Stadgenoot Financial Statements 2011
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Stadgenoot Financial Statements 2011 Contents Consolidated financial statements 2011 Consolidated balance sheet as at 31 December 2011 2 Consolidated profit and loss account for 2011 4 Consolidated cash flow statement for 2011 5 Notes to the consolidated financial statements 6 Notes to the separate items of the consolidated balance sheet 15 Off-balance-sheet assets and liabilities 27 Notes to the separate items of the consolidated profit and loss account 29 Notes on the current value of the consolidated balance sheet 34 Company financial statements 2011 Company balance sheet as at 31 December 2011 44 Company profit and loss account for 2011 46 Company cash flow statement for 2011 47 Notes to the company financial statements 48 Notes to the separate items of the company balance sheet 49 Off-balance-sheet assets and liabilities 59 Notes to the separate items of the company profit and loss account 60 Other information Report by the independent auditors 67 Statement concerning the disposition of funds in the interests of housing 68 Post-balance-sheet events 68 Provisions of the articles of association concerning the appropriation of results 68 Proposed appropriation of the result 68 Key figures Numbers of units under management 69 Annex Financial summary of group companies, participating interests and strategic alliances 71 1 Consolidated balance sheet as at 31 December 2011 In thousands of euros, after appropriation of result Assets 31-12-11 31-12-10 1 Fixed assets Tangible fixed assets 1.1 Property in operation 2,348,036 2,081,229 1.2 Property underdevelopment 34,522 137,249 1.3 Property serving operations 48,115 26,489 2,430,673 2,244,967 2 Financial fixed assets Other participating interests 18,148 12,863 Receivables from other participating interests 54,018 50,759 Other receivables 17 1,437 72,183 65,059 Total fixed assets 2,502,856 2,310,026 Current assets 3 Stocks 163,943 116,767 4 Work in progress 3,961 1,161 Debtors 5.1 Tenants 3,252 3,313 Public authorities 5 116 5.2 Tax and social security contributions 38,541 30,624 5.3 Other receivables 7,688 9,720 5.4 Prepayments and accrued income 28,841 22,469 78,327 66,242 6 Cash 47,501 32,476 Total current assets 293,732 216,646 Total assets 2,796,588 2,526,672 1 2010 figures restated for comparison purposes. 2 In thousands of euros, after appropriation of result Equity and liabilities 31-12-11 31-12-10 1 7 Group equity Shareholders’ equity 881,127 699,379 Total group equity 881,127 699,379 Provisions 8.1 Provision for deferred tax liabilities 3.3,131 9,013 8.2 Provision for unprofitable investments 24.24,111 19,787 8.3 Other provisions 5.5,633 1,561 Total provisions 32, 32,875 8 30,361 75 Long-term liabilities 9.1 Loans 1,658,403 1,622,592 9.1 Guarantee deposits 10,753 . 9,974 Total long-term liabilities 1, 1,669,156 1,632,566 ,156 Current liabilities 10.1 Amounts owed to credit institutions 112,196 93,215 4 Prepayments on work in progress 634 942 Trade creditors 12,774 20,622 10.2 Tax and social security contributions 3,664 3,067 10.3 Accruals and deferred income 84,161 46,520 Total current liabilities 213,429 164,366 Total equity and liabilities 2,796,588 2,526,672 1 2010 figures restated for comparison purposes. 3 Consolidated profit and loss account for 2011 In thousands of euros 2011 2010 Operating income 15.1 Rents 177,960 171,168 15.2 Charges 15,295 12,435 15.3 Proceeds from sales of property 51,976 38,633 15.4 Change in work and projects in progress 46,030 -4,163 Capitalised production for own use 4,376 2,736 15.5 Other operating income 16,862 13,860 Total operating income 312,499 234,668 Operating expenses 16.1 Costs of subcontracted work 77,301 8,087 Depreciation and amortisation 2,357 2,784 16.2 Other movements in the value of tangible and intangible 32,459 35,876 fixed assets Ground rent 3,022 2,853 16.3 Wages and salaries 23,337 24,177 Social security charges 3,338 3,128 16.4 Pension charges 4,130 4,180 16.5 Maintenance costs 37,899 37,200 16.6 Exceptional changes in value of current assets 8,418 -471 16.7 Other operating expenses 52,343 49,091 Total operating expenses 244,603 166,907 Operating result 67,896 67,761 Finance income and expense 17.1 Interest and similar income 2,781 4,284 17.2 Interest and similar charges -59,579 -56,126 17.3 Gains and losses on derivatives -31,008 0 Total finance income and expense -87,806 -51,842 Group result on ordinary activities before tax -19,910 15,918 18.1 Corporation tax 13,995 3,427 Share in results of participating interests 7,840 -26,217 Group result after-tax before movements in current value of 1,925 -6,872 tangible fixed assets 1.1 Movements in the current value of property in operation 179,839 27,880 Net result 181,764 21,008 4 Consolidated cash flow statement for 2011 2011 2010 1 Cash flow from operating activities Operating result 67,896 67,761 Adjusted for: - depreciation/amortisation 2,357 2,784 - other exceptional changes in value 40,877 35,405 - movements in provisions 4,072 -609 Changes in working capital: - movements in provisions 3,270 27,253 - movements in current liabilities -26,748 -29,081 23,828 35,752 Net cash flow from operations 91,724 103,513 Interest received 2,781 4,284 Interest paid -59,579 -56,126 Dividends from participating interests 0 0 Tax paid/received 187 -255 -56,611 -52,097 Net cash flow from operating activities 35,113 51,416 Cash flow from investing activities Investments in tangible fixed assets: - property in operation -31,619 -27,878 - property in development -2,760 -113,839 - property serving operations -24,022 -6,121 - movements in work in progress/stocks -58,701 -21,659 Proceeds from disposals of tangible fixed assets 22,056 43,784 Movements in financial fixed assets -716 4,314 Net cash flow from investing activities -95,762 -121,399 Cash flow from financing activities Movements in guarantee deposits 779 441 Proceeds from long-term loans 139,000 211,240 Repayments of long-term loans -103,189 -120,654 Movements in save-as-you-earn accounts 0 -408 Movements in short-term loans 39,100 -19,100 Repayment of share capital -16 -4 Net cash flow from financing activities 75,674 71,515 Net cash flow 15,025 1,532 Movements in cash Opening balance 32,476 30,944 Closing balance 47,501 32,476 Total movements in cash 15,025 1,532 1 2010 figures restated for comparison purposes. 5 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS GENERAL Accredited institutions Stichting Stadgenoot, Amsterdam, is a foundation (stichting) having accredited institution status pursuant to Section 70, subsection 1, of the Housing Act. Pursuant to Article 2 of the articles of association, the accredited institution operates in the provinces of Noord-Holland and Flevoland. On Wednesday, 6 July 2011, the Council of Members of the housing association Woningbouwvereniging Stadgenoot voted in favour of changing the legal status of Stadgenoot from that of an association to that of a foundation, simultaneously deciding that a council representing civil society should be established. New articles of association and a set of rules were drawn up. Conversion from association to foundation was completed on 8 December 2011. Applied standards Pursuant to the requirements set forth in the Social Housing Decree applicable to accredited institutions, the financial statements have been prepared in accordance with the provisions of Part 9, Book 2, of the Netherlands Civil Code, with various specific exceptions. Included in the Guidelines for Annual Reporting in the Netherlands is Guideline 645 Officially Recognised Social Housing Institutions, containing a more detailed interpretation of the accounting standards. This Guideline also contains specific formats for the balance sheet and the profit and loss account. Guideline 645 exclusively governs matters specific to the sector. All other matters are governed by the generally applicable accounting guidelines. These financial statements have been prepared in accordance with the provisions of Guideline 645 Officially Recognised Social Housing Institutions applicable to financial years commencing on or after 1 January 2005. This means that the new Guideline 645, applicable to financial years commencing on or after 1 January 2012, has not been applied. Reporting period These financial statements have been prepared on the basis of a reporting period coinciding with a calendar year. Continuity These financial statements have been prepared on a going-concern basis. Comparative figures The presentation of the comparative figures in the balance sheet has been changed to reflect the separation of work in progress and projects in progress. In addition, the short-term loans have been included in amounts owed to credit institutions instead of other amounts owed. The presentation of the comparative figures in the cash flow statement has also been changed. The movements in amounts owed to credit institutions have been included in movements in current liabilities instead of movements in cash and the share in results of participating interests is no longer presented separately but accounted for as an adjustment to the movements in financial fixed assets. 6 ACCOUNTING POLICIES General The accounting policies used for the valuation of assets and liabilities and for the determination of results are based on historical cost unless otherwise mentioned.