b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 (Continued)Market share assumptions Growth rate estimatesTheseassumptionsareimportantbecauseaswell Ratesarebasedoneconomicgrowthrates,growthas using industry data for growth rates (as noteddomesticproductandrelevantpublishedresearch.below),managementassesseshowtheCGUsposition,relativetoitscompetitors,mightchange Sensitivity to changes in assumptionsovertheforecastperiod.Managementexpectsthe Regarding the assessment of VIU for the GOw2 Groupsshareoftheoilretailproductsmarketto CGU,managementbelievesthattherearebestableovertheforecastperiod. noreasonablypossiblechangesinanyoftheabovekeyassumptionsthatwouldcausethecarryingvalueoftheCGUtomateriallyexceeditsrecoverableamount.4.6 INVESTMENT PROPERTIESStaatsolie purchased the land situated inThecontractfortheonethousandtwohundredandWageningen,DistrictNickeriein2009.The two(1,202)hectaresoftheinvestmentproperty,investmentpropertiesaremeasuredatfairvalueat whichwasleasedoutunderanoperatinglease,eachStatementofFinancialPositiondate.Initially wasterminatedbasedonmutualagreementthe land would accommodate the Ethanol BusinessbetweenStaatsolieandthelessee.ofStaatsoliewhichwascancelledin2015.Avaluationoftheinvestmentpropertieswascarried Asaresult,annualincomewasUS$NIL(2020:outbyanexternalindependentqualifiedassessor US$151thousand).onJanuary12,2022,andthefairvaluewas Therearenodirectoperatingexpensesarisingfromprocessedaccordinglyinfinancialyear2021. the rental agreement on account for Staatsolie. Theindependentevaluationwillbeperformedannually.(X US$ 1,000) 2021 2020Reconciliation of carrying amountBalanceatJanuary1 16,882 16,882Fairvaluegain 1,954 -Balance at December 31 18,836 16,8824.7 LEASESGroup as a lessee TheGroupsobligationsunderitsleasesaresecuredbythelessorstitletotheleasedassets.TheGrouphasleasecontractsformotorvehiclesin its operations and a leased piece of land throughGenerally,theGroupisrestrictedfromassigningitssubsidiaryVentrin.Themotorvehiclesgenerally andsubleasingtheleasedassets.haveleasetermsbetween3and5yearswhilethepiece of land was leased for an initial period of 15Thereareseveralleasecontractsthatincludeyears,withanoptiontorenewforanadditionalterm extensionandterminationoptionsandvariableof 15 years. leasepayments,whicharefurtherdiscussedbelow.126 STAATSOLIE 2021 ANNUAL REPORT'