Combined balance sheet
1977
285.246.000
13.628.000
271.618.000
319.984.000
50.912.000
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 real estate.
The purchase sums amounting
to 23.152.000 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
28.356.000.
1978
Real estate in operation
Cost of purchase and
construction, reduced by a
decrease in value applied
in 1937
322.583.000
Depreciation applied
17.095.000
The total value of the real estate
in operation on the basis of
305.488.000
market value amounts to
377.086.000
Real estate under development
97.010.000
