Herstellungswert

Herstellungswert is a valuation concept used in German-speaking economies to describe the estimated cost of manufacturing or reconstructing an asset under current production conditions. It reflects the amount required to produce a new, functionally equivalent item or to restore a property to its original state, using current prices for materials, labor, and manufacturing overhead. Land and other non-manufacturing elements are typically not included.

In practice, Herstellungswert is used in asset valuation, collateral assessments, insurance planning, and cost accounting. It serves as a basis to estimate the cost of recreating or restoring an asset rather than its market price or historical purchase price. The concept is often discussed in relation to other valuation methods such as Wiederbeschaffungswert (replacement cost at current prices) or Zeitwert (net present value or market value), and it may appear in frameworks governing lending (Beleihungswert) or insurance indemnities.

Components commonly included in calculating the Herstellungswert are direct material costs, direct labor, and allocated manufacturing overhead. Depending on the context, additional production-related costs such as engineering, testing, quality assurance, and handling may be included. Costs not typically part of the Herstellungswert are the value of land, financing costs, marketing, or other non-production expenditures.

Limitations exist: the Herstellungswert is not a market price and depends on assumptions about technology, productivity, and current input costs. It provides a view of reconstruction or production costs rather than of what a buyer would actually pay on the market.