ÖBB Annual Report 2023

267 Consolidated Financial Statements Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 49 Goodwill The development of goodwill is shown in the preceding table. Most of this goodwill is allocated to the Rail Cargo Group and is subject to an impairment test with regard to its future economic benefit. Impairment An impairment test for intangible assets (with indefinite useful lives) using current planning data shows no (py: one) impairment requirement for 2023 (py: EUR -28.2 million). The parameters for calculating the value in use and other disclosures are shown in Note 3 and Note 14. The goodwill reported as at 31.12.2023 totalling approx. EUR 83.1 million (py: approx. EUR 80.7 million) is attributable to the Cargo CGU. The changes are due to foreign currency effects. 16. Financial investment in property Only properties not qualifying as railway assets (Section 10a Railway Act) and therefore freely leased to third parties or available for sale are assigned to this category. Essentially, properties for lease purposes and building rights are therefore reported under investment property. The useful lives of these properties correspond to the useful lives of those properties reported under property, plant and equipment. The statement of financial position item developed as follows: 2023 2022 in EUR million in EUR million Cost As of Jan 01 408.8 367.7 Additions 1.3 20.4 Additions at cost from subsequent acquisitions 53.0 16.3 Disposals at cost -2.6 -7.4 Transfers from/to intangible assets 8.9 11.8 As of Dec 31 469.5 408.8 Accumulated depreciation As of Jan 01 -174.0 -176.0 Depreciation and amortisation -5.5 -4.1 Impairment 0.0 -0.5 Disposals 2.4 6.7 As of Dec 31 -177.0 -174.0 Net carrying amounts as of Jan 01 234.8 191.7 Net carrying amounts as of Dec 31 292.5 234.8 If investment property is leased out, this is done by means of operating leases. The resulting rental income, excluding operating costs, amounted to approx. EUR 25.4 million (py: approx. EUR 20.4 million), which was offset by directly attributable expenses (including repairs and maintenance, but excluding operating costs) of approx. EUR 6.2 million (py: approx. EUR 5.1 million). In addition, operating expenses of approx. EUR 0.4 million (py: approx. EUR 0.0 million) were incurred, which were not offset by rental income. The ÖBB Group has not concluded any agreements for the maintenance of its investment property that give rise to an obligation in this respect. The fair value is approx. EUR 1,155.6 million (py: approx. EUR 1,060.0 million). The measurement of 74% (py: 79%) of the properties is performed with the utilisation of external appraisals that are not based exclusively on market data and are therefore assigned to hierarchy level 3. The fair values of the remaining investment properties were determined by internal experts of ÖBB-Immobilienmanagement GmbH using a discounted cash flow calculation based on the actual rents for the respective lease property. The fair values determined in this way were also allocated to hierarchy level 3 in accordance with IFRS 13.