17. Investment property
Aurubis’ investment property represents a property site with buildings belonging to Aurubis Switzerland, SA. The property was reclassified from the statement of financial position item Assets “held-for-sale” since it is located in a high-technology park and a sale within 12 months is considered unlikely.
The property is measured at its fair value. The fair value was determined by an external, independent and qualified real estate assessor applying RICS Valuation Professional Standards and amounted to € 8,515 thousand as at September 30, 2016 (previous year: € 5,955 thousand in Assets “held-for-sale”). The property was measured on the basis of the investment method, in which the potential market value is derived from capitalized net income (using comparable transactions). Due to the limited availability of market data and/or data and measurement parameters that aren’t directly observable on the market (such as market rents and rates of return), the fair value measurement of the investment property was classified as Level 3 in the measurement hierarchy according to IFRS 13.
The change in fair value led to a gain of € 2,530 thousand. This is included in the income statement in other operating income.
The following table shows the development in the carrying amount of investment property:
|Umbuchungen aus zur Veräußerung gehaltene Vermögenswerte||5.956||0|
|Ergebnis aus der Änderung des beizulegenden Zeitwerts||2.530||0|
In the segment reporting, this real estate is disclosed in the Copper Products segment.