MILLIRE_2019_Annual Report

237 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)) Fair value measurement The fair values of investment properties were determined by market comparison technique. The fair value measurement of owner occupied land and buildings is classified as Level 2. 8 Intangible Assets Movement in intangible assets in the period from January 1 to December 31, 2019 is presented below: January 1, 2019 Additions Transfers Foreign currency translation effects (*) Disposals December 31, 2019 Cost: Other intangible assets 150.150.335 5.902.730 71.166.182 420.298 - 227.639.545 Goodwill 16.250.000 - - - 16.250.000 Advances given for intangible assets 58.674.584 54.676.670 (71.166.182) - - 42.185.072 225.074.919 60.579.400 420.298 - 286.074.617 Accumulated amortization: Other intangible assets 119.916.179 25.193.983 419.924 - 145.530.086 119.916.179 25.193.983 419.924 - 145.530.086 Net book value 105.158.740 140.544.531 (*) Foreign currency translation effect resulted from Singapore Branch. Movement in intangible assets in the period from January 1 to December 31, 2018 is presented below: January 1, 2018 Additions Transfers Foreign currency translation effects (*) Disposals December 31, 2018 Cost: Other intangible assets 126.607.897 6.247.046 16.374.117 921.275 - 150.150.335 Goodwill 16.250.000 - - - - 16.250.000 Advances given for intangible assets 45.049.361 29.999.340 (16.374.117) - - 58.674.584 187.907.258 36.246.386 921.275 - 225.074.919 Accumulated amortization: Other intangible assets 104.579.269 14.417.469 - 919.441 - 119.916.179 104.579.269 14.417.469 - 919.441 - 119.916.179 Net book value 83.327.989 105.158.740 (*) Foreign currency translation effect resulted from Singapore Branch.