MILLIRE_2019_Annual Report

236 Milli Re Annual Report 2019 Millî Reasürans Türk Anonim Şirketi NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (Currency: Turkish Lira (TL)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) As of December 31, 2019, the fair values (excluding VAT) and net carrying values of buidings for own use are presented below: Owner occupied land and buildings Expertise date Expertise value Net Book Value (December 31, 2019) Net Book Value (December 31, 2018) Headquarter September 2018 179.340.000 178.640.659 179.200.132 İzmir Regional Headquarter December 2019 8.100.000 8.081.870 7.557.233 Adana Regional Headquarter December 2019 1.960.000 1.958.237 1.888.815 Lefkoşe Cyprus Branch December 2019 4.219.000 4.215.177 4.135.509 Adana Office December 2019 320.000 319.486 298.454 Other December 2019 1.073.000 1.069.696 1.000.449 Total 195.012.000 194.285.125 194.080.592 Fair value measurement The fair values of self-used land and buildings were determined by market comparison technique. The fair value measurement of owner occupied land and buildings is classified as Level 2. As of December 31, 2019 and 2018, there is no mortgage on Group’s tangible assets. 7 Investment properties Additions and disposals for investment properties is given “6- Tangible Assets” note in table of current period movement of tangible assets. Investment properties are started to be presented by fair value method as of December 31, 2018 and 2019 on balance sheet and the Company’s investment properties gained TL 26.982.135 amount of value in 2019 in the context of expertise report prepared by independent professional valuation specialists authorized by Capital Markets Board. For the year ended December 31 2019, the Group has rental income from investment properties amounting to TL 25.737.396 (December 31, 2018: TL 21.673.905). As of December 31, 2019, inflation adjusted cost and carrying amounts of the Company’s investment properties are amounting to TL 482.776.000 (December 31, 2018: TL 455.721.000) Property based value of expertise report (excluding VAT) and fair values of investment properties are as follows. Expertise reports regarding these properties are prepared by independent professional valuation specialists authorized by CMB in September 2019. There is no mortgage on Group’s investment properties. As of December 31, 2019 and 2018, details of investment properties and the fair values are as follows: December 31, 2019 Net book value December 31, 2018 Net book value Date of expertise report Value of expertise report Operating Center Rental Offices 196.140.000 189.260.000 December 2019 196.140.000 Suadiye Fitness Center 40.270.000 36.175.000 December 2019 40.270.000 Tunaman Garage 133.875.000 121.500.000 December 2019 133.875.000 Villa Office Block 45.600.000 45.100.000 December 2019 45.600.000 Çifteler Land 6.000 6.000 December 2019 6.000 Other buildings 66.885.000 63.680.000 December 2019 66.885.000 Net book value 482.776.000 455.721.000 482.776.000