13. Investments in associates and joint ventures
(in thousands of euros) | 2018 | 2017 |
|---|---|---|
Investments in associates | 888,118 | 852,065 |
Investments in joint ventures | 69,277 | 69,252 |
Carrying amount as at 31 December | 957,395 | 921,317 |
Associates
(in thousands of euros) | 2018 | 2017 |
|---|---|---|
Carrying amount as at 1 January | 852,065 | 826,237 |
|
|
|
Movements in 2017 |
|
|
Result for the year | 96,031 | 72,355 |
Dividends | -46,996 | -25,601 |
Capital contributions (repayments) | -3,156 | -4,274 |
Share of OCI | -2,015 | -6,586 |
Direct equity movement | -480 | - |
Reclassifications | -338 | - |
Other | - | -3,328 |
Exchange differences | -6,994 | -6,738 |
Total movements in the year | 36,053 | 25,828 |
|
|
|
Carrying amount as at 31 December | 888,118 | 852,065 |
Joint ventures
(in thousands of euros) | 2018 | 2017 |
|---|---|---|
Carrying amount as at 1 January | 69,252 | 69,108 |
|
|
|
Movements in 2018 |
|
|
Result for the year | 1,381 | 412 |
Dividends | -2,821 | -3,663 |
Capital contributions (repayments) | 1,284 | 3,746 |
Exchange differences | 34 | -560 |
Other | 67 | -49 |
Reclassifications | 80 | 258 |
Total movements in the year | 25 | 144 |
|
|
|
Carrying amount as at 31 December | 69,277 | 69,252 |
Of the interests held by Schiphol Group in associates and joint ventures, only those in Groupe ADP and BACH can be regarded as material.
|
| 2018 | 2017 |
|---|---|---|---|
Groupe ADP | Paris | 8% | 8% |
Brisbane Airport Corporation Holdings Ltd. (BACH) | Brisbane | 18.72% | 18.72% |
Schiphol Group has significant influence over both Groupe ADP and BACH, even though its indirect interest is smaller than 20%. In Brisbane, this influence is expressed in the form of rights to appoint members of the Board of Directors, rights to block key strategic and financial decisions and cooperative and exchange arrangements. Where Groupe ADP is concerned, the parties hold shares in each other, both the CEO and the CFO of Schiphol Group are members of Groupe ADP's Board of Directors, Groupe ADP has a representative on Schiphol Group's Supervisory Board and a long-term cooperation agreement is in place providing for cooperation in various areas.
On the following page a breakdown of the assets and liabilities, as well as a reconciliation with the recognition in Schiphol Group's financial statements. The accounting policies applied are based on Schiphol Group's accounting policies, or figures have been adjusted where necessary.
The carrying amount of the associates at 31 December 2018 includes 244 million euros of goodwill relating to Groupe ADP and 27 million euros of goodwill relating to Brisbane Airports Corporation Holding Ltd.
In 2018 Groupe ADP contributed an income of 59.3 million euros (income of 44.0 million euros in 2017) to Schiphol Group’s financial result, which also includes the impact of adjustments recorded by Schiphol Group. These adjustments relate primarily to the differences in the accounting policies in respect of property. The fair value of Groupe ADP, derived from the market price of the share at 31 December 2018 is 16.4 billion euros (31 December 2017: 15.7 billion euros). Schiphol Group’s share in this is 1.3 billion euros (31 December 2017: 1.3 billion euros).
The share in the results of associates in 2018 includes a contribution of 28.8 million euros from Brisbane Airports Corporation Holding Ltd. (2017: a contribution of 24.7 million euros).
Schiphol Group is not directly liable for other material obligations of associates. A complete list of associates and joint ventures has been filed with the Amsterdam Chamber of Commerce.
Associates
(in millions of euros) | Groupe ADP1 | Brisbane Airport2 | ||
|---|---|---|---|---|
2018 | 2017 | 2018 | 2017 | |
Income statement |
|
|
|
|
Revenues | 4,478 | 3,617 | 492 | 453 |
Interest income and expenses | 206 | 179 | 71 | 76 |
Depreciation, amortisation and impairments | 804 | 615 | 74 | 73 |
Income tax | 335 | 260 | 63 | 49 |
Result from continuing operations | 695 | 614 | 146 | 120 |
Other comprehensive income | 7 | -25 | -17 | 16 |
|
|
|
|
|
Financial position |
|
|
|
|
Fixed assets | 12,890 | 11,139 | 3,617 | 3,591 |
Current assets | 1,121 | 1,225 | 55 | 47 |
Cash and cash equivalents | 2,056 | 1,912 | 72 | 63 |
Non-current liabilities | 7,656 | 6,983 | 2,562 | 2,414 |
Current liabilities | 2,610 | 1,859 | 201 | 287 |
Equity | 5,801 | 5,434 | 460 | 452 |
Equity attributable to owners of the Company | 4,850 | 4,577 | 460 | 452 |
Group's share % of equity | 388 | 366 | 86 | 85 |
Goodwill | 244 | 244 | 27 | 34 |
Other adjustments | 75 | 64 | 8 | 2 |
Carrying amount as at reporting date | 707 | 674 | 122 | 121 |
- 1 Based on the financial statements as of December 31, 2018
- 2 Based on the financial statements as of June 30, 2018
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