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
France

8%

8%

Brisbane Airport Corporation Holdings Ltd. (BACH)

Brisbane
Australia

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

  • Based on the financial statements as of December 31, 2018
  • Based on the financial statements as of June 30, 2018


Next:

14. Loans to associates