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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 Investment property

17. Investment property

(in thousands of euros)

Buildings

Sites

Total

Carrying amount as at 31 December 2010

735,808

317,505

1,053,313

Movements in 2011

Completions

14,468

2,281

16,749

Acquisitions

2,894

-

2,894

Fair value gains and losses

1,183

- 2,285

- 1,102

Reclassification

- 2,982

-

- 2,982

Total movements in the year

15,563

- 4

15,559

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

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 EUR 316.0 million. 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 2012.

Buildings included EUR 82.5 million (31 December 2011: EUR 89.6 million) in respect of the fair value of assets (Triport) 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.