CG malls europe - Commerz Real

Commerz Real Estate Master FCP – SIF
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT DECEMBER 31, 2009
5. Investment Properties (continued)
The carrying values of investment property at December 31, 2009 and December 31, 2008 agree to the valuations reported
by the external valuers, except that in 2008 the valuation for Espacio Leon was decreased by an amount of EUR
384,000 in regards to finance lease liabilities recognised in regards of a petrol station next to the shopping mall which
were not taken into account in the December 2008 revaluation of the property. In the year end 2009 valuation report
these financial lease liabilities have already been included.
In 2009 and 2008 no borrowing costs were capitalised.
The investment properties are financed by ca. 67% by loans which are completely secured by real estate mortgages.
6. Trade receivables
Financial Statements
The estimated fair values of receivables are the discounted amount of the estimated future cash flows expected to be
received and approximate their carrying amounts. Expected cash flows are discounted at current market rates to determine
fair values.
There is no significant concentration of credit risk with respect to trade receivables, as the Group has a large number of
tenants, internationally dispersed.
The individually impaired receivables are over three months past due (verified) and mainly relate to certain tenants
in Espacio Leon. A provision is recognised for amounts not expected to be recovered. Movements in the accumulated
impairment losses on trade receivables were as follows:
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