14 Real Estate Inventories

Recognized real estate inventories in the amount of € 309.7 million (December 31, 2017: € 0.0 million) concern all development projects that result from the inclusion of the BUWOG Group. These are projects to construct housing units planned for sale that are currently being built or that have been completed but have not yet been sold. Because of the intention to sell, valuation is not made in accordance with IAS 40 but according to IAS 2 at the amortized cost or at net realizable value, whichever is lower.