FINANCIAL STATEMENTS Consolidated financial statements as of December 31, 2017 3 Main investment properties at cost as of December 31, 2017 are: The investments for €72.4 million realized during the period mainly > in Scandinavia: a project under construction in Kristianstad and concern the investments on the Prado and Gran Reno projects. a land in Odense; The “Other movements, reclassifications” item is mainly related to the > in Belgium: building rights attached to Louvain-la-Neuve transfer of a building in Köln from “Investment properties at cost” to development project; “Investment properties held for sale” and the transfer of the Prado project from “Investment properties at cost” to “Investment properties > in Italy: the extension of the shopping center Shopville Gran Reno. at fair value”. 5.4.3 Investment properties held for sale Accounting policies Investment properties held for sale Investment properties under sale commitment or sales mandate are presented according to IFRS 5. The accounting impacts are as follows: > reclassification as held for sale at the lower of its carrying amount and fair value less costs to sell; > presentation on a separate line as current assets. In €m INVESTMENT PROPERTIES HELD FOR SALE – NET VALUE AS OF 12/31/2016 284.4 Disposals and exits from the scope of consolidation -200.0 Other movements, reclassifications 175.2 Currency fluctuations -0.4 Fair value variations 36.4 INVESTMENT PROPERTIES HELD FOR SALE – NET VALUE AS OF 12/31/2017 295.6 During the year 2017, the main assets disposed (€200 million) were: The amount of transfer from or to “Investments properties held for > the Lillestrøm Torv shopping center in Norway; sale” for €175 million mainly concerns two shopping centers in Vitrolles (France) and Madrid (Spain), a building in Köln (Germany) and four > the Emporia offices in Malmö, Sweden; retail units in France. > the Charras shopping center in Courbevoie, France; > 15 other retail units in France. 5.4.4 Investment property portfolio reconciliation The following table reconciles the carrying amount of the investment properties to the valuation of the property portfolio disclosed in the management report: 12/31/2017 Investment properties held by Investment in equity Optimization Total Portfolio (a) In €m fully consolidated companies method companies of tax duties valuation Investment properties at fair value 21,494.2 1,388.6 433.1 23,315.8 Investment properties at cost 123.1 123.1 Investment properties held for sale 295.6 295.6 > Ground leases 27.3 27.3 > Operating lease incentives 8.4 8.4 TOTAL 21,948.5 1,388.6 433.1 23,770.2 (a) Investments in assets consolidated under the equity method are included based on the fair value of the shares and taking into account receivables and facilities granted by the Group. KLÉPIERRE 2017 REGISTRATION DOCUMENT 89