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12. Investment property

The Group's investment property does not include certain investment properties of the Company, which are leased to Group subsidiaries, and as a result, are included 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
  2016 2015 2016 2015
Opening balance 9,548 9,267 9,461 9,908
Additions - 31 - -
Disposals -77 -161 - -161
Net loss from measurement at fair value (note 4) -243 -300 -335 -286
Transfer from own-used property after revaluation 588 - - -
Transfer from inventories (note 19) - 715 - -
Exchange differences 4 -4 - -
Ending balance 9,820 9,548 9,126 9,461
(all amounts in Euro thousands) Group Company
  2016 2015 2016 2015
Rental income derived from investment property 326 212 135 57
Direct operating expenses (including repair and maintenance) that did not generate rental income -45 -24 -22 -
Net profit arising from investment properties carried at fair value 281 188 113 57

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.