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€ million |
Investment in associates accounted for using the equity method |
Investments |
Other |
Financial | ||||
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Cost |
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Balance as of Jan. 1, 2008 |
196.2 |
70.7 |
2.1 |
72.8 | ||||
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Additions |
26.2 |
3.4 |
60.3 |
63.7 | ||||
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Disposals |
-2.2 |
– |
-0.2 |
-0.2 | ||||
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Changes in the scope of consolidation |
-2.8 |
-62.1 |
– |
-62.1 | ||||
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Changes resulting from application of equity method |
-36.2 |
– |
– |
– | ||||
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Exchange rate differences |
10.6 |
0.4 |
– |
0.4 | ||||
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Balance as of Dec. 31, 2008 |
191.8 |
12.4 |
62.2 |
74.6 | ||||
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Depreciation |
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Balance as of Jan. 1, 2008 |
– |
2.1 |
– |
2.1 | ||||
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Additions |
– |
0.1 |
– |
0.1 | ||||
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Exchange rate differences |
– |
0.4 |
– |
0.4 | ||||
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Balance as of Dec. 31, 2008 |
– |
2.6 |
– |
2.6 | ||||
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Net carrying amounts as of Dec. 31, 2008 |
191.8 |
9.8 |
62.2 |
72.0 | ||||
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Cost |
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Balance as of Jan. 1, 2009 |
191.8 |
12.4 |
62.2 |
74.6 | ||||
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Additions |
32.1 |
0.6 |
– |
0.6 | ||||
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Disposals |
– |
-0.6 |
-0.1 |
-0.7 | ||||
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Other changes |
– |
– |
2.4 |
2.4 | ||||
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Changes resulting from application of equity method |
-83.7 |
– |
– |
– | ||||
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Exchange rate differences |
– |
– |
0.1 |
0.1 | ||||
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Balance as of Dec. 31, 2009 |
140.2 |
12.4 |
64.6 |
77.0 | ||||
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Depreciation |
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Balance as of Jan. 1, 2009 |
– |
2.6 |
– |
2.6 | ||||
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Disposals |
– |
-0.6 |
– |
-0.6 | ||||
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Exchange rate differences |
– |
-0.1 |
– |
-0.1 | ||||
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Balance as of Dec. 31, 2009 |
– |
1.9 |
– |
1.9 | ||||
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Net carrying amounts as of Dec. 31, 2009 |
140.2 |
10.5 |
64.6 |
75.1 |
The addition at the investments in associates accounted for using the equity method in 2009 related to a capital payment into the joint venture Dow Corning (ZJG) Holding Co. Private Ltd., Singapore.
The significant changes in the previous year resulted from the circumstances described below:
The disposals under the carrying amounts of investments resulting from changes in the scope of consolidation relate to the shares previously held in the APP companies. In the course of the acquisition of the remaining shares, the corresponding investments were disposed of on the basis of full consolidation.
The additions under investments in associates accounted for using the equity method relate mainly to a capital increase at Dow Corning (ZJG) Holding Co. Private Ltd., Singapore.
In December 2008, additionally, a shareholder loan was granted to Siltronic Samsung Wafer Pte. Ltd., Singapore, in the amount of €60.3 million on normal market terms. The addition was shown under other financial assets. The loan resulted from an agreement signed on December 23, 2008 on the granting of a shareholder loan. Over and above the interest and repayment agreements, the loan agreement grants Siltronic AG the right to convert the loan into equity (call option). The exercise period for this option starts on January 1, 2010 and ends on December 31, 2012. Each time the right is exercised, this must be reported by November 30 of the previous year.
For more financial information on associated companies and joint ventures, see Note 23