12. Investment property

Property that is leased among Group subsidiaries is not included in investment property but in property, plant and equipment in the Group statement of financial position. Investment property is measured at fair value by external, independent, certified valuators, members of the institute of the certified valuators and certified from the European Group of Valuers' Associations (TEGoVA) & RICS (Royal Institution of Chartered Surveyors).

(all amounts in Euro thousands)

Group Company
  2017 2016 2017 2016
Opening balance 9,820 9,548 9,126 9,461
Disposals - -77 - -
Net gain/(loss) from measurement at fair value (note 4) 863 -243 -339 -335
Transfer from own-used property after revaluation 1,447 588 150 -
Exchange differences - 4 - -
Ending balance 12,130 9,820 8,937 9,126
(all amounts in Euro thousands) Group Company
  2017 2016 2017 2016
Rental income derived from investment property 406 326 155 135
Direct operating expenses (including repair and maintenance) that did not generate rental income -7 -45 - -22
Net profit arising from investment properties carried at fair value 399 281 155 113

The fair value measurement of the investment property of the Company has been mainly conducted in accordance with the comparative method or the current market values of similar properties. The main factors that were taken into consideration, are the property location, the surface area, the local urban planning, the bordering road networks, the regional infrastructure, the property maintenance status and merchantability, the technical construction standards in the case of buildings and the impact of environmental issues if any.

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