Annual report 2012

20. Assets held for sale

Assets held for sale primarily include land and buildings that Group companies will no longer use for business purposes and that are to be sold in the next 12 months according to decisions adopted by companies’ management boards. Upon their disposal, assets held for sale are transferred to current assets at an amount equal to the lower of their carrying amount and fair value, less costs of sale. Prior to their transfer the value of assets was determined by a certified appraiser. As at 31 December 2012, the Group disclosed assets held for sale in the amount of EUR 3,846 thousand.

In 2012, the Company recognised an impairment loss in the amount of EUR 300 thousand as the difference between the carrying amount and fair value, less costs of sales.