Other notes to the Group’s Financial Statements 1–40

The tables for the Financial Statements are also available in Excel format and the complete Financial Statements in Pdf format.
11 Investment property
EURm 2017 2016
At 1 January
Cost 301 282
Accumulated depreciation -67 -63
Accumulated impairment losses -24 -24
Net carrying amount at 1 January 211 195
Net carrying amount at 1 January 211 195
Business acquisitions 491 -
Transfers to property, plant and equipment -2 -
Additions 29 41
Disposals -67 -22
Depreciation -4 -4
Impairment losses -6 1
Exchange differences 0 0
Net carrying amount at 31 December 653 211
At 31 December
Cost 753 301
Accumulated depreciation -71 -67
Accumulated impairment losses -29 -24
Net carrying amount at 31 December 653 211
Rental income from investment property 27 23
Property rented out under operating lease
Non-cancellable minimum rental
- not later than one year 33 10
- later than one year and not later than five years 45 14
- later than five years 24 3
Total 102 28
Expenses arising from investment property
- direct operating expenses arising from investment property generating rental income during the period -13 -10
- direct operating expenses arising from investment property not generating rental income during the period -4 -2
Total -17 -12
Fair value of investment property at 31 December 688 243
Fair values for the Group's investment property are entirely determined by the Group based on the market evidence. The determination and hierarchy of financial assets and liabilities at fair value is disclosed in note 17. Based on the principles of this determination, the investment property falls under levels 2 and 3.
The premises in investment property for different segments are leased on market-based, irrevocable contracts. The lengths of the contracts vary from those for the time being to those for several years.