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Notes to the Group’s Financial Statements

12 Investment property
P&C insurance
EURm 2013 2012
At 1 Jan.
Cost 34 34
Accumulated depreciation -7 -6
Accumulated impairment losses -0 -2
Net carrying amount 27 26
Opening net carrying amount 27 26
Additions -5 -0
Disposals -1 -1
Depreciation -1 -1
Impairment losses 1 2
Reversal of impairment losses -1 0
Exchange differences 2 1
Closing net carrying amount 22 26
At 31 Dec.
Cost 29 34
Accumulated depreciation -7 -7
Accumulated impairment losses -0 -0
Net carrying amount 22 27
Rental income from investment property 3 3
Property rented out under operating lease
Non-cancellable minimum rental
- not later than one year 1 2
- later than one year and not later than five years 1 1
- later than five years 0 0
Total 2 3
Expenses arising from investment property
- direct operating expenses arising from investment property generating rental income during the period -2 -2
- direct operating expenses arising from investment property not generating rental income during the period -1 -1
Total -2 -3
Fair value of investment property at 31 Dec. 23 23
Life insurance
EURm 2013 2012
At 1 Jan.
Cost 157 150
Accumulated depreciation -45 -42
Accumulated impairment losses -16 -16
Net carrying amount 95 92
Opening net carrying amount 95 92
Additions 17 8
Disposals -2 0
Depreciation -3 -3
Impairment losses -1 -2
Closing net carrying amount 107 95
At 31 Dec.
Cost 172 158
Accumulated depreciation -48 -45
Accumulated impairment losses -17 -17
Net carrying amount 107 95
Rental income from investment property 13 15
Property rented out under operating lease
Non-cancellable minimum rental
- not later than one year 6 6
- later than one year and not later than five years 14 11
- later than five years 2 3
Total 22 20
Expenses arising from investment property
- direct operating expenses arising from investment property generating rental income during the period -7 -8
- direct operating expenses arising from investment property not generating rental income during the period -2 -1
Total -9 -8
Fair value of investment property at 31 Dec. 125 112
Holding
EURm 2013 2012
At 1 Jan.
Cost 4 4
Accumulated depreciation 0 -0
Accumulated impairment losses 0 0
Net carrying amount 4 4
Net carrying amount 4 4
Disposals -4 -0
Closing net carrying amount 0 4
At 31 Dec.
Cost 0 4
Accumulated depreciation 0 -0
Accumulated impairment losses 0 0
Net carrying amount 0 4
Rental income from investment property 0 0
Fair value of investment property at 31 Dec. 0 4
Elimination items between segments -4 -4
EURm 2013 2012
Group, total 125 122
Fair values for the Group's investment property are entirely determined by the Group, based on the market evidence. The determination and hierarchy of financial assets and liabilities at fair value are disclosed in note 17. Based on the principles of this determination, the investment property falls under level 2.
The premises in investment property for different segments are leased on market-based, irrevocable contracts. The lengths of the contracts vary from those for the time being to those for several years.
Note
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