MILLIRE_2019_Annual Report

235 Milli Re Annual Report 2019 Activities and Major Developments Related to Activities Financial Status Risks and Assessment of the Governing Body Unconsolidated Financial Statements Together with Independent Auditors’ Report Thereon Consolidated Financial Statements Together with Independent Auditors’ Report Thereon General Information Financial Rights Provided to the Members of the Governing Body and Senior Executives Research & Development Activities Millî Reasürans Türk Anonim Şirketi NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) (Currency: Turkish Lira (TL)) Movement in tangible assets in the period from January 1 to December 31, 2018 is presented below: January 1, 2018 Addition Foreign currency translation effect (*) Disposals Transfers Valuation differences December 31, 2018 Cost: Investment properties (Note 7) 427.026.000 1.174.094 - - - 27.520.906 455.721.000 Buildings for own use 161.310.000 25.370 - - - 32.960.630 194.296.000 Machinery and equipment 56.957.217 25.839.164 - (1.779.631) (186.436) - 80.830.314 Furniture and fixtures 19.688.504 1.248.487 355.977 (720.254) - - 20.572.714 Land Vehiclesss 1.894.818 2.466.399 215.830 (528.558) - - 4.048.489 Other tangible assets (including leasehold improvements) 23.486.838 2.401.622 - (70.323) 186.436 - 26.004.573 Leased tangible assets 3.858.074 - - - - - 3.858.074 694.221.451 33.155.136 571.807 (3.098.766) - 60.481.536 785.331.164 Accumulated depreciation: Buildings for own use 488.331 624.497 - - (897.420) 215.408 Machinery and equipment 39.756.867 10.774.145 - (1.698.998) (48.509) - 48.783.505 Furniture and fixtures 15.700.278 1.514.223 334.603 (670.396) - - 16.878.708 Land Vehiclesss 843.715 422.723 91.626 (483.872) - - 874.192 Other tangible assets (including leasehold improvements) 17.234.737 3.704.710 - (70.323) 48.509 - 20.917.633 Leased tangible assets 3.858.074 - - - - 3.858.074 77.882.002 17.040.298 426.229 (2.923.589) - (897.420) 91.527.520 Net book value 616.339.449 693.803.644 (*) Foreign currency translation effect resulted from Singapore Branch. The Group’s buildings for own use is valuated over fair value as of December 31, 2019 and 2018 year-end and subjected to valuation in this context. Expertise reports regarding this property are prepared by CMB licenced Property Valuation Company in September 2018. There is no pledge over Company’s buildings for own use.Milli Reasürans, the Company’s buildings for own use is valuated over fair value as of 2018. Expertise reports regarding this property are prepared by independent professional valuation specialists authorized by CMB in September 2018.