Notes (IFRS)

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33. Investment Property

The Group owns investment property, that is leased to third parties. For the purposes of IAS 40 “Investment property” the fair values have been determined by using market based multipliers for estimated rental income or using available market prices.

Buildings held as investment property are depreciated on a linear basis over their useful life up to 20 years. The values assigned to investment property are as follows:

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(in €m)

Historical cost

Accumulated depreciation December 31, 2005

Book value December 31, 2005

Transfer Historical cost

Depreciation Amortisation

Transfer Accumulated depreciation

Accumulated depreciation December 31, 2006

Net at December 31, 2006

 

 

 

 

 

 

 

 

 

Book value of Investment Property

253

(119)

134

18

(12)

(3)

(134)

137

As of December 31st, 2006, the fair value of the Group’s investment property amounts to 154 M € (in 2005: 134 M €). Related rental income in 2006 is 15 M € (in 2005: 15 M €) with direct operating expenses amounting to 7 M € (in 2005: 8 M €).


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