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 31st December 2006

Book value 31st December 2006

Disposals Historical cost

Depreciation Amortisation

Disposals Accumulated depreciation

Accumulated depreciation 31st December 2007

Net at 31st December 2007

 

 

 

 

 

 

 

 

 

Book value of Investment Property

271

(134)

137

(58)

(10)

27

(117)

96

As of 31st December 2007, the fair value of the Group’s investment property amounts to €100 million (in 2006: €154 million). Related rental income in 2007 is €13 million (in 2006: €15 million) with direct operating expenses amounting to €5 million (in 2006: €7 million).


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