162 / 222
158
ANNUAL ACCOUNTS /
Notes to the consolidated accounts
NOTE 16. NET INTEREST CHARGES
(x €1,000)
2014
2013
Nominal interests on loans
32,194
33,742
Bilateral loans - floating rate
7,623
7,174
Syndicated loans - floating rate
272
Commercial papers - floating rate
926
902
Investment credits - floating or fixed rate
634
1,262
Bonds - fixed rate
13,778
16,709
Convertible bonds
9,233
7,423
Reconstitution of the nominal amount of financial debts
721
845
Charges from authorised hedging instruments
31,738
51,329
Authorised hedging instruments qualifying for hedge accounting as defined under IFRS
21,644
36,902
Authorised hedging instruments not qualifying for hedge accounting as defined under IFRS
10,094
14,427
Income from authorised hedging instruments
-13,283
-22,960
Authorised hedging instruments qualifying for hedge accounting as defined under IFRS
-9,203
-13,715
Authorised hedging instruments not qualifying for hedge accounting as defined under IFRS
-4,080
-9,245
Other interest charges
3,330
4
3,087
TOTAL
54,700
5
66,043
6
The effective interest charges on loans correspond to an average effective interest rate on loans of 3.43% (2013: 3.92%). The effective charges
without taking into account the hedging instruments stands at 2.27%. This percentage can be split up between 1.94% for the borrowings at
fair value and 2.37% for the borrowings at amortised cost.
NOTE 15. FINANCIAL INCOME
(x €1,000)
2014
2013
Interests and dividends received
3
1,537
2,125
Interest receipts from finance leases and similar receivables
4,040
3,598
TOTAL
5,577
5,723
NOTE 14. OTHER RESULT ON THE PORTFOLIO
(x €1,000)
2014
2013
Changes in the deferred taxes
1
-1,739
-312
Writeback of rents already earned but not expired
505
-2,071
Changes in the fair value of other non-financial assets
-5
Goodwill impairment
2
-11,000
-21,000
Other
930
705
TOTAL
-11,304
-22,683
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 Note 35.
2.
See Note 20.
3.
The amount of dividends received is nil at 31.12.2014.
4.
Commitment fees.
5
In 2014, the interests on loans at amortised cost (K€27,012) are comprised of the “Other interest charges” of the “Reconstitution of the nominal amount of financial debts”
and the “Nominal interests on loans” (except for the “Convertible bonds”). The interests on loans at fair value throught the net result (K€27,688) are comprised of the
“Charges and income from authorised hedging instruments” and the “Convertible bonds”.
6
In 2013, the interests on loans at amortised cost (K€30,251) are comprised of the “Other interest charges” of the “Reconstitution of the nominal amount of financial debts”
and the “Nominal interests on loans” (except for the “Convertible bonds”). The interests on loans at fair value throught the net result (K€35,792) are comprised of the
“Charges and income from authorised hedging instruments” and the “Convertible bonds”.
NOTE 13. CHANGES IN THE FAIR VALUE OF INVESTMENT PROPERTIES
(x €1,000)
2014
2013
Positive changes in the fair value of investment properties
55,806
26,659
Negative changes in the fair value of investment properties
-61,261
-52,919
TOTAL
-5,455
-26,260
The breakdown of the changes in the fair value of properties is presented in Note 22.