Investment properties are recognised at amortised cost. As of 30 September 2013, a total of €156 million (30/9/2012: €207 million; 31/12/2012: €199 million) was recognised. The decline of €43 million is largely due to the disposal of an administrative site used by a third party as well as a reduction in the carrying amount resulting from the adjustment of a finance lease. In addition, impairment losses contributed to a reduction in the carrying amount of “investment properties”.

The fair values of these real estate properties total €236 million (30/9/2012: €301 million; 31/12/2012: €313 million). They can be determined on the basis of observable market prices. As a result, the fair values are determined on the basis of internationally recognised measurement methods, particularly the comparative value procedure and the discounted cash flow method (level 3 of the three-level valuation hierarchy of IFRS 13 [measurement at fair value]). This measurement is based on a detailed planning period of ten years. Aside from headline rents, market-based discount rates were used as key valuation parameters. The discount rates are determined on the basis of analyses of relevant real estate markets as well as evaluations of comparable transactions and market publications issued by international consulting firms. The resulting discount rates reflect both the respective country and location risk as well as the property-specific real estate risk.

Rental income from these properties amounts to €24 million (9M 2012: €28 million; 12M 2012: €36 million). The related expenses amount to €14 million (9M 2012: €16 million; 12M 2012: €21 million). Expenses of €0 million (9M 2012: €0 million; 12M 2012: €1 million) resulted from properties without rental income.

Limitations to the disposal of assets in the form of liens and encumbrances amounted to €25 million (30/9/2012: €29 million; 31/12/2012: €28 million). Like the previous year, no contractual commitments for the acquisition of investment properties were made.