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174 2014 Registration Document
Consolidated Financial Statements Year ended December 31, 2014
5
Notes to the Consolidated statements
Note 19
Investment property
Investment property consists mainly of shopping malls located adjacent to the Group’s stores.
(in € millions)
December 31, 2014
December 31, 2013
Investment property at cost
435
501
Depreciation and impairment
(139)
(188)
TOTAL
296
313
CHANGES IN INVESTMENT PROPERTY
At December 31, 2012
513
Depreciation for the period
(28)
Translation adjustment
(11)
Acquisitions for the period
112
Disposals for the period
(0)
Transfers
(1)
(162)
Other movements
(2)
(111)
At December 31, 2013
313
Depreciation for the period
(13)
Translation adjustment
1
Acquisitions for the period
74
Disposals for the period
(3)
(89)
Transfers
0
Other movements
9
At December 31, 2014
296
(1) Including investment property concerned by the real estate transaction described in Note 3.1 reclassified as “Assets held for sale”
(2) Effect of the loss of control of operations in Turkey following reorganization of the local partnership.
(3) Disposals for 2014 concerned investment properties in Spain.
Rental revenue generated by investment property, reported in the income
statement under “Other revenue”, totaled €59.6 million in 2014 (2013:
€60.5 million). Operating costs directly attributable to the properties
amounted to €6.8 million (2013: €5.5 million).
The estimated fair value of investment property was €753 million at
December 31, 2014 (December 31, 2013: €833 million).