21. Investment properties

Investment properties are recognised at amortised cost. As of 31 December 2012, this amounted to €199 million (previous year: €209 million). The fair value of these properties is determined by means of internationally recognised valuation methods, in particular the comparative value method and the discounted cash flow method. It totals €313 million (previous year: €298 million). Rental income from these properties amounts to €36 million (previous year: €33 million). The related expenses amount to €21 million (previous year: €23 million). Expenses of €1 million (previous year: €0 million) resulted from properties without rental income.

Limitations to the disposal of assets in the form of liens and encumbrances amounted to €28 million (previous year: €31 million). Contractual commitments for the acquisition of investment properties amount to €0 million (previous year: €0 million) were made.