Annual Report 2014

Etex Annual Report 2014
Financial report
Consolidated financial statements
Note 10 – Investment properties
IN THOUSANDS OF EUR 2013 2014
Gross book value 40,956 38,802
Accumulated depreciation -18,368 -17,025
Accumulated impairment losses -2,967 -2,938
Net book value at the beginning of the year 19,621 18,839
Depreciation for the year -187 -157
Reversal of impairment losses - 500
Additions 529 88
Disposals -749 -960
Translation differences -375 -49
Net book value at the end of the year 18,839 18,261
Gross book value 38,802 41,533
Accumulated depreciation -17,025 -11,009
Accumulated impairment losses -2,938 -12,263
Investment properties comprise several pieces of land and buildings, mainly in France, Germany and Italy.
The fair value of the investment properties is estimated at € 32,255 thousand (€ 35,164 thousand in 2013).
Where external valuations were not available, best estimates have been used.
Note 11 – Assets held for sale
IN THOUSANDS OF EUR 2013 2014
Gross book value 5,498 10,492
Accumulated impairment losses -1,536 -7,616
Net book value at the beginning of the year 3,962 2,876
Impairment losses -502 -
Disposals -665 -67
Transfer between captions 293 1,667
Translation differences -212 113
Net book value at the end of the year 2,876 4,589
Gross book value 10,492 7,889
Accumulated impairment losses -7,616 -3,300
Assets held for sale are lands that are not used in operations anymore and for which the Group is actively looking for a buyer.
Most of these assets are located in Mexico and in the United Kingdom.
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