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Annual Statements

Home Annual Statements Financial Statements 2013 Notes to the consolidated financial statements Notes to the consolidated balance sheet Investment property

17. Investment property

(in thousands of euros)

Buildings

Sites

Total

Carrying amount as at 31 December 2011

751,371

317,501

1,068,872

Movements in 2012

Completions

42,062

10,700

52,762

Fair value gains and losses

- 24,869

848

- 24,021

Sales

- 11,157

-

- 11,157

Reclassification

702

-

702

Total movements in the year

6,738

11,548

18,286

Carrying amount as at 31 December 2012

758,109

329,049

1,087,158

Movements in 2013

Completions

47,988

189

48,177

Fair value gains and losses

- 16,994

19,540

2,546

Reclassification

- 3,440

546

- 2,894

Total movements in the year

27,554

20,275

47,829

Carrying amount as at 31 December 2013

785,663

349,324

1,134,987

Airport Real Estate Basisfonds C.V. (AREB C.V.) has granted pledges on 17 of its investment properties in favour of Svenska Handelsbanken A.B. for an amount of 314.0 million euros. The proportionate consolidation of AREB C.V. means that 61.15% of this amount was recognised in the Schiphol Group balance sheet at 31 December 2013.

Buildings included 80.3 million euros (31 December 2012: 82.5 million euros) in respect of the fair value of assets (The Base) where the company has the risks and rewards incidental to ownership but not legal title (finance lease). Land includes sites leased under long-lease contracts.

The calculation of the cash flows (which are a factor in determining the fair value at which investment property is presented in the balance sheet) takes into account the existence of lease incentives. See notes 2 and 3 to the consolidated income statement for details of sales and fair value gains and losses.

Schiphol Group’s policy is to let land solely on a long-lease or a ground rent basis except for those sites which management intends to sell. These are sites away from the Schiphol location and they are recognised in the balance sheet as assets held for sale.