The designation of the items was adjusted to the official designation in accordance with the German translation of the IFRS by the EU. In connection with this, the historical cost and accumulated depreciation regarding the amounts from the previous year were reclassified to the appropriate asset categories, insofar as they related to assets that did not concern land and buildings. The net carrying amounts for these assets as of January 1, 2007 were zero.
Wacker Chemie AG owns real estate at its former production site in Cologne, Germany. The real estate in question is comprised of land and infrastructural facilities (energy, waste water, etc.). The land is rented out or on long-term leases. There is no finance lease. This real estate is subject to the same principles regarding depreciation method and useful life as assets that we use for our own purposes. This land and infrastructure in Cologne is operated, maintained, and looked after by third parties who charge any costs incurred directly to the tenants or leaseholders.
In addition, Wacker Chemie AG purchased sections of the Wacker Burghausen Fußball GmbH stadium. This led to a fixed asset addition of €2.3 million. The stadium was leased to Wacker Burghausen Fußball GmbH. The lease term encompasses the period from July 1, 2008 to June 30, 2011. The lease income is included in the following schedule.
| download table |
|
|
|
|
||
|
|
|
|
|
|
€ million |
2008 |
2007 |
|
|
|
Fair value |
15.9 |
13.8 |
Income from rent/operating leases |
1.0 |
1.4 |
Costs |
–0.2 |
–0.3 |
The fair value is based on our own estimates. It is reviewed by external experts every three to four years.