3. Investment Property

“Property investments” item is broken down and commented on below.

Property investments (€ 000)	Land	Non-business buildings	Total

Cost at 31/12/2008	458	3,357	3,815
Investments	-	3	3
Disposals	-	-	0
Other changes	-	-	0
Cost at 31/12/2009	458	3,360	3,818

Accumulated depreciation and impairment losses at 31/12/2008	-	1,261	1,261
Depreciation	-	87	87
Writedowns/reinstatement of value	-	-	0
Disposals	-	-	0
Other changes	-	-	0
Accumulated depreciation and impairment losses at 31/12/2009	0	1,348	1,348

Net book value at 31/12/2008	458	2,096	2,554
Net book value at 31/12/2009	458	2,012	2,470

During the year no purchase transactions were completed nor was any maintenance action performed on the properties owned. This item only reflected amortisation and depreciation for the period.

It should be noted that directors estimated that the fair value of property investments as at 31 December 2010 was not lower than the net carrying value.

Property investments (€ 000)	Land	Non-business buildings	Total

Cost at 31/12/2009	458	3,360	3,818
Investments	-	-	0
Disposals	-	-	0
Other changes	-	-	0
Cost at 31/12/2010	458	3,360	3,818

Accumulated depreciation and impairment losses at 31/12/2009	-	1,348	1,348
Depreciation	-	87	87
Writedowns/reinstatement of value	-	-	0
Disposals	-	-	0
Other changes	-	-	0
Accumulated depreciation and impairment losses at 31/12/2010	0	1,435	1,435

Net book value at 31/12/2009	458	2,012	2,470
Net book value at 31/12/2010	458	1,925	2.383

Depreciation of property investments

Depreciation for the year under item “Depreciation and impairment of property, plant and equipment”, amounted to €87 thousand in line with 2009.

There are no restrictions on the use of assets classified as property investments.