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INVESTMENT PROPERTIES

12 Months Ended

Dec. 31, 2021

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES

14.INVESTMENT PROPERTIES

The movements in investment properties for the years ended December 31, 2021 and 2020 were as follows:

At the

P/L for

Beginning

Total useful

changes

As of

Item

of the year

life

Additions

in the FV

Additions

Disposals

12/31/2021

Cost model

Rented properties

54,801

—

93,687

(7,940)

140,548

Measurement at fair value

Rented properties

8,998,595

(441,020)

—

8,557,575

TOTAL INVESTMENT PROPERTIES

9,053,396

—

(441,020)

93,687

(7,940)

8,698,123

At the

P/L for

Beginning

Total useful

changes

As of

Item

of the year

life

Additions

in the FV

Additions

Disposals

12/31/2020

Cost model

Rented properties

54,801

—

54,801

Measurement at fair value

Rented properties

8,277,394

(139,556)

2,184,310

(1,323,553)

8,998,595

TOTAL INVESTMENT PROPERTIES

8,332,195

—

(139,556)

2,184,310

(1,323,553)

9,053,396

Investment properties are measured at fair value which is determined by an independent expert.

For all Investment Properties with a total valuation of 8.698 million as of December 31, 2021, the valuation was determined using sales Comparison Approach prepared by the Group’s management considering a report of an independent expert. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant premise being the price per meter (Level 3). The Group estimated that, other factors being constant, a 5% reduction on the Sales price per meter for the period ended December 31, 2021 would have reduced the value of the Investment Properties by 282.7 million, which would impact, net of its tax effect on the "Other Operating Income" item in the Income statement.