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Annual Statements

Home Annual Statements Financial Statements 2013 Notes to the consolidated financial statements Notes to the consolidated balance sheet Assets under construction or development

16. Assets under construction or development

(in thousands of euros)

Assets under construction for operating activities

Assets under construction for investment property

Total

Carrying amount as at 31 December 2011

250,937

146,095

397,032

Movements in 2012

Capital expenditure

253,338

35,244

288,582

Construction period borrowing cost capitalised

3,340

458

3,798

Completed assets and investment property

- 294,040

- 52,762

- 346,802

Impairment

-

- 21,349

- 21,349

Sales

- 89

-

- 89

Reclassification

1,407

- 13,275

- 11,868

Total movements in the year

- 36,044

- 51,684

- 87,728

Carrying amount as at 31 December 2012

214,893

94,411

309,304

Movements in 2013

Capital expenditure

253,719

59,286

313,005

Construction period borrowing cost capitalised

1,757

378

2,134

Completed assets and investment property

- 210,634

- 48,178

- 258,812

Impairment

- 349

- 17,061

- 17,410

Reclassification

- 1,548

39,796

38,248

Total movements in the year

42,945

34,221

77,166

Carrying amount as at 31 December 2013

257,838

128,632

386,470

The reclassification of assets under construction in 2013 relate, inter alia, to assets held for sale, see section 23 'Assets held for sale'. In 2012, the reclassification of assets under construction for investment property mainly related to prepayments of assets under construction which are recognised as other current receivables.

The capitalisation of borrowing costs during the construction period is calculated by applying a percentage rate determined quarterly according to leverage ratio. In 2013, the rate varied between 2.4% and 2.5% per annum reflecting that ratio. At 31 December 2013, there was no difference between the fair value of assets under construction for investment property and the costprice.

At 31 December 2013, there were capital expenditure obligations for assets under construction or development of 66.3 million euros in property (at 31 December 2012:125.8 million euros, of which 95.1 million euros in property). A start has been made in 2013 on the Central Security project with a capital expenditure programme of plus minus 350 million euros. It is expected that the Central Security project will be completed in 2015.

See note 7 for further information on impairment.