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 income statement Financial income and expenses

9. Financial income and expenses

(in thousands of euros)

2012

2011

Interest expense

Borrowings

- 99,082

- 98,053

Lease liabilities

- 4,291

- 5,550

Capitalised construction period borrowing costs

3,798

3,835

- 99,575

- 99,768

Interest income

Cash and cash equivalents

3,851

3,947

Loans to associates

9,906

7,038

Lease receivables

391

855

Interest on tax due

1,643

516

Other

259

907

16,050

13,263

Other financial gains and losses

Exchange differences on loans to associates

- 283

65

Exchange differences on cash and cash equivalents

- 411

150

Exchange differences on other assets and liabilities

597

- 691

Derivative financial instruments

- 4,530

- 4,664

Dividends from other financial interests

158

370

Other

- 88

23

- 4,557

- 4,747

Total financial income and expenses

- 88,082

- 91,252

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.