b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 (Continued)Market share assumptions Growth rate estimatesTheseassumptionsareimportantbecauseaswell Ratesarebasedoneconomicgrowthrates,growthas using industry data for growth rates (as noteddomestic product and relevant published research.below),managementassesseshowtheCGUsposition,relativetoitscompetitors,mightchange Sensitivity to changes in assumptionsovertheforecastperiod.Managementexpectsthe Regarding the assessment of VIU for the GOw2 Groupsshareoftheoilretailproductsmarketto CGU,managementbelievesthattherearebe stable over the forecast period. no reasonably possible changes in any of the above key assumptions that would cause the carrying value of the CGU to materially exceed its recoverable amount.4.6 INVESTMENT PROPERTIES Given the current economic environment the fair Staatsolie purchased the land situated invalue of the investment property will remain for the Wageningen,DistrictNickeriein2009.The amountofUS$16,882inthebooksasatDecemberinvestment properties are carried at historical cost31,2020.less accumulated impairment losses. Initially theOnethousandtwohundredandtwo(1,202)land would accommodate the Ethanol Business ofhectares of the investment property is leased out Staatsoliewhichwascancelledin2015.Avaluation underoperatinglease,amountingtoUS$151of the investment properties was carried out bythousandannualincome(2019:US$32thousandanexternalindependentqualifiedassessoron annualincome).TherearenodirectoperatingJuly26,2019andtheimpairmentwasprocessed expenses arising from the rental agreement on accordinglyinfinancialyear2018. account for Staatsolie. (X US$ 1,000) 2020 2019Reconciliation of carrying amountBalanceat1January 16,882 16,882Balance at 31 December 16,882 16,882Staatsoliewillhaveanindependentvaluerevaluatetheinvestmentpropertiesonceinthreeyears.ThismeansthatthenextindependentevaluationwillbeperformedwiththeAnnualReportof2021.4.7 LEASES TheGroupsobligationsunderitsleasesareGroup as a lessee securedbythelessorstitletotheleasedassets.TheGrouphasleasecontractsformotorvehicles Generally,theGroupisrestrictedfromassigningin its operations and a leased piece of land throughand subleasing the leased assets.itssubsidiaryVentrin.Themotorvehiclesgenerally Thereareseveralleasecontractsthatincludehave lease terms between 3 and 5 years while theextension and termination options and variable piece of land was leased for an initial period of 15leasepayments,whicharefurtherdiscussedbelow.years,withanoptiontorenewforanadditionaltermof 15 years. 102 STAATSOLIE 2020 ANNUAL REPORT'