12. Investment property
Investment property mainly relates to premises and other properties leased to third parties. The changes in this caption during 2012 and 2011 were as follows:
| Cost | 31/01/13 | 31/01/12 |
|---|---|---|
| Opening balance | 28,536 | 24,925 |
| Acquisitions | 70,154 | 9,678 |
| Transfers | (11,638) | (6,067) |
| Closing balance | 87,052 | 28,536 |
| Depreciation | ||
| Depreciation charge for the year | 677 | 1,158 |
| Transfers | (4,921) | - |
| Closing balance | 4,485 | 8,729 |
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|
|
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| Net carrying value | 82,567 | 19,807 |
The total market value of the investment property at 31 January 2013 was approximately euros 83,000 thousand. The period additions relate mainly to the non-commercial portion of the property acquired in 2012 described in note 11.
In 2012 euros 3,178 thousand (euros 1,390 thousand in 2011) of rental income on these properties were included under “Net sales – Other sales and services rendered” (see note 2) in the consolidated income statement.
