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Annual Statements

Home Annual Statements Financial Statements 2013 Notes to the consolidated financial statements Notes to the consolidated income statement Financial income and expenses

9. Financial income and expenses

(in thousands of euros)

2013

2012

Interest expense

Borrowings

- 99,303

- 99,082

Lease liabilities

- 4,463

- 4,291

Capitalised construction period borrowing costs

2,134

3,798

Interest on tax due

- 319

-

- 101,951

- 99,575

Interest income

Cash and cash equivalents

2,048

3,851

Loans to associates

5,848

9,906

Lease receivables

-

391

Interest on tax due

1,492

1,643

Other

558

259

9,946

16,050

Other financial gains and losses

Exchange differences on loans to associates

- 925

- 283

Exchange differences on cash and cash equivalents

- 149

- 411

Exchange differences on other assets and liabilities

2,795

597

Derivative financial instruments

- 4,449

- 4,530

Dividends from other financial interests

-

158

Other

- 89

- 88

- 2,817

- 4,557

Total financial income and expenses

- 94,822

- 88,082

Capitalised construction period borrowing costs are interest charges incurred during the construction phase of large investment projects.

Exchange differences on loans to associates concern the Redeemable Preference Shares of Brisbane Airport Corporation Holdings Ltd held by Schiphol Group. The terms and conditions require repayment of the nominal value to the shareholders within a period of 10 years and therefor the shares are not considered to be part of the net investment in the associate. Consequently, exchange differences should be accounted for in the income statement rather than in the exchange differences reserve. The currency risk relating to this long-term receivable is, however, largely hedged by annual forward transactions which hedge the Australian dollar position against the euro. The hedge transactions are recognised as a cash flow hedge while the associated exchange differences are recognised in the reserve for hedging transactions. The other exchange differences are recognised in the income statement.