Costs of purchase and
construction,
reduced by a decrease in
valuation applied in 1937
Depreciation applied
143,542,000
9,868,000
133,674,000
The total value of the real
estate in operation on the
basis of market value
amounts to
163,712,000
106,049,000
The real estate in course of
development is valued at costs,
inclusive of interest, incurred for
the projects concerned till the
moment of lease or sale. Interest
is calculated on the amount
invested at the average interest
rate for mortgage loans. The
valuation per project will not
exceed the market value of the
property.
The purchase sums amounting
to /26,034,000.already
received on projects in progress
have been accounted for under
Payables and transitory items'.
The current liabilities of the
development projects as at
balance sheet date amount to
ƒ36,400,000.
combined balance sheet
assets 1975 1974
real estate in operation
191,922,000
8,219,000
183,703,000
208,687,000
real estate in development
66,036,000