164 / 220
158
/
Annual Accounts /
Notes to the Consolidated Accounts
1
Note21 reconciles the total change in the fair value of investment properties.
2
The decrease in value at 31.12.2013 comes mainly from the buildings Science/Wetenschap 15-17 (k€-7,653) and Livingstone I & II (k€-8,744). The value of these buildings was decreased
because they are under renovation or require an important renovation.
Properties available for lease
(x €1,000)
2013
2012
AT 01.01
3,156,893
3,110,678
Capital expenditures
17,868
6,206
Acquisitions
528
43,413
Transfers from/to Assets held for sale
-410
-1,400
Transfers from/to Development projects
12,473
-58,509
Sales/Disposals (fair value of assets sold/disposed of)
-4,678
-1,974
Writeback of lease payments sold and discounted
25,276
22,994
Increase/Decrease in the fair value
1
-8,920
35,485
AT 31.12
3,199,030
3,156,893
Development projects
(x €1,000)
2013
2012
AT 01.01
131,857
57,752
Investments
35,015
30,275
Acquisitions
6,883
6,698
Transfer from/to Properties available for lease
-12,473
58,509
Sales/Disposals (fair value of assets sold/disposed of)
-14,422
Increase/Decrease in the fair value
1,2
-16,327
-21,377
AT 31.12
130,533
131,857
Assets held for own use
(x €1,000)
2013
2012
AT 01.01
9,150
9,130
Increase/Decrease in the fair value
1
-4
20
AT 31.12
9,146
9,150
Fair value of investment properties
Investment properties are accounted for at fair value using the fair value
model in accordance with IAS40. This fair value is the price at which a
property could be exchanged between knowledgeable and willing parties
in normal competitive conditions. It is determined by the independent
experts in a two-step approach.
In the first step, the experts determine the investment value of each
property (see methods below).
In a second step, the experts deduct from the investment value an
estimated amount for the transaction costs that the buyer or seller must
pay in order to carry out a transfer of ownership. The investment value
less the estimated transaction costs (transfer duties) is the fair value
within the meaning of IAS40.
In Belgium, the transfer of ownership of a property is subject to the
payment of transfer duties. The amount of these taxes depends on
the method of transfer, the type of purchaser and the location of the
property. The first two elements, and therefore the total amount of taxes
to be paid, are only known once the transfer has been completed.
The range of taxes for the major types of property transfers includes:
•
sale of property assets: 12.5% for properties located in the Brussels
Capital Region and in the Walloon Region, 10% for properties located
in the Flemish Region;
•
sale of property assets under the rules governing estate traders:
4.0% to 8.0%, depending on the Region;
•
long lease agreement for property assets (up to 50 years for building
leases and up to 99 years for long lease rights): 2.0%;
•
sale of property assets where the purchaser is a public body (e.g.
an entity of the European Union, the Federal Government, a regional
government or a foreign government): tax exemption;
•
contribution in kind of property assets against the issue of new
shares in favour of the contributing party: tax exemption;
•
sale of shares of a real estate company: no taxes;
•
merger, split and other forms of company restructuring: no taxes,
etc.