Wacker Chemie AG owns real estate at its production site in Cologne, Germany. This is comprised of premises and infrastructural facilities (energy, waste water, etc.). The premises are rented out or leased on the basis of long-term agreements. 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. These premises and the infrastructure in Cologne are 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 in 2008. In 2008, this led to asset additions amounting to €2.3 million. The stadium was leased to Wacker Burghausen Fußball GmbH and the term of the lease encompasses the period from July 1, 2008 to June 30, 2011. An impairment of €1.6 million was made in the reporting year.
The lease income is included in the following schedule.
| download table |
€ million |
2009 |
2008 |
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|
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Fair value |
14.1 |
15.9 |
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Income from rent/operating leases |
1.1 |
1.0 |
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Costs |
-0.1 |
-0.2 |
The fair value is based on our own estimates. It is reviewed by external experts every three to four years.