180 / 236
Properties available for lease
(x 1,000 EUR)
2015
2014
AT 01.01
3,097,932 3,199,030
Capital expenditures
16,685
15,240
Acquisitions
68,635
66,693
Transfers from/to Development projects
49,381
73,648
Sales/Disposals (fair value of assets sold/disposed of)
-177,878
-272,274
Writeback of lease payments sold and discounted
10,214
15,931
Increase/Decrease in the fair value
5
-3,655
-336
AT 31.12
3,061,314 3,097,932
NOTE 21. INVESTMENT PROPERTY
(x 1,000 EUR)
2015
2014
Properties available for lease
3,061,314
3,097,932
Development projects
61,544
88,966
Assets held for own use
8,625
8,875
TOTAL
3,131,483
4
3,195,773
The fair value of the portfolio, as determined by the independent experts, stands at 3,134,353 K EUR at 31.12.2015. It includes investment properties
for 3,131,483 K EUR and assets held for sale for 2,870 K EUR.
Impairment of goodwill
(x 1,000 EUR)
Building group
Goodwill
Net book value
1
Value in use
Impairment
Pubstone Belgium
55,777
330,073
325,273
-4,800
Pubstone Netherlands
35,650
182,767
180,467
-2,300
CIS France
26,929
229,635
229,635
2
TOTAL
118,356
742,475
735,375
-7,100
Sensitivity analysis of the value in use when the main variables of the impairment test vary
Change in the value in use (%)
Building group
Change in inflation
Change in the discount rate
+0.50%
-0.50%
+0.50%
-0.50%
Pubstone Belgium
5.70%
-5.29%
-5.51%
5.98%
Pubstone Netherlands
5.55%
-5.16%
-5.38%
5.83%
CIS France
7.34%
-6.69%
-6.44%
7.12%
Sensitivity analysis of the impairment when the main variables of the impairment test vary
Impairment
3
(x 1,000 EUR)
Building group
Impairment loss
recognised
Change in inflation
Change in the discount rate
+0.50%
-0.50%
+0.50%
-0.50%
Pubstone Belgium
-4,800
0
-22,033
-22,723
0
Pubstone Netherlands
-2,300
0
-11,637
-12,030
0
CIS France
0
0
0
0
0
1
Including goodwill.
2
Given that the value in use is greater than the net book value, we incorporate the net book value here.
3
The value of 0 was indicated when the value in use is greater than the net book value.
4
Including the fair value of the investment properties subject to disposal of receivables, which stands at 233,138 K EUR.
5
Note 22 reconciles the total changes in fair value of the investment properties.
176
ANNUAL ACCOUNTS /
Notes to the consolidated accounts