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Last Update: 03/12/2009
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Part of the audited Consolidated Financial Statements and Management´s Analysis

12 -- Property, plant and equipment

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Development 2008 (million €)

 

 

 

 

 

Land, land rights and buildings

Machinery and technical equipment

Miscellaneous equipment and fixtures

Advance
payments and construction in progress

Total

Acquisition costs

 

 

 

 

 

Balance as of January 1, 2008

7,212

34,277

2,694

1,574

45,757

Changes in scope of consolidation

4

(8)

4

21

21

Additions

58

986

114

1,651

2,809

Disposals

(106)

(858)

(95)

(60)

(1,119)

Transfers

208

2,228

73

(1,318)

1,191

Exchange differences

94

354

27

13

488

Balance as of
December 31, 2008

7,470

36,979

2,817

1,881

49,147

Accumulated valuation adjustments

 

 

 

 

 

Balance as of January 1, 2008

4,213

25,136

2,177

16

31,542

Changes in scope of consolidation

1

(8)

2

(5)

Additions

255

2,064

161

1

2,481

Disposals

(78)

(808)

(88)

(11)

(985)

Transfers

1

787

51

.

839

Exchange differences

35

186

22

243

Balance as of
December 31, 2008

4,427

27,357

2,325

6

34,115

Net carrying amount as of December 31, 2008

3,043

9,622

492

1,875

15,032

Additions to property, plant and equipment in 2008 arose from a number of investments. The material ones included: the expansion of the synthesis gas plants and the construction of a plant to produce cyclododecanon at the Ludwigshafen site; the construction of a plant to produce resins in Wyandotte, Michigan, the expansion of a polyol plant in Geismar, Louisiana, the construction of the HPPO plant and the plants for acrylic acid and superabsorbents in Antwerp, Belgium; and the construction of the Nord Stream gas pipeline. Furthermore, the acquisition of Revus Energy ASA and its purchase price allocation resulted in additions to property, plant and equipment of €350 million. The amounts recorded under transfers resulted from the reclassification of the property, plant and equipment of the Styrenics business from assets held for sale.
More information on the reclassification of the disposal group can be found in Note 2

In 2008, impairments of €254 million were taken. Impairment charges of €112 million were recognized in connection with the restructuring of the Styrenics business, primarily at the sites in Mexico and South Korea. Further material impairments related to the butan diol plant at our site in Kuantan, Malaysia, and the continued restructuring of the coatings business in North America, Asia and Europe.

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Development 2007 (million €)

 

 

 

 

 

Land, land rights and buildings

Machinery and technical equipment

Miscellaneous equipment and fixtures

Advance
payments and construction in progress

Total

Acquisition costs

 

 

 

 

 

Balance as of January 1, 2007

7,444

34,827

2,762

1,598

46,631

Changes in scope of consolidation

6

8

2

2

18

Additions

79

962

114

1,409

2,564

Disposals

(115)

(703)

(156)

(32)

(1,006)

Transfers

(11)

144

31

(1,351)

(1,187)

Exchange differences

(191)

(960)

(60)

(51)

(1,263)

Balance as of
December 31, 2007

7,212

34,277

2,694

1,574

45,757

Accumulated valuation adjustments

 

 

 

 

 

Balance as of January 1, 2007

4,222

25,268

2,237

3

31,729

Changes in scope of consolidation

3

2

2

6

Additions

208

1,900

170

16

2,294

Disposals

(74)

(673)

(143)

.

(890)

Transfers

(58)

(761)

(38)

(3)

(860)

Exchange differences

(87)

(600)

(50)

(737)

Balance as of
December 31, 2007

4,213

25,136

2,177

16

31,542

Net carrying amount as of December 31, 2007

2,999

9,141

517

1,558

14,215

In 2007, additions related primarily to expansion projects at our Verbund site in Antwerp, the construction of a superabsorbents plant in Freeport, Texas, and investments associated with field development of the Achimov formation in the Urengoy gas and condensate field.

Impairment losses of €78 million in 2007 related primarily to the restructuring at two European sites and the North American coatings business. They were reported as other operating expenses.

The amounts recorded under transfers resulted from the classification of property, plant and equipment to ‘assets of disposal groups’.
Further information on disposal groups is found in Note 2

In 2007, write-ups were made on the vitamin B2 plant at the site in Gunsan, Korea, and on the cushion gas in the Rehden natural gas storage facility.

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