian Republic of Total Total Azerbaijan Bahrain Georgia Iran, Islamic Republic of Israel Jordan Qatar 1 Consolidated secondary direct investments are secondary capital relations of investments held by Germans in enterprises abroad by dependent holding companies domiciled abroad. End of year (pages of the German original) Asia (cont d) Countries in Near and Middle East (cont d) Other Asian countries Kuwait Lebanon Oman Saudi Arabia Syria, Arab Republic of United Arab Emirates Total Bangladesh China, People s Republic of1 Hong Kong India Indonesia Japan Kazakhstan Korea, Republic of Malaysia Pakistan Philippines 1 Excluding Hong Kong. 2 Consolidated secondary direct investments are secondary capital relations of investments held by Germans in enterprises abroad by dependent holding companies domiciled abroad. For side-headings in tables, see page 9.

9 Foreign direct investment stock statistics 9 I German foreign direct investment abroad 2 (a) (cont d) End of year (page 24 of the German original) Asia (cont d) Other Asian countries (cont d) Singapore Sri Lanka Taiwan Thailand Uzbekistan Viet Nam Oceania and Polar regions Total Australia New Zealand 1 Consolidated secondary direct investments are secondary capital relations of investments held by Germans in enterprises abroad by dependent holding companies domiciled abroad. Primary German direct investment abroad in million Receivables of Outward direct investment relations Liabilities of Outward direct investment relations Primary direct investment stocks (accumulated) Key indicators of enterprises abroad Number Employees in thousands Annual turnover in billion Primary and secondary German direct investment abroad (consolidated) in million 1 Receivables of Outward direct investment relations Liabilities of Outward direct investment relations Primary and secondary direct investment stocks (accumulated) I German foreign direct investment abroad 2 Direct investment and important key indicators of enterprises abroad broken down by (b) economic activity of the German investors End of year (page 25 of the German original) Mining and quarrying Manufacturing All economic activities Agriculture, forestry and fishing Total Extraction of crude petroleum and natural gas Other mining and quarrying Total of food products of beverages of tobacco products of textiles 1 Consolidated secondary direct investments are secondary capital relations of investments held by Germans in enterprises abroad by dependent holding companies domiciled abroad. For side-headings in tables, see page 11.

10 Foreign direct investment stock statistics 10 I German foreign direct investment abroad 2 (b) (cont d) End of year (pages of the German original) Manufacturing (cont d) of wearing apparel of leather and related products of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials of paper and paper products Printing and reproduction of recorded media of coke and refined petroleum products of chemicals and chemical products of basic pharmaceutical products and pharmaceutical preparations of rubber and plastic products of other non-metallic mineral products of basic metals of fabricated metal products, except machinery and equipment of electronic components and boards of computer and peripheral equipment of communication equipment; manufacture of consumer electronics of instruments and appliances for measuring, testing and navigation; watches and clocks; irradiation, electromedical and electrotherapeutic equipment of optical instruments and photographic equipment; manufacture of magnetic and optical media of electrical equipment of machinery and equipment n.e.c. of motor vehicles, trailers and semi-trailers 1 Consolidated secondary direct investments are secondary capital relations of investments held by Germans in enterprises abroad by dependent holding companies domiciled abroad. End of year Manufacturing (cont d) Water supply; sewerage, waste management and remediation activities (pages of the German original) Transportation and storage of other transport equipment of furniture Other manufacturing; repair and installation of machinery and equipment Electricity, gas, steam and air conditioning supply Total Waste collection, treatment and disposal activities; materials recovery Construction Wholesale and retail trade; repair of motor vehicles and motorcycles Total Air transport Information and communication Financial and insurance activities Warehousing and support activities for transportation Accommodation and food service activities Total Publishing activities Programming and broadcasting activities Telecommunications Computer programming, consultancy and related activities Total 1 Monetary intermediation Trusts, funds and similar financial entities; other financial service activities, except insurance and pension funding 1 1 From 2011 including asset management. 2 Consolidated secondary direct investments are secondary capital relations of investments held by Germans in enterprises abroad by dependent holding companies domiciled abroad. For side-headings in tables, see page 11.

11 Foreign direct investment stock statistics 11 I German foreign direct investment abroad 2 (b) (cont d) End of year (pages of the German original) Financial and insurance activities (cont d) Professional, scientific and technical activities Insurance and reinsurance1 Pension funding 2 Activities auxiliary to financial services and insurance activities Real estate activities Total Activities of holding companies Management consultancy activities Architectural and engineering activities and related technical consultancy Technical testing and analysis Scientific research and development Administrative and support service activities Advertising; market research and public opinion polling Total3 Rental and leasing activities Employment activities Travel agency, tour operator and other reservation service and related activities Office administrative, office support and other business support activities 3 Education; human health and social work activities Arts, entertainment and recreation Public administration; other service activities; non-profit organizations Private households 1 Up to 2012 including pension funding. 2 Up to 2012 included in insurance and reinsurance. 3 From 2011 excluding asset management. 4 Consolidated secondary direct investments are secondary capital relations of investments held by Germans in enterprises abroad by dependent holding companies domiciled abroad. Economic activity of the German investors Primary German direct investment abroad in million Receivables of Outward direct investment relations Liabilities of Outward direct investment relations Primary direct investment stocks (accumulated) Primary and secondary German direct investment abroad (consolidated) in million 4 Receivables of Outward direct investment relations Liabilities of Outward direct investment relations Primary and secondary direct investment stocks (accumulated)

12 Foreign direct investment stock statistics 12 I German foreign direct investment abroad 2 Direct investment and important key indicators of enterprises abroad broken down by (c) economic activity of the foreign investment enterprises End of year (pages of the German original) Mining and quarrying Manufacturing All economic activities Agriculture, forestry and fishing Total Extraction of crude petroleum and natural gas Other mining and quarrying Total of food products of beverages of tobacco products Total of textiles of wearing apparel of leather and related products of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials of paper and paper products Printing and reproduction of recorded media of coke and refined petroleum products of chemicals and chemical products of basic pharmaceutical products and pharmaceutical preparations of rubber and plastic products of other non-metallic mineral products 1 Consolidated secondary direct investments are secondary capital relations of investments held by Germans in enterprises abroad by dependent holding companies domiciled abroad. End of year (pages of the German original) Manufacturing (cont d) of basic metals of fabricated metal products, except machinery and equipment of electronic components and boards of computer and peripheral equipment of communication equipment; manufacture of consumer electronics of instruments and appliances for measuring, testing and navigation; watches and clocks; irradiation, electromedical and electrotherapeutic equipment of optical instruments and photographic equipment; manufacture of magnetic and optical media of electrical equipment of machinery and equipment n.e.c. of motor vehicles, trailers and semi-trailers Water supply; sewerage, waste management and remediation activities Transportation and storage of other transport equipment of furniture Other manufacturing; repair and installation of machinery and equipment Electricity, gas, steam and air conditioning supply Total Waste collection, treatment and disposal activities; materials recovery Construction Wholesale and retail trade; repair of motor vehicles and motorcycles Total Air transport 1 Consolidated secondary direct investments are secondary capital relations of investments held by Germans in enterprises abroad by dependent holding companies domiciled abroad. For side-headings in tables, see page 13.

13 Foreign direct investment stock statistics 13 I German foreign direct investment abroad 2 (c) (cont d) End of year Transportation and storage (cont d) Information and communication (pages of the German original) Financial and insurance activities Warehousing and support activities for transportation Accommodation and food service activities Total Publishing activities Programming and broadcasting activities Telecommunications Computer programming, consultancy and related activities Total 1 Monetary intermediation Trusts, funds and similar financial entities; other financial service activities, except insurance and pension funding 1 Professional, scientific and technical activities Insurance and reinsurance 2 Pension funding 3 Activities auxiliary to financial services and insurance activities Real estate activities Total Activities of holding companies Management consultancy activities Architectural and engineering activities and related technical consultancy Technical testing and analysis 1 From 2011 including asset management. 2 Up to 2012 including pension funding. 3 Up to 2012 included in insurance and reinsurance. 4 Consolidated secondary direct investments are secondary capital relations of investments held by Germans in enterprises abroad by dependent holding companies domiciled abroad. End of year (page 38 of the German original) Professional, scientific and technical activities (cont d) Administrative and support service activities Scientific research and development Advertising; market research and public opinion polling Total1 Rental and leasing activities Employment activities Travel agency, tour operator and other reservation service and related activities Office administrative, office support and other business support activities 1 Education; human health and social work activities Arts, entertainment and recreation Public administration; other service activities; non-profit organizations 1 From 2011 excluding asset management. 2 Consolidated secondary direct investments are secondary capital relations of investments held by Germans in enterprises abroad by dependent holding companies domiciled abroad. Primary German direct investment abroad in million Receivables of Outward direct investment relations Liabilities of Outward direct investment relations Primary direct investment stocks (accumulated) Key indicators of enterprises abroad Number Employees in thousands Annual turnover in billion Primary and secondary German direct investment abroad (consolidated) in million 1 Receivables of Outward direct investment relations Liabilities of Outward direct investment relations Primary and secondary direct investment stocks (accumulated)

14 Foreign direct investment stock statistics 14 I German foreign direct investment abroad 3 Primary and secondary direct investment broken down by country of investment and economic activity (a) of the German investors End of year; in million Economic activity of German investors Manufacturing All economic activities Total of chemicals and chemical products of electrical equipment of machinery and equipment n.e.c. of motor vehicles, trailers and semi-trailers Wholesale and retail trade; repair of motor vehicles and motorcycles Financial and insurance activities Activities of holding companies Jahr = Year Page 40 of the German original All countries Europe EU member states : Belgium Denmark France Ireland Italy Luxembourg Netherlands Austria Page 41 of the German original Poland Portugal Romania Sweden Slovakia Spain Czech Republic Hungary United Kingdom Other European countries : Norway Page 42 of the German original Russian Federation Switzerland Turkey Africa : South Africa America : Argentina Brazil Canada Mexico United States Page 43 of the German original Asia : China, People s Republic of 1 Hong Kong India Japan Korea, Republic of Malaysia Singapore United Arab Emirates Oceania and Polar regions : Australia 1 Excluding Hong Kong.

15 Foreign direct investment stock statistics 15 I German foreign direct investment abroad 3 Primary and secondary direct investment broken down by country of investment and economic activity (b) of the foreign investment enterprises End of year; in million Economic activity of the foreign investment enterprises Manufacturing All economic activities Total of chemicals and chemical products of instruments and appliances for measuring, testing and navigation; watches and clocks; irradiation, electromedical and electrotherapeutic equipment of electrical equipment of machinery and equipment n.e.c. of motor vehicles, trailers and semi-trailers Electricity, gas, steam and air conditioning supply Wholesale and retail trade; repair of motor vehicles and motorcycles Financial and insurance activities Information and communication Total 1 Monetary intermediation Trusts, funds and similar financial entities; other financial service activities, except insurance and pension Insurance and funding 1 reinsurance 2 Activities auxiliary to financial services and insurance activities Real estate activities Activities of holding companies Administrative and support service activities 3 Jahr = Year Page of the German original All countries Europe EU member states : Belgium Denmark France Ireland Italy Luxembourg Netherlands Austria 1 From 2011 including asset management. 2 Up to 2012 including pension funding. 3 From 2011 excluding asset management. Page of the German original Poland Portugal Romania Sweden Slovakia Spain Czech Republic Hungary United Kingdom Other European countries : Norway 1 From 2011 including asset management. 2 Up to 2012 including pension funding. 3 From 2011 excluding asset management. Page of the German original Russian Federation Switzerland Turkey Africa : South Africa America : Argentina Brazil Canada Mexico United States 1 From 2011 including asset management. 2 Up to 2012 including pension funding. 3 From 2011 excluding asset management. Page of the German original Asia : China, People s Republic of 4 Hong Kong India Japan Korea, Republic of Malaysia Singapore United Arab Emirates Oceania and Polar regions : Australia 1 From 2011 including asset management. 2 Up to 2012 including pension funding. 3 From 2011 excluding asset management. 4 Excluding Hong Kong.

16 Foreign direct investment stock statistics 16 II Foreign direct investment in Germany 1 Foreign corporate assets broken down by type of cross ownership and economic activity (a) from all countries (b) from EU member states (27) (c) from the United States End of year (pages 52 53, and of the German original) Economic activity of the enterprises in Germany (investment enterprises) Item All economic activities Manufacturing Wholesale and retail trade; repair of motor vehicles and motorcycles Financial and insurance activities Activities of holding companies Foreign direct investment in million Primary foreign direct investment in Germany Primary foreign investment capital1 + direct lendings by foreign capital owner 2 + lendings by enterprises abroad 3 to their sister companies in Germany Liabilities of primary foreign direct investment relations minus direct lendings of direct investment enterprises in Germany to their foreign investors 2 lendings of enterprises in Germany 3 to their sister companies abroad Receivables of primary foreign direct investment relations Total of primary foreign direct investment Data on enterprises in Germany 5 Enterprises with primary foreign capital interests Number Employees in thousands Annual turnover in billion Enterprises with secondary foreign capital interests Number Employees in thousands Annual turnover in billion Primary and secondary foreign direct investment in Germany (consolidated)4 Primary foreign investment capital 1 + secondary foreign investment capital 1 (held by dependent holding companies) + direct lendings by foreign capital owner 2 + lendings by dependent holding companies + lendings by enterprises abroad3 to their sister companies in Germany Liabilities of primary and secondary foreign direct investment relations minus direct lendings of direct investment enterprises in Germany to their investors abroad 2 lendings to dependent holding companies lendings to enterprises in Germany3 to their sister companies abroad Receivables of primary and secondary foreign direct investment relations Total of primary and secondary foreign direct investment Footnotes (a) to (c) on pages Including pro rata reserves and profits, less losses. 2 Also includes direct lending to enterprises with secondary foreign capital interests. 3 Only if the corporate headquarters are located abroad. 4 Excluding primary direct investment in dependent holding companies, ie excluding interests in the nominal capital and the reserves of dependent holding companies and excluding lendings to dependent holding companies. 5 Key data on enterprises with primary and also with secondary foreign capital interests are shown in both of the following sections. Thus they are counted twice.

17 Foreign direct investment stock statistics 17 II Foreign direct investment in Germany 2 Direct investment and important key indicators of enterprises in Germany broken down by (a) country of investor End of year (pages of the German original) Europe EU member states Euro-area member states1 All countries Total Total Total Belgium Finland France Greece Ireland Italy Other EU member states 2 Luxembourg Malta Netherlands Austria Portugal Slovenia Spain Cyprus Total Denmark 1 From 2011 including Estonia. 2 From 2011 excluding Estonia. 3 Consolidated secondary direct investments are secondary capital relations of investments held by foreigners in enterprises in Germany by dependent holding companies domiciled in Germany. 4 Key data on enterprises in which investors from various countries hold capital interests are shown under the country concerned. The total of the figures for individual countries can therefore differ from the total for the group of countries. End of year (pages of the German original) Europe (cont d) EU member states (cont d) Other European countries Other EU member states1 (cont d) Poland Sweden Czech Republic Hungary United Kingdom Total Gibraltar Guernsey Isle of Man Jersey Liechtenstein Africa America North America Norway Russian Federation Switzerland Turkey Total Mauritius South Africa Total Total Canada United States 1 From 2011 excluding Estonia. 2 Consolidated secondary direct investments are secondary capital relations of investments held by foreigners in enterprises in Germany by dependent holding companies domiciled in Germany. 3 Key data on enterprises in which investors from various countries hold capital interests are shown under the country concerned. The total of the figures for individual countries can therefore differ from the total for the group of countries. End of year (pages of the German original) America (cont d) Central America South America Total Bahamas Bermuda Virgin Islands, British Cayman Islands Mexico Panama Total Brazil Uruguay Asia Countries in Near and Middle East Other Asian countries Total Total Iran, Islamic Republic of Israel Qatar Kuwait Lebanon United Arab Emirates Total China,1 People s Republic of 1 Excluding Hong Kong. 2 Consolidated secondary direct investments are secondary capital relations of investments held by foreigners in enterprises in Germany by dependent holding companies domiciled in Germany. 3 Key data on enterprises in which investors from various countries hold capital interests are shown under the country concerned. The total of the figures for individual countries can therefore differ from the total for the group of countries. For side-headings in tables, see page 18

18 Foreign direct investment stock statistics 18 II Foreign direct investment in Germany 2 (a) (cont d) End of year Asia (cont d) Other Asian countries (cont d) (page 64 of the German original) Oceania and Polar regions Hong Kong India Japan Korea, Republic of Malaysia Singapore Taiwan Thailand Total Australia 1 Consolidated secondary direct investments are secondary capital relations of investments held by foreigners in enterprises in Germany by dependent holding companies domiciled in Germany. 2 Key data on enterprises in which investors from various countries hold capital interests are shown under the country concerned. The total of the figures for individual countries can therefore differ from the total for the group of countries. Primary foreign direct investment in Germany in million Liabilities of inward direct investment relations Receivables of inward direct investment relations Primary direct investment stocks (accumulated) Key indicators of enterprises in Germany 2 Number Employees in thousands Annual turnover in billion Primary and secondary foreign direct investment in Germany (consolidated) in million 1 Liabilities of inward direct investment relations Receivables of inward direct investment relations Primary and secondary direct investment stocks (accumulated) II Foreign direct investment in Germany 2 Direct investment and important key indicators of enterprises in Germany broken down by (b) economic activity of the investment enterprises End of year (page 65 of the German original) Mining and quarrying Manufacturing All economic activities Agriculture, forestry and fishing Total Extraction of crude petroleum and natural gas Other mining and quarrying Total of food products of beverages of tobacco products of textiles 1 Consolidated secondary direct investments are secondary capital relations of investments held by foreigners in enterprises in Germany by dependent holding companies domiciled in Germany. Jahr = Year For side-headings in tables, see page 20.

19 Foreign direct investment stock statistics 19 II Foreign direct investment in Germany 2 (b) (cont d) End of year (pages of the German original) Manufacturing (cont d) of wearing apparel of leather and related products of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials of paper and paper products Printing and reproduction of recorded media of coke and refined petroleum products of chemicals and chemical products of basic pharmaceutical products and pharmaceutical preparations of rubber and plastic products of other non-metallic mineral products of basic metals of fabricated metal products, except machinery and equipment of electronic components and boards of computer and peripheral equipment of communication equipment; manufacture of consumer electronics of instruments and appliances for measuring, testing and navigation; watches and clocks; irradiation, electromedical and electrotherapeutic equipment of optical instruments and photographic equipment; manufacture of magnetic and optical media of electrical equipment of machinery and equipment n.e.c. of motor vehicles, trailers and semi-trailers 1 Consolidated secondary direct investments are secondary capital relations of investments held by foreigners in enterprises in Germany by dependent holding companies domiciled in Germany. End of year Manufacturing (cont d) Water supply; sewerage, waste management and remediation activities (pages of the German original) Transportation and storage of other transport equipment of furniture Other manufacturing; repair and installation of machinery and equipment Electricity, gas, steam and air conditioning supply Total Waste collection, treatment and disposal activities; materials recovery Construction Wholesale and retail trade; repair of motor vehicles and motorcycles Total Land transport and transport via pipelines Water transport Accommodation and food service activities Information and communication Total Publishing activities Programming and broadcasting activities Telecommunications Computer programming, consultancy and related activities Financial and insurance activities Total 1 Monetary intermediation Trusts, funds and similar financial entities; other financial service activities, except insurance and pension funding 1 1 From 2011 including asset management. 2 Consolidated secondary direct investments are secondary capital relations of investments held by foreigners in enterprises in Germany by dependent holding companies domiciled in Germany. For side-headings in tables, see page 20.

20 Foreign direct investment stock statistics 20 II Foreign direct investment in Germany 2 (b) (cont d) End of year (pages of the German original) Financial and insurance activities (cont d) Professional, scientific and technical activities Insurance and reinsurance1 Pension funding 2 Activities auxiliary to financial services and insurance activities Real estate activities Total Activities of holding companies Management consultancy activities Architectural and engineering activities and related technical consultancy Technical testing and analysis Scientific research and development Administrative and support service activities Advertising, market research and public opinion polling Total 3 Rental and leasing activities Employment activities Travel agency, tour operator and other reservation service and related activities Office administrative, office support and other business support activities 3 Education; human health and social work activities Arts, entertainment and recreation Public administration; other service activities; non-profit organizations 1 Up to 2012 including pension funding. 2 Up to 2012 included in insurance and reinsurance. 3 From 2011 excluding asset management. 4 Consolidated secondary direct investments are secondary capital relations of investments held by foreigners in enterprises in Germany by dependent holding companies domiciled in Germany. Primary foreign direct investment in Germany in million Liabilities of inward direct investment relations Receivables of inward direct investment relations Primary direct investment stocks (accumulated) Key indicators of enterprises in Germany Number Employees in thousands Annual turnover in billion Primary and secondary foreign direct investment in Germany (consolidated) in million 4 Liabilities of inward direct investment relations Receivables of inward direct investment relations Primary and secondary direct investment stocks (accumulated)

21 Foreign direct investment stock statistics 21 II Foreign direct investment in Germany 3 Primary and secondary direct investment broken down by country of investor and economic activity of the investment enterprises End of year; in million Economic activity of investment enterprises Manufacturing All economic activities Total of coke and refined petroleum products of chemicals and chemical products of basic pharmaceutical products and pharmaceutical preparations of instruments and appliances for measuring, testing and navigation; watches and clocks; irradiation, electromedical and electrotherapeutic equipment of machinery and equipment n.e.c. Electricity, gas, steam and air conditioning supply Wholesale and retail trade; repair of motor vehicles and motorcycles Information and communication Financial and insurance activities Total Telecommunications Total 1 Monetary intermediation Trusts, funds and similar financial entities; other financial service activities, except insurance and pension Insurance and funding 1 reinsurance 2 Real estate activities Activities of holding companies Administrative and support service activities3 Page of the German original All countries : Europe : EU countries : Belgium Denmark Finland France Italy Luxembourg Netherlands Jahr = Year 1 From 2011 including asset management. 2 Up to 2012 including pension funding. 3 From 2011 excluding asset management. Page of the German original Austria Sweden Spain United Kingdom Switzerland America : Canada United States Asia : Japan Jahr = Year 1 From 2011 including asset management. 2 Up to 2012 including pension funding. 3 From 2011 excluding asset management.

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23 Foreign direct investment stock statistics 23 Methodological notes Reporting requirements The Foreign direct investment stock statistics are based on reports by domestic enterprises and individuals on Residents assets abroad and Non-residents assets in Germany, which have to be submitted to the Deutsche Bundesbank once a year. The contents of the reports and the procedures to be used are defined in the Foreign Trade and Payments Regulation (sections 64 and 65). The provisions also include the report forms annexed to the Foreign Trade and Payments Regulation and which form an integral part of that Regulation. According to international standards, foreign direct investment is defined as cross-border participation in the capital or voting rights of an enterprise of 10% or more. Owing to a national reporting threshold, reports must only be submitted for foreign direct investment enterprises with a balance sheet total of more than (the equivalent of) 3 million. Secondary participating interests must be reported if they are majority-owned. When calculating foreign direct investment stock, loans between financial intermediaries (banks and other financial intermediaries) are not classified as foreign direct investment. I Reporting requirements and contents of the reports 1 German foreign direct investment abroad (Outward foreign direct investment) Reports are required to be submitted by German enterprises and individuals which, on the reporting date, have direct (primary) holdings of 10% or more, or direct and indirect (secondary) holdings totalling more than 50% of the capital shares or voting rights in an enterprise abroad which has a balance sheet total of more than (the equivalent of) 3 million. Reports are also required of German enterprises that maintain branch offices or permanent establishments abroad with operating assets in excess of 3 million. (b) on each individual foreign enterprise in which a direct or indirect participating interest of the kind that is to be reported is held: company name, domicile, country of domicile, legal status, economic sector, annual turnover (in the case of banks: annual production value) and the number of employees; the reason for reporting if the participating interest is reported for the first time: a newly established enterprise, purchase, merger or acquisition, or overshooting of the reporting threshold; the balance sheet of the foreign enterprise in which the party required to report has a primary or secondary participating interest as at the reporting date, as well as the shares in the asset and liability positions given in that balance sheet which are attributable either directly to the party required to report or to affiliated enterprises and, in the case of secondary participating interests, the shares in the asset and liability positions given in that balance sheet which are attributable to the foreign enterprise with a primary participating interest. What must be reported is the foreign currency balance sheet of the foreign enterprise, which has been drawn up in accordance with the regulations in force in the country of domicile. In the case of primary participating interests in a listed enterprise, the stock market value of the shares held is also reported. 2 Foreign direct investment in Germany (Inward foreign direct investment) Reports are required to be submitted by every German enterprise with a balance sheet total of more than 3 million in which a non-resident (or several economically linked non-residents together) holds 10% or more of the shares or voting rights in the German enterprise on the balance sheet date. Reports are also required of nonresidents branch offices or permanent establishments in Germany with operating assets in excess of 3 million. Reporting requirements Contents of the reports The reports must include the following information: (a) on the party required to report: name, domicile, economic sector, legal form, balance sheet total, annual turnover (in the case of banks: annual production value) and the number of employees; Secondary participating interests are to be reported if non-residents have a holding of more than 50% in a domestic enterprise such enterprises are deemed to be dependent enterprises and if these dependent enterprises themselves have primary or secondary holdings totalling more than 50% of the shares or voting rights in other domestic enterprises.

24 Foreign direct investment stock statistics 24 Contents of the reports The reports must include the following information: (a) on the enterprise required to report: company name, domicile, economic sector, legal form, annual turnover (in the case of banks: annual production value) and the number of employees; the reason for reporting if the enterprise required to report submits for the first time: a newly established enterprise, purchase, merger or acquisition, or overshooting of the reporting threshold; the balance sheet of the enterprise required to report, including credit relations with affiliated enterprises; in the case of primary participating interests in a listed enterprise, the stock market value of the shares held is also reported; (b) on every non-resident with a participating interest in the enterprise required to report: name, domicile and country of domicile; the shares in the asset and liability positions given in the balance sheet of the enterprise required to report which are attributable to that non-resident; (c) on every domestic enterprise in which non-residents hold a secondary participating interest of the kind that is to be reported (see notes on the reporting requirements): company name, domicile, economic sector, legal form, annual turnover (in the case of banks: annual production value) and the number of employees; the reason for reporting if the participating interest is reported for the first time: a newly established enterprise, purchase, merger or acquisition, or overshooting of the reporting threshold; the balance sheet of the domestic enterprise in which the enterprise required to report has a primary or secondary participating interest as at the reporting date, as well as the shares in the asset and liability positions which are directly attributable to the enterprise with a primary participating interest and credit relations with other affiliated enterprises (and, where applicable, the claims and liabilities of the domestic enterprise which exist directly vis-à-vis a non-resident shareholder of the enterprise required to report), in the event of the enterprise required to report having a secondary participating interest, the shares in the asset and liability positions of this balance sheet which are attributable to the domestic enterprise holding the primary participating interest. II Calculation of the stock of foreign direct investment A distinction is made in the presentation of the statistics between primary foreign direct investment and consolidated primary and secondary foreign direct investment. Primary foreign direct investment constitutes the primary capital links arising from residents participating interests in enterprises abroad or non-residents participating interests in enterprises in Germany. Pursuant to the internationally agreed extended directional principle (OECD Benchmark Definition of Foreign Direct Investment), lending between sister companies is classified according to the country of domicile of the group headquarters. Cross-border credit relations with sister companies are counted as outward foreign direct investment, irrespective of the underlying direction of the foreign direct investment relation, if the group headquarters are domiciled in Germany. In this instance, outward foreign direct investment is increased when an enterprise in Germany lends to a sister company domiciled abroad and reduced in the case of borrowing on the part of a sister company domiciled abroad. If the group headquarters are domiciled abroad, cross-border lending between sister companies is recorded as inward foreign direct investment. Inward foreign direct investment is increased when an enterprise domiciled abroad lends to a sister company in Germany and reduced in the case of crossborder borrowing on the part of a sister company in Germany. A breakdown of primary foreign direct investment stock is derived from the following components of the statistical reports: 1 the shares in the nominal capital held primarily by shareholders (shares in subscribed or called-up capital, or in endowment capital), plus pro rata reserves and profits less pro rata losses. These shares are determined on the basis of the respective pro rata shares of the individual primary shareholders in the nominal capital. The amounts involved must be stated in the reports. Foreign direct investment enterprises participation in investor capital is to be deducted from this if it does not constitute a foreign direct investment relation (participation of less than 10% in investor capital). These components yield the primary investment capital. Primary foreign direct investment

25 Foreign direct investment stock statistics 25 In addition, the primary foreign direct investment capital includes: 2 direct lending by primary or secondary shareholders in Germany or abroad; plus 3 direct lending by other affiliated enterprises, namely, in the case of outward foreign direct investment, lending by sister companies in Germany if the group headquarters are domiciled in Germany, and, in the case of inward foreign direct investment, lending by sister companies abroad if the group headquarters are domiciled abroad. The sum of components 1 to 3 is referred to as claims arising from primary German foreign direct investment relations in the case of outward foreign direct investment and liabilities arising from primary German foreign direct investment relations in the case of inward foreign direct investment. These claims (outward foreign direct investment) and liabilities (inward foreign direct investment) are decreased by the following components ( reverse investments ): from primary German foreign direct investment relations (components 4 and 5). Correspondingly, primary inward foreign direct investment is derived from liabilities arising from primary foreign direct investment relations abroad (components 1 to 3) less claims arising from primary foreign direct investment relations abroad (components 4 and 5). In order to provide as comprehensive a picture as possible of the pattern of foreign direct investment and its development, primary and secondary foreign direct investment held via direct holding companies is also shown in these statistics in a consolidated form. Such consolidation is effected by deducting primary foreign direct investment in dependent holding companies from the aggregate primary and secondary foreign direct investment. Primary foreign direct investment in dependent holding companies is thus exchanged for the investment made by these dependent holding companies in further primary participating interests. This prevents double counting of the capital which was invested in holding companies and was used by them to finance their participating interests. The secondary direct foreign investment that is included in the consolidated statistics comprises: Aggregate primary and secondary foreign direct investment 4 direct lending by foreign direct investment enterprises to their primary or secondary shareholders in Germany or abroad; and 5 direct lending by other affiliated enterprises, namely, in the case of outward foreign direct investment, lending by sister companies abroad if the group headquarters are domiciled in Germany, and, in the case of inward foreign direct investment, lending by sister companies in Germany if the group headquarters are domiciled abroad. Primary outward foreign direct investment is derived from claims arising from primary German foreign direct investment relations (components 1 to 3) less liabilities arising in the case of outward foreign direct investment, secondary capital links arising from residents participating interests in foreign enterprises via dependent holding companies domiciled abroad, and, in the case of inward foreign direct investment, secondary capital links arising from non-residents participating interests in German enterprises via dependent holding companies domiciled in Germany. The way in which secondary foreign direct investment is calculated from the balance sheet items is the same as that used to calculate primary foreign direct investment, with the dependent holding company taking the place of the primary shareholder.