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€ million |
2009 |
2008 | ||
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Income from investments in joint ventures and associates |
-127.4 |
-33.7 | ||
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Of which pro-rata result attributable to joint ventures |
-108.2 |
-23.4 | ||
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Other investment income |
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Income from investments |
0.1 |
0.4 | ||
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Impairment of investments |
– |
-0.1 | ||
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0.1 |
0.3 | ||
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Net interest income |
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Interest and similar income |
6.3 |
17.3 | ||
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Of which from available-for-sale financial instruments |
1.4 |
1.9 | ||
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Of which from held-to-maturity financial instruments |
– |
8.0 | ||
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Interest and similar expenses |
-2.0 |
-11.6 | ||
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4.3 |
5.7 | ||
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Other financial result |
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Other financial income |
13.4 |
0.2 | ||
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Interest effect of interest-bearing provisions/liabilities/finance leases |
-29.2 |
-7.2 | ||
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Other financial expenses |
-12.0 |
-3.9 | ||
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-27.8 |
-10.9 | ||
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Limited partnership results |
– |
-0.9 |
The income from investments in joint ventures and associates relates mainly to companies in Germany, the USA, China, and Singapore. This income includes not only the pro rata shares of net results for the year, but also sums from the reversal of differences between the acquisition cost of the investment and the proportion of equity at the time of acquisition, as well as effects from pro rata eliminations of intercompany profits.
In October 2009, the 50% shareholding in WACKER SCHOTT Solar GmbH (WSS) held by WACKER was transferred to SCHOTT Solar AG. In connection with the withdrawal from the joint venture, it was additionally agreed to make a final capital payment of €37.0 million to WSS in order to assume a proportion of the losses that had been accumulated by September 30, 2009. WACKER also committed itself to transfer WACKER SCHOTT Solar Vertriebs GmbH. The income from investments in joint ventures and associates recorded for the last time for WSS in the reporting period amounts to €– 74.8 million. It was also agreed to repay to WSS an amount of €27.0 million received as advance payments for an existing supply agreement for polysilicon.
In the WACKER Group, partnerships in which minority shareholders have interests were consolidated as of January 31, 2008. The pro rata net income for the year from the shares in question attributable to these minority shareholders was shown in the “Limited partnership results” line. In the statement of financial position, the minority shareholders’ proportion of the equity in these partnerships was presented separately as noncurrent debt.