Schiphol.nl   •   Contact

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 Lease liabilities

33. Lease liabilities

(in thousands of euros)

Counterparty

Effective interest rate

Expiry date of lease

2012

2011

Triport

ABP

7.0%

2034

51,559

52,649

Control tower

Abinton B.V.

7.7%

2012

-

4,222

Cars

PON

5.3%

2017

4,148

-

Other

840

1,640

Total lease liabilities

56,547

58,511

The current portion of the lease liabilities at 31 December 2012, amounting to EUR 2.5 million (31 December 2011: EUR 5.9 million), is presented under current liabilities.

In April 2011, Schiphol Group redeemed the 40-year lease on the P1 car park and walkway before maturity for a total of EUR 53.5 million.

The Triport office building lease with ABP runs for 40 years, with options to cancel after 25 years and 30 years. If the lease is cancelled before the end of the 40-year period, Schiphol Group will be liable to pay a lump sum and penalty interest, with the buildings becoming the property of Schiphol Group. The rent is increased annually in line with the consumer price index. The leasehold of the land on which the Triport buildings stand has been granted to ABP for the duration of the lease.

Beheer- en beleggingsmaatschappij Balnag B.V. (Balnag), a wholly-owned subsidiary of Schiphol Group, leased the air traffic control tower at Schiphol-Centrum from a financing company, Abinton B.V., on a 20-year lease taken out in 1992. The control tower was in turn leased to Air Traffic Control the Netherlands (LVNL) for the same period. Both contracts qualify as finance leases. In 2012, Balnag purchased the control tower from Abinton B.V. and subsequently resold it.

The remaining terms of the lease liabilities at 31 December 2012 were as follows. The portion of the lease liabilities due within one year is presented under current liabilities.

Total

<= 1 year

> 1 year

> 1 year en

> 5 years

(in thousands of euros)

< 5 years

Face value of finance lease instalments

111,564

6,549

105,015

24,800

80,215

Interest component in finance lease instalments

- 55,017

- 4,051

- 50,966

- 15,634

- 35,333

Carrying amount of finance lease liabilities

56,547

2,498

54,049

9,166

44,882

The movements in the lease liabilities during the year were as follows:

(in thousands of euros)

2012

2011

Carrying amount as at 1 January

58,511

113,648

Movements in the year

Accrued interest on lease liabilities

4,290

5,550

Lease instalments paid

- 8,363

- 61,377

Lease settlement

- 2,123

-

Finance lease-Investments

4,232

690

Total movements in the year

- 1,964

- 55,137

Carrying amount as at 31 December

56,547

58,511