MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 143 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 UNCONSOLIDATED 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 Foreign currency translation effects (*) Disposal December 31, 2019 Cost: Rights 8.428.284 1.645.879 420.298 - 10.494.461 Advances on intangible fixed assets (**) 30.103.467 7.396.654 - - 37.500.121 38.531.751 9.042.533 420.298 - 47.994.582 Accumulated amortization: Rights 6.176.494 1.094.877 419.924 - 7.691.295 6.176.494 1.094.877 419.924 - 7.691.295 Carrying amounts 32.355.257 40.303.287 (*) Foreign currency translation effect resulted from Singapore Branch. (**) Given referring to reinsurance computer software. Movement in intangible assets in the period from January 1 to December 31, 2018 is presented below: January 1, 2018 Additions Foreign currency translation effects (*) Disposal December 31, 2018 Cost: Rights 6.029.231 1.477.778 921.275 - 8.428.284 Advances on intangible fixed assets (**) 20.047.775 10.055.692 - - 30.103.467 26.077.006 11.533.470 921.275 - 38.531.751 Accumulated amortization: Rights 4.242.018 1.015.035 919.441 - 6.176.494 4.242.018 1.015.035 919.441 - 6.176.494 Carrying amounts 21.834.988 32.355.257 (*) Foreign currency translation effect resulted from Singapore Branch. (**) Given referring to reinsurance computer software.