combined balance sheet
assets 197g -j 975
real estate in operation
Cost of purchase and
construction, reduced by a
decrease in value applied in 1937 f 218,652,000 f 191,922 000
Depreciation applied 10,406,000 8^219^000
The total value of the real
estate in operation on the basis
f
208,246,000
f
183,703,000
of market value amounts to
f
241,233,000
f
208,687,000
real estate under
development
f
74,796.000
f
66,036,000
The real estate in course of
development is valued at the
costs, including 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
f 19,039,000 already received on
projects in progress have been ac
counted for under 'Payables and
transitory items'. The current
liabilities of the development
projects as at balance sheet date
amount to 34,800,000.
