3. Other income
(in thousands of euros)
Result on performance shares BACH
Result on sale of Schiphol Hotel Holding B.V.
Total other revenues
The other income in 2017 includes the result of performance shares in Brisbane Airport Corporation Holdings (hereafter ‘BACH’) of 11.9 million euros and the one-off effects from the sale of Schiphol Hotel Holding B.V. of 26.0 million euros.
In 2017, BACH decided to withdraw the performance shares. Schiphol Group was the sole holder of these shares, which entitled Schiphol to performance shares dividend. The amount of this dividend depended on the performance of the company. The overall 2017 result from these shares was 11.9 million euros, of which 2 million euros was realised and received in 2017. The fair value of the performance shares held as per reporting date was 12.2 million euros, which amount was received in 2018. From the total value of 12.2 million euros, 18.72%, which equals our share in BACH, was deducted from the investment in this associate and the profits from associates. The remaining part was recorded as other income.
On 13 December 2017, Schiphol Group sold its interest in Schiphol Hotel Holding B.V. and the related subsidiaries Schiphol Operational Company and Schiphol Property Company. In 2017 the contribution of this group to net revenues and to the operating profit was 30 million euros and 6.3 million euros respectively. The sale generated a positive result of 26 million euros in 2017, which was recorded as part of other income. The net cash received amounts to 144.5 million euros. For more information see Changes in the scope of consolidation.
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