Investment properties

The table below shows the main changes in land and buildings (investment properties) in the reporting period, i.e. those held to earn rentals or capital appreciation or both, and their fair value.

(€ million) 31.12.2011 31.12.2010
Gross bookvalue as at 31 December previous year 14,330.0 13,828.7
Accumulated depreciation and impairment as at 31 December previous year -1,715.9 -1,614.2
Carrying amount as at 31 December previous year 12,614.1 12,214.5
Foreign currency translation effects 22.8 133.0
Increases 1,167.2 1,064.5
Capitalized ex penses 65.4 51.3
Changes in consolidation scope 173.2 -27.1
Reclassification 72.3 45.0
Decreases -843.8 -720.2
Depreciation of the period -177.6 -164.6
Net impairment loss of the period -11.9 17.6
Carrying amount as at the end of the period 13,081.7 12,614.1
Accumulated amortization and impairment as at the end of the period 1,797.2 1,715.9
Gross bookvalue as at the end of the period 14,878.9 14,330.0
Fair value 18,590.1 17,950.2

The fair value of land and buildings (self used) at the end of the reporting period was mainly based on external appraisals.