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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 Lease receivables

22. Lease receivables

(in thousands of euros)

2012

2011

Carrying amount as at 1 January

3,299

5,523

Movements in the year

Accrued interest on lease receivables

391

855

Lease instalments received

-1,609

-3,079

Lease settlement

-2,081

-

Total movements in the year

-3,299

-2,224

Carrying amount as at 31 december

-

3,299

All lease receivables at 31 December 2012 were recognised under current assets.

Beheer- en beleggingsmaatschappij Balnag B.V. (Balnag), a wholly-owned subsidiary of Schiphol Group, took out a 20-year lease on the air traffic control tower at Schiphol-Centrum from a financing company, Abinton B.V., 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, resulting in the recognition of a lease receivable under the lease to LVNL and a lease liability to Abinton B.V. The effective interest rate of the lease contract between Balnag and LVNL was 13.0%. Both LVNL and Balnag exercised their purchase option and LVNL made the purchase in 2012.