4.1 - Land and buildings (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) 31.12.2012 31.12.2011
Gross bookvalue as at 31 December previous year 14,879 14,330
Accumulated depreciation and impairment as at 31 December previous year -1,797 -1,716
Carrying amount as at 31 December previous year 13,082 12,614
Foreign currency translation effects 3 23
Increases 327 1,167
Capitalized ex penses 90 65
Changes in consolidation scope -50 173
Reclassification 148 72
Decreases -442 -844
Depreciation of the period -177 -178
Net impairment loss of the period -81 -12
Carrying amount as at the end of the period 12,899 13,082
Accumulated amortization and impairment as at the end of the period 1,903 1,797
Gross bookvalue as at the end of the period 14,802 14,879
Fair value 18,209 18,590

The fair value of land and buildings (investment properties) at the end of the reporting period is mainly based on external appraisals.