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9. Property and Equipment

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in thousands of EUR

2017

2016

 

 

 

 

 

 

Property for own use

57,552

39,991

Equipment

15,342

16,500

 

 

 

 

 

 

Balance sheet value as at 31 December

72,894

56,491

 

 

 

The movement in the property for own use is as follows:

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in thousands of EUR

2017

2016

 

 

 

 

 

 

Purchase value as at 1 January

46,930

47,866

Cumulative revaluation as at 1 January

–1,782

–2,269

Adjustment cumulative revaluation regarding change of the accounting standard from actual cost to historical cost

487

Reclassification purchase value from property to equipment as a consequence of the change of the accounting standard from actual cost to historical cost

–397

Cumulative depreciation as at 1 January

–5,157

–3,969

Adjustment cumulative depreciation regarding change of the accounting standard from actual cost to historical cost

–601

Reclassification cumulative depreciation from property to equipment as a consequence of the change of the accounting standard from actual cost to historical cost

220

 

 

 

 

 

 

Balance sheet as at 1 January

39,991

41,337

Purchase

18,990

1,688

Depreciation

–1,067

–820

Adjustment depreciation regarding change of the accounting standard from actual cost to historical cost

–6

Revaluation

186

Exchange rate differences

–548

–2,208

 

 

 

 

 

 

Balance sheet value as at 31 December

57,552

39,991

 

 

 

Purchase value as at 31 December

64,869

46,930

Cumulative revaluation as at 31 December

–1,596

–2,269

Adjustment cumulative revaluation regarding change of the accounting standard from actual cost to historical cost

487

Cumulative depreciation as at 31 December

–5,721

–4,550

Adjustment cumulative depreciation regarding change of the accounting standard from actual cost to historical cost

–607

 

 

 

 

 

 

Balance sheet value as at 31 December

57,552

39,991

Prior year figures have been adjusted due to a change to the accounting standard from actual cost to historical cost. For further explanation see the general accounting principles. After the restatement due to the change in accounting principle, an impairment has been recognised on one building for Triodos Bank’s own use. This building is valued at its recoverable value which is EUR 2.4 million lower than cost.

The purchase in 2017 of EUR 18,990 relates to the development of a new office building in The Netherlands and the acquisition of an office building in Spain.

Property for Triodos Bank’s own use includes land which is leased with a market value of EUR 3.5 million. The lease payments are negotiated for forty years with a starting annual payment of EUR 0.2 million. The lease payment will be adjusted annually based on the consumer price index.

The movement in equipment is as follows:

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in thousands of EUR

2017

2016

 

 

 

1

excluding disposal in the amount of EUR 1.3 million (2016: EUR 4.6 million).

 

 

 

Purchase value as at 1 January

36,968

37,543

Reclassification purchase value from property to equipment as a consequence of the change of the accounting standard from actual cost to historical cost

397

Cumulative depreciation as at 1 January

–20,468

–20,779

Reclassification cumulative depreciation from property to equipment as a consequence of the change of the accounting standard from actual cost to historical cost

–220

 

 

 

 

 

 

Balance sheet value as at 1 January

16,500

16,941

Purchase

3,031

4,196

Sale

Depreciation1

–4,124

–4,219

Adjustment depreciation regarding reclassification from property

–114

Exchange rate differences

–65

–304

 

 

 

 

 

 

Balance sheet value as at 31 December

15,342

16,500

 

 

 

Purchase value as at 31 December

38,587

36,968

Cumulative depreciation as at 31 December

–23,245

–20,468

 

 

 

 

 

 

Balance sheet value as at 31 December

15,342

16,500