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Annual Statements

Financial reporting

Price winner 2012 in the category non-listed

Home Annual Statements Financial Statements 2012 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 2010

244,194

146,501

390,695

Movements in 2011

Capital expenditure

220,326

31,822

252,148

Construction period borrowing cost capitalised

3,564

271

3,835

Completed assets and investment property

- 209,795

- 16,749

- 226,544

Fair value gains and losses

-

438

438

Impairment

-

- 1,000

- 1,000

Reclassification

- 7,352

- 15,188

- 22,540

Total movements in the year

6,743

- 406

6,337

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

The reclassification of assets under construction for investment property 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 2012, the rate varied between 2.47% and 2.54% per annum reflecting that ratio. At 31 December 2012, there was no difference between the fair value of assets under construction for investment property and the costprice (2011: 3.2 million).

At 31 December 2012, there were capital expenditure obligations for assets under construction or development of EUR 125.8 million, of which EUR 95.1 million was in property (at 31 December 2011: EUR 106.5 million, of which EUR 21.6 million in property). A start will be made in 2013 on the Central Security project with a capital expenditure programme of expected EUR 350 million till 2015. Its effects on existing assets are currently being investigated.

See note 7 for further information on impairment.