The Group's investment property does not include certain investment properties of the Company, which are leased to Group subsidiaries, and as a result, are transferred to property, plant and equipment at Group level. Investment property is measured at fair value by an external, independent, certified valuator, member of the institute of the certified valuators and certified from the European Group of Valuers' Associations (TEGoVA).
| (all amounts in Euro thousands) |
Group |
Company |
|
2013 |
2012 |
2013 |
2012 |
| Opening balance |
8.546 |
9.804 |
11.959 |
11.312 |
| Additions |
- |
98 |
- |
- |
| Net (loss)/gain from measurement at fair value |
-626 |
620 |
-683 |
-226 |
| Transfer from own-used property after revaluation |
1.780 |
873 |
882 |
873 |
| Transfer from/to property, plant and equipment (note 11) |
3.520 |
-2.849 |
1.815 |
- |
| Ending balance |
13.220 |
8.546 |
13.973 |
11.959 |
|
Group |
Company |
|
2013 |
2012 |
2013 |
2012 |
| Rental income derived from investment property |
193 |
119 |
53 |
55 |
Direct operating expenses (including repair and maintenance)
that did not generate rental income |
-22 |
-151 |
-21 |
-151 |
Net profit/(loss) arising from investment properties
carried at
fair value |
171 |
-32 |
32 |
-96 |
The fair value of investment property that is located in urban areas, was estimated in accordance with the current market values of similar properties. The fair value of land located in rural areas as well as quarries, was estimated based on local valuations.