back 
€ million |
|
|
€ million |
|
Cost |
|
|
Cost |
|
Balance at Jan 1, 2008 |
333 |
|
Balance at Jan 1, 2007 |
438 |
Additions |
4 |
|
Additions |
|
Transfers |
35 |
|
Transfers |
-74 |
Disposals |
6 |
|
Disposals |
31 |
Balance at Dec 31, 2008 |
366 |
|
Balance at Dec 31, 2007 |
333 |
Accumulated depreciation/ impairment losses |
|
|
Accumulated depreciation/ impairment losses |
|
Balance at Jan 1, 2008 |
180 |
|
Balance at Jan 1, 2007 |
213 |
Depreciation/impairment losses in the reporting periods |
7 |
|
Depreciation/impairment losses in the reporting period |
8 |
Transfers |
3 |
|
Transfers |
-23 |
Disposals |
4 |
|
Disposals |
18 |
Balance at Dec 31, 2008 |
186 |
|
Balance at Dec 31, 2007 |
180 |
Carrying amounts |
|
|
Carrying amounts |
|
Balance at Dec 31, 2008 |
180 |
|
Balance at Dec 31, 2007 |
153 |
As of December 31, 2008, the fair value of investment property amounted to €285 million (previous year: €264 million). The fair value of investment property is derived from the current market prices of comparable real estate or determined using internationally accepted valuation methods such as the discounted cash flow method. €81 million of the fair value (previous year: €79 million) was based on valuations made by independent appraisers. Rental income in the reporting period amounted to €22 million (previous year: €15 million). Direct operating expenses totalled €9 million (previous year: €8 million).
