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Annual Accounts /
Notes to the Consolidated Accounts
NOTE 12.
CHANGES IN THE FAIR VALUE OF INVESTMENT PROPERTIES
(x €1,000)
2013
2012
Positive changes in the fair value of investment properties
26,659
93,875
Negative changes in the fair value of investment properties
-52,919
- 81,678
TOTAL
-26,260
12,197
The breakdown of the changes in the fair value of properties is presented in Note 21.
NOTE 15.
NET INTEREST CHARGES
(x €1,000)
2013
2012
Nominal interests on loans at amortised cost
30,251
25,156
Bilateral loans - floating rate
7,174
8,876
Syndicated loans - floating rate
272
778
Commercial papers - floating rate
902
2,966
Investment credits - floating or fixed rate
1,262
1,544
Bonds - fixed rate
16,709
7,286
Other interest charges
4
3,932
3,706
Nominal interests on loans at fair value through the net result
35,792
39,052
Convertible bonds
7,423
5,436
Authorised hedging instruments qualifying for hedge accounting
23,187
28,948
Authorised hedging instruments not qualifying for hedge accounting
5,182
4,668
TOTAL
66,043
64,208
The effective interest charges on loans correspond to an average effective interest rate on loans of 3.92% (2012: 4.11%
5
). The effective charges without
taking into account the hedging instruments stands at 2.23%. This percentage can be split up between 2.70% for the borrowings at fair value and 2.14%
for the borrowings at amortised cost.
NOTE 14.
FINANCIAL INCOME
(x €1,000)
2013
2012
Interests and dividends received
3
1,772
2,290
Interest receipts from finance leases and similar receivables
3,598
3,176
Other financial income
353
93
TOTAL
5,723
5,559
NOTE 13.
OTHER RESULT ON THE PORTFOLIO
(x €1,000)
2013
2012
Changes in the deferred taxes
1
-312
-181
Writeback of rents already earned but not expired
-2,071
-2,644
Changes in the fair value of other non-financial assets
-5
Goodwill impairment
2
-21,000
-7,100
Other
705
-1,517
TOTAL
-22,683
-11,442
The writeback of already earned rents not expired, recognised during the period, results from the application of the accounting method detailed in Note 2,
paragraph R.
1
See Note34.
2.
See Note19.
3.
The amount of dividends received is nil at 31.12.2013.
4.
This amount is made up of k€3,087 of fees on unused credit and k€845 of fees on credit line drawings.
5.
Until the end of 2012, the calculation of the average interest rate on borrowings included the depreciation costs of hedging instruments pertaining to the period. As a result of the
restructuration of the hedging scheme during 2013, the method used for the calculation of the average interest rate on borrowings has been reviewed and no longer includes these
costs. If this calculation method had been applied at 31.12.2012, the average interest rate on borrowings would have stood at 3.77% instead of 4.11%.