10. Assets under construction or development


(in thousands of euros)

Assets under construction for operating activities

Carrying amount as at 1 January 2017

244,419

Movements in 2017

Capital expenditure

444,031

Capitalised construction period borrowing cost

767

Completed assets

-268,026

Reclassification

-2,732

Reclassified as assets held for sale

-329

Total movements in the year

173,711

Carrying amount as at 31 December 2017

418,130

Movements in 2018

Capital expenditure

516,824

Capitalised construction period borrowing cost

3,236

Completed assets

-236,086

Reclassification

-2,094

Other

33

Total movements in the year

281,913

Carrying amount as at 31 December 2018

700,043

Capital expenditures relate to the following projects:

Capital Programme

108,025

Redevelopment Terminal 1

37,504

Expansion parking spaces

25,109

Lelystad Airport

24,633

Terminal maintenance

23,156

Platform development Sierra

22,983

Tunnel safety

21,874

Expansion Uniform platform

17,860

Other

235,679

Total capital expenditures in the year

516,824

The capitalisation of construction period interest is calculated by applying a percentage rate determined every quarter on the basis of the leverage ratio. In 2018, the rate varied between 1.67% and 1.81% on an annual basis.

At 31 December 2018 assets under construction or development in respect of Lelystad Airport amount to 56 million euros. The 1 April 2019 deadline set for the opening of Lelystad Airport to passenger traffic has been further extended by the Ministry of Infrastructure and Water Management (I&W), with the airport now scheduled to become operational in 2020.

The exact opening date is expected to be determined during the first half of 2019. Meanwhile, all parties involved, including Lelystad Airport, the Ministry of I&W, LVNL and CLSK, as well as the Dutch government and relevant provincial and municipal governments, are continuing their preparations for this opening.

Schiphol Group's management is confident that Lelystad will be opened to commercial traffic in 2020. An assessment of the business case based on this assumption indicates that an impairment of the investments made by Schiphol in relation to Lelystad Airport is not necessary.

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11. Investment property