MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 142 Millî Reasürans Türk Anonim Şirketi NOTES TO THE UNCONSOLIDATED 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) Expertise reports regarding the Company’s property are prepared by independent professional valuation specialists authorized by CMB in December 2019. As of December 31, 2019 and 2018, the fair values (excluding VAT) and net carrying values of property for own used 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 Building September 2018 179.340.000 178.640.659 179.200.132 Total 179.340.000 178.640.659 179.200.132 Fair value measurement The fair values of property for own use 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 Company’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 presented by fair value method as of December 31, 2019 and 2018 on balance sheet and The Company’s investment properties gained TL 23.692.135 amount of value in 2019 in the context of expertise report prepared by independent professional valuation specialists authorized by Capital Markets Board of Turkey. From investment property, TL 22.899.496 amount of rent income is obtained from investment properties in the current accounting period (December 31, 2018: TL 19.485.110). As of December 31, 2019, inflation adjusted cost and fair value amounts of the Company’s investment properties are amounting to TL 415.891.000 (December 31, 2018: TL 392.041.000). The expertise (excluding VAT) and net book values of investment properties are as follows per real estate. Expertise reports regarding these properties are prepared by independent professional valuation specialists authorized by CMB in December 2019. There is no mortgage on the real estates. 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 Çifteler Land 6.000 6.000 Aralık 2019 6.000 Villa Office Block 45.600.000 45.100.000 Aralık 2019 45.600.000 Suadiye Fitness Center 40.270.000 36.175.000 Aralık 2019 40.270.000 Tunaman Garage 133.875.000 121.500.000 Aralık 2019 133.875.000 Operating Center Rental Offices 196.140.000 189.260.000 Aralık 2019 196.140.000 Carrying amounts 415.891.000 392.041.000 415.891.000