| Investment property | 31 December 2013 | 31 December 2012 |
|---|---|---|
| Own land | 176 730 | 187 963 |
| Land perpetual usufruct | 32 210 | 54 672 |
| Buildings and structures | 1 259 223 | 303 066 |
| Cooperative ownership of premises | 6 607 | 18 703 |
| Total investment property | 1 474 770 | 564 404 |
| Changes in investment property | 1 January – 31 December 2013 | 1 January – 31 December 2012 |
|---|---|---|
| Net book value – opening balance | 564 404 | 534 222 |
| Increases (due to) | 1 190 779 | 40 590 |
| - purchase | 321 498 | 26 |
| - change in the consolidation scope | 817 858 | - |
| - reclassification from real property used for internal purposes | 51 423 | 40 564 |
| Decreases (due to) | (198 754) | (38 460) |
| - sale and liquidation | (28 677) | - |
| - reclassification to real property used for internal purposes | (46 966) | (33 990) |
| - reclassification to held for sale according to IFRS 5 | (123 111) | (4 470) |
| Net gain (loss) on remeasurement at fair value | (81 586) | 28 200 |
| - recognized in the financial profit/loss | (99 206) | 7 514 |
| - recognized in other comprehensive income | 17 620 | 20 686 |
| Exchange differences | (73) | (148) |
| Net book value – closing balance | 1 474 770 | 564 404 |
The position “Land perpetual usufruct” contains a right to use a land for up to 99 years. Land perpetual usufruct can be subject of sale.
“Reclassifications from real property for internal purposes” present the carrying amount of real property (historical cost less accumulated depreciation and impairment losses) as at the reclassification (change of use) date. The effect of remeasurement of the aforesaid real property to its fair value as at the reclassification date has been presented as “Gain (loss) on remeasurement to fair value – charged to other comprehensive income” above.
The fair value of investment property results from valuations by independent appraisers having the relevant licenses as required by the law, using the comparable or the income method based on the current market ratios, conducted mainly in 2013.