Navigation aid

DES - Online Annual Report 2007

3. Investment properties

in € thousands Investment properties
2006
Costs as of 1 January 1,078,774
Currency differences 0
Additions 386
Investments during the current year 3,418
Disposals -73,411
Reclassifications 58,490
Changes in consolidated Group 268,536
as of 31 December 1,336,193
   
Depreciation and amortisation/impairment losses
and reversals as of 1 January
59,497
Currency differences 0
Additions 0
Reversals of impairment losses 66,491
Disposals -10,179
as of 31 December 115,809
   
Carrying amount 1 January 1,138,271
Carrying amount 31 December 1,452,002

The previous year’s figures for cost and depreciation and amortisation/impairment losses have been adjusted.

Costs in € thousands Investment property
2007
Costs as of 1 January 1,336,193
Currency differences -373
Additions 0
Investments during the current year 2,921
Disposals 0
Reclassifications 156,891
as of 31 December 1,495,632
   
Depreciation and amortisation/impairment losses
and reversals as of 1 January
115,809
Currency differences 0
Additions 0
Reversals of impairment losses 46,759
Disposals 0
as of 31 December 162,568
   
Carrying amount 1 January 1,452,002
Carrying amount 31 December 1,658,200

Reclassifications relate to Galeria Baltycka, which was reported for the first time at fair value under IAS 40. Since the final statement of the entire investment is still outstanding, the fair value was estimated properly by Deutsche EuroShop for a new shopping center, taking into account a provisional valuation report of 2006.

Furthermore, reversals of impairment losses of €46,759 thousand were made on the property in line with IAS 40.

The properties are secured by mortgages. Land charges exist in the amount of €1,077,481 thousand.

The rental income of the property valued in line with IAS 40 amounted to €95,762 thousand. The direct operating expenses amounted to €11,537 thousand.



Continue reading: 4. Non-current financial assets

Back to: 2. Property, plant and equipment