37. Assets held for sale

Assets held for sale before reclassification 31 December 2016 31 December 2015
Groups held for sale 1,027 -
Assets 1,060 -
Investment property 1,002 -
Receivables 12 -
Deferred tax assets 2 -
Cash and cash equivalents 42 -
Other assets 2 -
Liabilities directly associated with assets qualified as held for sale 33 -
Deferred tax liabilities 15 -
Other liabilities 18 -
Other assets held for sale 129 1,506
Tangible fixed assets 39 44
Investment property 90 1,462
Assets and asset groups held for sale 1,189 1,506
Liabilities directly associated with assets qualified as held for sale 33 -
assets_held_for_sale_before_reclassification_pzu2016.xlsx

As at 31 December 2016, the item "Groups held for sale" and, as at 31 December 2015, the item "Investment property" included the property held for sale by property investment funds as a result of achieving the expected investment horizon. Change in presentation results mainly from the planned method of sale realization. The table on the following page presents a summary of major properties for sale with their relevant parameters, which were included in the valuation.

All property enclosed in the table below was valuated with income approach using the investment method and simple capitalization technique. In the measurement unobservable input data were used, such as:

  • capitalization rate – determined on the basis of the analysis of return rates achieved in transactions for similar property;
  • monthly rental rate for 1m2 of appropriate type of space or for one parking lot (rental rates for each property have been presented in the table below).

No. Name of the property Fair value as at 31 December 2016 Fair value as at 31 December 2015 Type of space Ranges of unobservable data as at 31 December 2016 Ranges of unobservable data as at 31 December 2015
1. Warehouse and office buildings, Łódź 263 253 Office in warehouse facilities Warehouse EUR 7.00–9.00EUR 2.40–3.80 EUR 7.50–9.00EUR 2.50–4.00
2. Warehouse and office buildings, Gdańsk 138 131 Office in warehouse facilities Warehouse EUR 7.00–9.00EUR 2.80–3.20 EUR 7.50–9.00EUR 2.90–3.80
3. Warehouse and office building, Nowa Wieś Wrocławska 124 128 Office in warehouse facilities Warehouse EUR 7.00–9.00EUR 3.00–3.60 EUR 7.50–9.00EUR 2.50–4.20
4. Warehouses, Czeladź 115 126 Office in warehouse facilities Warehouse EUR 7.00–9.00EUR 2.90–3.60 EUR 7.50–9.00EUR 2.90–4.30
5. Shopping center, Pabianice 88 92 Retail (depending on the size of the rented space) 1) 1)
6. Retail park, Iława 70 69 Retail (depending on the size of the rented space) 1) 1)
7. Warehouse and office buildings, Łódź 66 65 Office in warehouse facilities Warehouse EUR 7.00–9.00EUR 2.40–3.80 EUR 7.50–9.00EUR 2.50–4.00
8. Warehouse and office building, Nowa Wieś Wrocławska 65 65 Office in warehouse facilities Warehouse EUR 7.00–9.00EUR 3.00–3.60 EUR 7.50–9.00EUR 2.50–4.00
9. Warehouse and office building, Błonie 39 42 Office in warehouse facilities Warehouse EUR 7.00–9.00EUR 3.00–3.60 EUR 7.50–9.00EUR 2.50–3.60
10. Retail park, Lublin 34 35 Retail (depending on the size of the rented space) 1) 1)
11. Retail building, Nowy Targ 22 39 Retail (depending on the size of the rented space) 2) 1)
12. Other 68 417 3) n/a n/a n/a
  Total 1,092  1,462      

1) The market rent for the property was determined based on a market analysis of retail space in similarly located buildings with similar characteristics to the property which is being measured.

2) In relation to change in investment plans, two properties with total value of PLN 299 million were reclassified as investment property. Their current measurements and scopes of data included in the measurement as at 31 December 2016 have been presented in point 10.2.

Facebook Facebook Twitter Twitter Google Plus Google Plus All All