Be-11c

FORM

BE-11C

OMB No. 0608-0053: Approval Expires 11/30/2010

(REV. 11/2008)

2008 ANNUAL SURVEY OF U.S. DIRECT INVESTMENT ABROAD
MANDATORY — CONFIDENTIAL

BE-11C (Report for Minority-Owned Nonbank Foreign Affiliate of Nonbank U.S. Reporter)
DUE DATE — A complete BE-11 report is due May 29, 2009
MAIL REPORTS TO:
U.S. Department of Commerce
Bureau of Economic Analysis
BE-69(A)
Washington, DC 20230

BEA USE ONLY

C

Affiliate ID Number

1. Name of U.S. Reporter of foreign affiliate — Same as item 1, Form BE-11A

OR

DELIVER REPORTS TO:
U.S. Department of Commerce
Bureau of Economic Analysis
BE-69(A)
Shipping and Receiving,
Section M-100
1441 L Street, NW
Washington, DC 20005

2. Name of foreign affiliate being reported — Use the same name on all reports filed subsequently for
this affiliate with the Bureau of Economic Analysis, e.g., BE-577.

IMPORTANT
Please read the Instruction Booklet, which contains definitions and reporting requirements, before completing this form. "Additional"
Instructions specific to line items and "Special" Instructions for dealers in financial instruments and finance, insurance, and real estate
companies are provided at the back of this form.

•

Who must report — The nonbank U.S. Reporter must file Form BE-11C for each minority-owned nonbank foreign affiliate owned
directly and/or indirectly, at least 20 percent, but not more than 50 percent, by all U.S. Reporters of the affiliate combined, for which total
assets; sales or gross operating revenues, excluding sales taxes; OR net income (loss) after provision for foreign taxes was greater than
$60 million (positive or negative) at the end of, or for, the affiliate’s 2008 fiscal year. See Instruction Booklet, Part I for detailed reporting
requirements.

•

Foreign affiliate’s 2008 fiscal year — The foreign affiliate’s financial reporting year that has an ending date in calendar year 2008.
See Instruction Booklet, Part II.A.

•

Translation of foreign currency financial and operating data into U.S. dollars — Use U.S. Generally Accepted Accounting
Principles (FAS 52). See Instruction Booklet, Part IV.B.
Bil.

•

Mil.

Thous. Dols.

Currency amounts — Report in U.S. dollars rounded to thousands (omitting 000). Do not
enter amounts in the shaded portions of each line. EXAMPLE – If amount is $1,334,891.00, report as
If an item is between + or - $500.00, enter "0." Use parenthesis () to indicate negative numbers.

•

Contact us for help — Telephone: 202–606–5566; FAX: 202–606–5312; E-mail: be10/[email protected].

Part I — IDENTIFICATION OF MINORITY-OWNED FOREIGN AFFILIATE
See Additional Instructions for Part I on page 4 at the back of this form.
3. Country of location — Country in which this foreign affiliate’s physical assets are located or where its primary activity is
carried out — Mark (X) one.
1007

1 601

Australia

1 202

1 307
1 308

Brazil

1

100

Canada

1

650

China

France
Germany

1

611

Hong Kong

1

314

Italy

1 614
1 213
1

319

1

325

Japan
Mexico

1 327
1

United Kingdom
Other — Specify

Netherlands
Switzerland
Month
1009

Day

Year

1

2008

4. The ending date of this foreign affiliate’s 2008 fiscal year.
5. Did the foreign business enterprise become a foreign affiliate of the U.S. Reporter during the fiscal year?
1010

1

1

Yes, and this is its initial report — Affiliate was not previously owned by the U.S. Reporter
If "Yes," did the U.S. Reporter — Mark (X) one
2
2

1

2

1
2

Establish the foreign affiliate?
Acquire a voting interest of 10 percent or more in an existing foreign company?

⎫
⎬ Enter
date
⎭

Month

Year

3

No

Ownership interest in this Foreign Affiliate by U.S. Reporter named in item 1

Percent of
ownership at
close of fiscal
year 2008

Percent of voting stock for an incorporated affiliate, or an equivalent interest for an unincorporated
affiliate.
2

6. Direct ownership interest held by U.S. Reporter named in item 1

1012

.

%

.

%

.

%

2

7. Indirect ownership interest held through U.S. Reporter’s other foreign affiliates — See
Instruction Booklet, Part I.B.1.c., on how to calculate indirect ownership interest. (If entry is made
here, complete item 9.)

1020
2

8. Total ownership interests of U.S. Reporter — Sum of items 6 and 7

1050

BE-11C
Part I — IDENTIFICATION OF MINORITY-OWNED FOREIGN AFFILIATE — Continued
9. Identification of foreign affiliate parent(s) — If there is an entry in item 7, — Enter below, the name(s) and percent(s)
of ownership of each foreign affiliate of the U.S. Reporter named in item 1 holding a direct ownership interest in this
foreign affiliate. Also, for each foreign affiliate in column (a) that is below the first tier in its ownership chain, enter in
column (c) the name of the foreign affiliate that holds a direct ownership interest in it.
Foreign affiliate(s) holding direct ownership interest in this foreign affiliate
Name and ID Number
Enter name and BEA ID Number of foreign
affiliate(s) holding a direct ownership interest
in this foreign affiliate.

Percent direct
ownership in
this foreign affiliate

BEA
USE
ONLY

Close FY 2008
(b)

(a)

a.

1

2

1

2

1191

b.

Name of foreign affiliate, if
any, in ownership chain
that holds direct interest in
foreign affiliate named in
column (a)

1192

(c)

.

%

.

%

.

%

2

TOTAL

1021

10. What is the MAJOR product or service involved in this activity? If a product, briefly state what is done to it, i.e., whether it is
mined, manufactured, sold at wholesale, packaged, transported, etc. (For example, "Manufacture widgets to sell at wholesale.")
1029

11. International Survey Industry (ISI) code — Give the 4-digit ISI code in the industry group that accounts
for the largest amount of the affiliate’s sales. A list, and a full explanation of, the ISI codes are given in the
Guide to Industry Classifications for International Surveys, 2002. A summary list of ISI codes is
included on Forms BE-11B(LF) and (SF). For an inactive affiliate, enter an ISI code based on its last active
period. Holding companies see Additional Instructions on page 4, Part 1.

2

1039

Part II — FINANCIAL AND OPERATING DATA OF MINORITY-OWNED FOREIGN AFFILIATE
See Additional Instructions for Part II, on page 4 at the back of this form.

Amount

Dealers in financial instruments and finances, insurance, and real estate
companies see Special Instructions, page 4.

Bil.

Mil.

Thous. Dols.

1

12. Total assets — Balance at close of fiscal year

2090

13. Annual sales or gross operating revenues, excluding sales taxes

2041

14. Net income (loss)

2051

$
1

1

Number of Employees and Employee Compensation
NUMBER OF EMPLOYEES — Employees on the payroll at the end of FY 2008 including part-time employees, but excluding temporary
and contract employees not included on your payroll records. A count taken at some other date during the reporting period may be
given provided it is a reasonable estimate of employees on the payroll at the end of FY 2008. If the number of employees at the end of
FY 2008 (or when the count was taken) was unusually high or low due to temporary factors (e.g., a strike), enter the number of
employees that reflects normal operations. If the number of employees fluctuates widely during the year due to seasonal business
variations, report the average number of employees on the payroll during FY 2008. Base such an average on the number of employees
on the payroll at the end of each pay period, month or quarter. If precise figures are not available, give your best estimate.
EMPLOYEE COMPENSATION — Sum of wages and salaries and employee benefit plans. Expenditures made by an employer in
connection with the employment of workers, including cash payments, stock based compensation, payments in-kind, and employer
expenditures for employee benefit plans including those required by statute. Base compensation data on payroll records. Report
compensation which relates to activities that occurred during the reporting period regardless of whether the activities were charged as
an expense on the income statement, charged to inventories, or capitalized. DO NOT include amounts related to activities of a prior
period, such as those capitalized or charged to inventories in prior periods.
Number of
employees
1

15. Total number of employees*

2065

Amount
Bil.
1

16. Total employee compensation*

2070

$

*Note – If total number of employees, item 15, or total employee compensation, item 16, is zero — Explain

17. BEA USE
ONLY

1

2

3

4

2076
FORM BE-11C (REV. 11/2008)

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5

Mil.

Thous. Dols.

C

Affiliate ID Number

BE-11C

Part III — U.S. EXPORTS TO AND U.S. IMPORTS FROM MINORITY-OWNED FOREIGN AFFILIATE
Goods only valued f.a.s. at port of exportation; do not include services — See Instruction Booklet, Part V.
IMPORTANT NOTES
In-transit goods — Exclude from exports and imports the value
of goods that are in-transit. In-transit goods are goods that are
not processed or consumed by residents in the intermediate
country(ies) through which they transit; the in-transit goods enter
that country(ies) only because that country(ies) is along the
shipping lines between the exporting and importing countries.
In-transit goods are goods en route from one foreign country to
another via the United States (such as from Canada to Mexico via
the United States), and in-transit exports are goods en route from
one part of the United States to another part via a foreign
country (such as from Alaska to Washington State via Canada).

Report U.S. exports of goods to and U.S. imports of goods from
the foreign affiliate in FY 2008. Report all goods that physically
left or entered the U.S. customs area. Report data on a "shipped"
basis, i.e., on the basis of when and to (or by) whom the goods
were shipped. This is the same basis as official U.S. trade
statistics to which these data will be compared. Do not record a
U.S. import or export if the goods did not physically enter or
leave (i.e., were not physically shipped to or from) the United
States, even if they were charged to the foreign affiliate by, or
charged by the foreign affiliate to, a U.S. person.
Foreign affiliates normally keep their accounting records on a
"charged" basis, i.e., on the basis of when and to (or by) whom
the goods were charged. The "charged" basis may be used if
there is no material difference between it and the "shipped"
basis. If there is a material difference, the "shipped" basis must
be used or adjustments made to the data on a "charged" basis to
approximate a "shipped" basis. The data should include goods
only; they should exclude services.

Packaged general use computer software — Include exports and
imports of packaged general use computer software. Value such
exports and imports at the full transaction value, i.e., the market
value of the media on which the software is recorded and the value
of the information contained on the media. Do not include exports
and imports of customized software designed to meet the needs of a
specific user. This type of software is considered a service and
should not be included as trade in goods. Also do not include
negotiated leasing fees for software that is to be used on networks.

Capital goods — Include capital goods but exclude the value of
ships, planes, railroad rolling stock, and trucks that were
temporarily outside the United States transporting people or
goods.

Natural gas, electricity, and water — Report ONLY the product
value of natural gas, electricity, and water that you produce or sell at
wholesale as exports and imports of goods. DO NOT report the
service value (transmission and distribution).

Consigned goods — Include consigned goods in the trade
figures when shipped or received, even though they are not
normally recorded as sales or purchases, or entered into
intercompany accounts when initially consigned.

Amount
U.S. EXPORTS OF GOODS TO THIS FOREIGN AFFILIATE
(Valued f.a.s. U.S. port)

Bil.

18. Total goods shipped in FY 2008 from the U.S. (by the U.S. Reporter(s) of this affiliate and by
other U.S. persons) to this affiliate

1
4173

19. Total goods shipped in FY 2008 to the U.S. (to the U.S. Reporter(s) of this affiliate and to other
U.S. persons) by this affiliate
1

20. BEA USE
ONLY

2

3

4179

Remarks

FORM BE-11C (REV. 11/2008)

$
1

U.S. IMPORTS OF GOODS FROM THIS FOREIGN AFFILIATE
(Valued f.a.s. foreign port)

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4

4178
5

Mil.

Thous. Dols.

2008 ANNUAL SURVEY OF U.S. DIRECT INVESTMENT ABROAD
FORM BE-11C
ADDITIONAL INSTRUCTIONS BY LINE ITEM
14. Net income (loss) — Net income for the year, after provision
for foreign income taxes, but before provision for common and
preferred dividends. Include income from equity investments
and realized and unrealized gains (losses) (net of income tax
effects) included in the determination of net income.

Part I — IDENTIFICATION OF MINORITY-OWNED
FOREIGN AFFILIATE
3. Country of location — If the affiliate is engaged in petroleum
shipping, other water transportation, or oil and gas drilling, and
has operations spanning more than one country, use country of
incorporation for country of location. For example, classify in
country of incorporation an oil drilling rig that moves from
country to country during the year.

16. Employee compensation — Consists of wages and
salaries of employees and employer expenditures for all
employee benefit plans.
Wages and salaries — Consists of gross earnings of all
employees before deduction of employees’ payroll
withholding taxes, social insurance contributions, group
insurance premiums, union dues, etc. Include time and piece
rate payments, cost of living adjustments, overtime pay and
shift differentials, bonuses, profit sharing amounts, stock
based compensation, and commissions. Exclude commissions
paid to independent personnel who are not employees.

6. Ownership interest held by U.S. Reporter named in item 1.
Voting interest is the U.S. Reporter’s direct ownership in just
the voting equity of the affiliate. Examples of voting equity
include voting stock and a general partner’s interest in a
partnership. Thus, a U.S. Reporter could have a 100 percent
direct voting interest in an affiliate but own less than 100 percent
of the affiliate’s total equity.

Include direct payments by employers for vacations, sick
leave, severance (redundancy) pay, etc. Exclude payments
made by, or on behalf of, benefit funds rather than by the
employer. (Include employer contributions to benefit funds
in "employee benefit plans" as discussed below.)

11. To be considered a holding company (ISI code 5512), a
company’s equity in net income of affiliates that it holds must
constitute a majority of its total income. In addition, normally at
least 50 percent of total assets must consist of investments in
affiliates. ISI 5512 (holding company) is an invalid classification if
more than 50 percent of income generated, or expected to be
generated, by an affiliate is from non-holding company activities.

Include in-kind payments, valued at their costs, that are
clearly and primarily of benefit to the employees as
consumers. Do not include expenditures that benefit
employers as well as employees, such as expenditures for
plant facilities, employee training programs, and
reimbursement of business expenses.

Part II — FINANCIAL AND OPERATING DATA OF
FOREIGN AFFILIATE

Employee benefit plans — Consists of employer
expenditures for all employee benefit plans, including those
mandated by government statute, resulting from collective
bargaining contracts and those that are voluntary. Include
Social Security and other retirement plans, life and disability
insurance, guaranteed sick pay programs, workers’
compensation insurance, medical insurance, family
allowances, unemployment insurance, severance pay funds,
etc. Also, include deferred post employment and post
retirement expenses per FAS 106. If plans are financed
jointly by the employer and the employee, include only the
contributions of the employer.

13. Sales or gross operating revenues, excluding sales
taxes — Report gross operating revenues or gross sales minus
returns, allowances, and discounts. Exclude sales or
consumption taxes levied directly on the consumer. Exclude net
value-added and excise taxes levied on manufacturers,
wholesalers, and retailers. Affiliates classified in ISI codes 5223,
5224, 5231, 5238, 5252 and 5331 report interest income on this
line. Insurance companies with ISI codes 5243 and 5249 should
include gross investment income on this line. (Dealers in
financial instruments and finance, insurance, and real estate
companies see Special Instructions below.)

SPECIAL INSTRUCTIONS FOR DEALERS IN FINANCIAL
INSTRUMENTS, FINANCE COMPANIES, INSURANCE
COMPANIES AND REAL ESTATE COMPANIES
A. Certain realized and unrealized gains (losses) for (1)
dealers in financial instruments and finance and insurance
companies, and (2) real estate companies.

B. Special Instructions for insurance companies

• unrealized gains or losses, due to changes in the valuation
of financial instruments, that flow through the income
statement, and
• goodwill impairment as defined by FAS 142.

1. When there is a difference between the financial and operating
data reported to the stockholders and the data reported in the
annual statement to an insurance department, prepare the BE-11
on the same basis as the annual report to the stockholders.
Valuation should be according to normal commercial accounting
procedures, not at rates promulgated by national insurance
departments, e.g., include assets not acceptable for inclusion in
the annual statement to an insurance department, such as:
1. non-trusteed or free account assets and 2. nonadmitted assets,
including furniture and equipment, agents’ debit balances, and
all receivables deemed to be collectible. Include mandatory
securities valuation reserves that are appropriations of retained
earnings in the owners’ equity section of the balance sheet not
in the liability section.

EXCLUDE from item 13 and 14, unrealized gains or losses due
to changes in the valuation of financial instruments that are
taken to other comprehensive income.

2. Do not include assets of the U.S. Reporter held in the country of
location of the affiliate that are for the benefit of the U.S.
Reporter’s policyholders in the data reported for the affiliate.

Include income from explicit fees and commissions as
operating income in item 13.

3. Instructions for reporting specific items

1. Dealers in financial instruments (including securities,
currencies, derivatives, and other financial instruments)
and finance and insurance companies — Include in the
calculation of net income (item 14):
• impairment losses as defined by FAS 115,
• realized gains and losses on trading or dealing,

Sales or gross operating revenues, excluding sales
taxes (item 13) — Include items such as earned premiums,
annuity considerations, gross investment income, and items
of a similar nature.

2. Real estate companies — Include in item 14:
• impairment losses, as defined by FAS 144 and
• goodwill impairment as defined by FAS 142.
Include revenues earned from the sale of real estate you own
as operating income in item 13.

FORM BE-11C (REV. 11/2008)

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