|in million €||Total|
|As at 1 Jan. 2017||90.5|
|As at 31 Dec. 2017/1 Jan. 2018||112.8|
|As at 31 Dec. 2018||72.1|
|Depreciation, amortisation and impairments|
|As at 1 Jan. 2017||44.0|
|As at 31 Dec. 2017/1 Jan. 2018||76.1|
|Reversals of impairment losses||-0.6|
|As at 31 Dec. 2018||49.7|
|Carrying amount as at 1 Jan. 2017||46.5|
|Carrying amount as at 31 Dec. 2017/1 Jan. 2018||36.7|
|Carrying amount as at 31 Dec. 2018||22.4|
The change in the carrying amount of investment property resulted mainly from the disposal of real estate in the Retail Germany business segment (11.3 million euros) as well as impairments of 2.7 million euros attributable primarily to the Retail International business segment.
The rental income from these properties during the financial year was 5.1 million euros (previous year: 3.5 million euros). The operating expenses for these properties amounted to 0.9 million euros (previous year: 1.9 million euros). Operating expenses for properties not generating rental income amounted to 0.2 million euros (previous year: 0.3 million euros).
The fair value of investment properties is 32.0 million euros (previous year: 61.5 million euros). The change is due mainly to disposals of investment property in the Retail Germany and Retail International business segments, which were partly offset by additions in the Retail International business segment.
Recognised valuation techniques (discounted value of future earnings method) are used to determine the fair value. Based on the inputs to the valuation techniques used, fair value measurement is categorised to level 3 in accordance with the measurement hierarchy used to measure fair value. In addition to reasonable management costs and market rents, rental income from current rental agreements was also used as a key measurement parameter. The discount rate for properties factors in the individual situation and condition of each property. More information on determining fair value can be found in note 13 "Depreciation, Amortisation and Impairments". Appraisals are made by independent experts in individual cases.