166 / 222
162
ANNUAL ACCOUNTS /
Notes to the consolidated accounts
1
Note 22 reconciles the total change in the fair value of investment properties.
2
The decrease in value at 31.12.2014 comes mainly from the building Guimard
10-12 (K€-4,806). The value of this building was decreased because it is under
renovation.
Properties available for lease
(x €1,000)
2014
2013
AT 01.01
3,199,030
3,156,893
Capital expenditures
15,240
17,868
Acquisitions
66,693
528
Transfers from/to Assets held for sale
-410
Transfers from/to Development projects
73,648
12,473
Sales/Disposals (fair value of assets sold/disposed of)
-272,274
-4,678
Writeback of lease payments sold and discounted
15,931
25,276
Increase/Decrease in the fair value
1
-336
-8,920
AT 31.12
3,097,932
3,199,030
Development projects
(x €1,000)
2014
2013
AT 01.01
130,533
131,857
Investments
47,858
35,015
Acquisitions
4,705
6,883
Transfer from/to Properties available for lease
-73,648
-12,473
Sales/Disposals (fair value of assets sold/disposed of)
-15,646
-14,422
Increase/Decrease in the fair value
1,2
-4,836
-16,327
AT 31.12
88,966
130,533
Assets held for own use
(x €1,000)
2014
2013
AT 01.01
9,146
9,150
Investments
14
Increase/Decrease in the fair value
1
-285
-4
AT 31.12
8,875
9,146
Fair value of investment properties
Investment properties are accounted for at fair value using the fair
value model in accordance with IFRS13. 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 IFRS13.
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%;
•
sale of property assets where the purchaser is a public entity
(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.