Print

Notes to the Accounts

12 Investment Property
               
P&C insurance        
               
EURm         2010 2009
At 1 Jan.            
Cost         34 33
Accumulated depreciation         -5 -5
Accumulated impairment losses         -1 -1
Net carrying amount         28 28
             
Opening net carrying amount         28 28
Additions         0 0
Disposals         0 0
Depreciation         -1 -1
Impairment losses         -2 0
Reversal of impairment losses         0 0
Exchange differences         0 0
Closing net carrying amount         26 28
             
At 31 Dec.            
Cost         34 34
Accumulated depreciation         -6 -5
Accumulated impairment losses         -2 -1
Net carrying amount         26 28
             
Rental income from investment property         3 3
               
Property rented out under operating lease        
  Non-cancellable minimum rental            
  - not later than one year         1 1
  - later than one year and not later than five years         1 0
  - later than five years         - 0
  Total         2 1
               
  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         -3 -3
               
Fair value of investment property at 31 Dec.       24 24
               
               
Life insurance            
               
EURm         2010 2009
At 1 Jan.            
Cost         139 154
Accumulated depreciation         -37 -38
Accumulated impairment losses         -16 -16
Net carrying amount         87 100
             
Opening net carrying amount         87 100
Additions         13 1
Disposals         -1 -11
Depreciation         -3 -3
Impairment losses         0 0
Closing net carrying amount         96 87
             
At 31 Dec.            
Cost         152 139
Accumulated depreciation         -39 -37
Accumulated impairment losses         -16 -16
Net carrying amount         96 87
             
Rental income from investment property         15 16
               
Property rented out under operating lease        
  Non-cancellable minimum rental            
  - not later than one year         8 5
  - later than one year and not later than five years         9 7
  - later than five years         7 7
  Total         24 19
               
  Total rental recognised as income during the financial period         0 0
               
  Expenses arising from investment property            
  - direct operating expenses arising from investment property generating rental income during the period         -7 -7
  - direct operating expenses arising from investment property not generating rental income during the period         -1 0
  Total         -8 -7
               
Fair value of investment property at 31 Dec.       111 100
               
               
Holding            
               
EURm         2010 2009
At 1 Jan.            
Cost         27 27
Accumulated depreciation         0 0
Accumulated impairment losses         -17 -17
Net carrying amount         10 10
             
Opening net carrying amount         10 10
Disposals         -6 -
Depreciation         0 0
Closing net carrying amount         4 10
             
At 31 Dec.            
Cost         4 27
Accumulated depreciation         0 0
Accumulated impairment losses         0 -17
Net carrying amount         4 10
             
Rental income from investment property         0 2
             
             
Fair value of investment property at 31 Dec.         7 14
             
             
Elimination items         -4 -
             
Group, total         122 124
               
Fair values for the Group's investment property are entirely determined by the Group based on the market evidence.
 
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.
Previous page Next page
Tools to Manage Your Report