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| Assets held for sale before reclassification | 31 December 2015 | 31 December 2014 |
| Groups held for sale | - | 188,747 |
| Assets | - | 440,761 |
| Intangible assets | - | 4,745 |
| Tangible assets | - | 6,864 |
| Financial assets | - | 342,639 |
| Receivables, including insurance receivables | - | 32,106 |
| Reinsurers’ share in technical provisions | - | 19,864 |
| Estimated subrogations | - | 6,988 |
| Change in deferred tax assets | - | 1,591 |
| Deferred acquisition costs | - | 15,399 |
| Accruals | - | 2,216 |
| Other assets | - | 2 |
| Cash and cash equivalents | - | 8,347 |
| Liabilities directly associated with assets qualified as held for sale | - | 252,014 |
| Technical provisions | - | 215,057 |
| Provisions for employee benefits | - | 1,464 |
| Other liabilities | - | 28,721 |
| Accruals and deferred income | - | 6,772 |
| Other assets held for sale | 1,506,048 | 165,849 |
| Tangible assets | 44,221 | 51,534 |
| Investment property | 1,461,827 | 114,315 |
| Assets and asset groups held for sale | 1,506,048 | 606,610 |
| Liabilities directly associated with assets qualified as held for sale | - | 252,014 |
As at 31 December 2014, the item "Groups held for sale" included assets and liabilities of PZU Lithuania that were sold by means of a transaction described in Note 2.4.1.
As at 31 December 2015, the item "Investment property" included mainly the property held for sale by property investment funds as a result of achieving the expected investment horizon ( in the amount of PLN 1,345,100 thousand). As at 31 December 2014, this item presented mainly the assets held by PZU and PZU Życie for sale as part of the portfolio optimization project. The table on the following page presents a summary of major properties for sale with their relevant parameters, which were included in the valuation. For comparison, fair values as at 31 December 2014 were also recognized, previously presented in the item "Investment property".
| No. | Name of the property | Fair value as at 31 December 2015 | Fair value as at 31 December 2014 1) | Measurement approach | Unobservable data | Ranges of unobservable data as at 31 December 2015 | Ranges of unobservable data as at 31 December 2014 |
| 1. | Warehouse and office buildings, Łódź | 253,100 | 220,990 | Income approach using the investment method and the cash flows discounting technique | Monthly rental rate per 1 m2 (office space in warehouse facilities) Monthly rental rate per 1 m2 (warehouse space) Capitalization rate |
EUR 7.50 – 9.00 EUR 2.50 - 4.00 2) |
EUR 7.50 – 9.00 EUR 2.60 – 3.60 2) |
| 2. | Office complex, Gdańsk | 165,400 | 168,910 | Income approach using the investment method and the income stream discounting technique | Monthly rental rate per 1 m2 (office space) Capitalization rate |
EUR 12.00 – 16.00 2) |
EUR 12.00 – 16.00 2) |
| 3. | Office building, Warsaw | 134,400 | 140,240 | Income approach using the investment method and the income stream discounting technique | Monthly rental rate per 1 m2 (office space ) Monthly rental rate (parking lot) Capitalization rate |
EUR 12.00 – 34.00 EUR 65.00 – 150.00 2) |
EUR 7.98 – 22.00 EUR 23.46 – 150.00 2) |
| 4. | Warehouse and office buildings, Gdańsk | 130,600 | 85,070 | Income approach using the investment method and the cash flows discounting technique | Monthly rental rate per 1 m2 (office space in warehouse facilities) Monthly rental rate per 1 m2 (warehouse space) Capitalization rate |
EUR 7.50 – 9.00 EUR 2.90 – 3.80 2) |
EUR 8.00 – 9.00 EUR 2.60 – 3.60 2) |
| 5. | Warehouse and office building, Nowa Wieś Wrocławska | 127,600 | 124,370 | Income approach using the investment method and the income stream discounting technique | Monthly rental rate per 1 m2 (office space in warehouse facilities) Monthly rental rate per 1 m2 (warehouse space) Capitalization rate |
EUR 7.50 – 9.00 EUR 2.50 – 4.20 2) |
EUR 8.00 – 9.00 EUR 2.40 – 4.20 2) |
| 6. | Warehouses, Czeladź | 125,800 | 129,500 | Income approach using the investment method and the cash flows discounting technique | Monthly rental rate per 1 m2 (office space in warehouse facilities) Monthly rental rate per 1 m2 (warehouse space) Capitalization rate |
EUR 7.50 – 9.00 EUR 2.90 – 4.30 2) |
EUR 8.00 – 9.00 EUR 3.00 – 4.40 2) |
| 7. | Shopping center, Pabianice | 92,300 | 97,250 | Income approach using the investment method and the income stream discounting technique | Monthly rental rate per 1 m2 of retail space depending on the surface size rented Capitalization rate |
3) 2) |
3) 2) |
| 8. | Retail park, Iława | 69,200 | 69,100 | Income approach using the investment method and the income stream discounting technique | Monthly rental rate per 1 m2 of retail space depending on the surface size rented Capitalization rate |
3) 2) |
3) 2) |
| 9. | Warehouse and office buildings, Łódź | 65,400 | 62,780 | Income approach using the investment method and the income stream discounting technique | Monthly rental rate per 1 m2 (office space in warehouse facilities) Monthly rental rate per 1 m2 (warehouse space) Capitalization rate |
EUR 7.50 – 9.00 EUR 2.50 - 4.00 2) |
EUR 7.50 – 9.00 EUR 2.60 – 3.60 2) |
| 10. | Warehouse and office building, Nowa Wieś Wrocławska | 65,100 | 60,50 | Income approach using the investment method and the income stream discounting technique | Monthly rental rate per 1 m2 (office space in warehouse facilities) Monthly rental rate per 1 m2 (warehouse space) Capitalization rate |
EUR 7.50 – 9.00 EUR 2.50 - 4.00 2) |
EUR 8.00 – 9.00 EUR 2.40 – 4.20 2) |
| 11. | Warehouse and office building, Błonie | 41,800 | 44,180 | Income approach using the investment method and the income stream discounting technique | Monthly rental rate per 1 m2 (office space in warehouse facilities) Monthly rental rate per 1 m2 (warehouse space) Capitalization rate |
EUR 7.50 – 9.00 EUR 2.50 – 3.60 2) |
EUR 7.00 – 8.00 EUR 2.10 – 3.00 2) |
| 12. | Retail building, Nowy Targ | 39,100 | 39,040 | Income approach using the investment method and the income stream discounting technique | Monthly rental rate per 1 m2 of retail space depending on the surface size rented Capitalization rate |
3) 2) |
3) 2) |
| 13. | Retail park, Lublin | 35,300 | 38,650 | Income approach using the investment method and the income stream discounting technique | Monthly rental rate per 1 m2 of retail space depending on the surface size rented Capitalization rate |
3) 2) |
3) 2) |
| 14. | Other | 116,727 | n/a | n/a | n/a | n/a | |
| Total | 1,461,827 | |
1) In the consolidated financial statements for 2014, these properties were presented as investment properties.
2) Capitalization rate was established upon the analysis of return rates in transactions concerning similar properties and with consideration of risk perception by potential investors on the real property market.
3) The market rent for the property was determined based on a market analysis of retail space in similarly located buildings with similar characteristics to the property which is being measured, in particular is was based on rental rates in contracts signed for the shopping center in question.
