Annual Report 2008 Sustainable design & engineering - Grontmij

Notes to the consolidated financial statements
Effects in thousands of euros
Profit or loss
Equity
100 bp 100 bp 100 bp 100 bp
increase decrease increase decrease
31 December 2008:
Variable rate instruments -700 700 - -
Interest rate swap 579 -579 286 -286
Cash flow sensitivity (net) -121 121 286 -286
31 December 2007:
Variable rate instruments -717 717 - -
Interest rate swap 650 -650 342 -342
Cash flow sensitivity (net) -67 67 342 -342
25. Leases
In thousands of euros
31 December 2008 31 December 2007
Non-cancellable operational leases and rentals
Less than one year 30,066 29,487
Between two to five years 74,700 72,279
More than five years 34,974 42,877
139,740 144,643
The Group has entered into a number of operational lease contracts relating to the use of office buildings, cars and office machinery. The lease
contracts typically run for an initial period of between two and thirteen years.
In 2008, an amount of € 31,254,000 was recognised as an expense in the income statement in respect of these rental agreements and operating
leases (2007: € 27,742,000).
26. Liabilities not recognised in the consolidated balance sheet
Liabilities not recognised in the consolidated balance sheet
Joint ventures such as general partnerships (`V.o.f.`) are subject to joint and several liability. Any risks arising in connection with these
partnerships are generally mitigated through the use of project private limited companies.
The Group has agreed in 2008 to obtain the remaining 45% shareholding in Libost Groep NV, Hasselt, Belgium at a price to be fixed.
This acquisition will be completed before the end of 2013 and is expected to have a value of approx. € 5 million.
Contingent liabilities
The bank guarantees for in-house projects, joint ventures, associates and lease contracts amount to € 28,534,000 (2007: € 35,596,000).
Further, the security commitments for projects amount to € 5,118,000 (2007: € 13,315,000). Guarantees provided by the parent company amount
to € 37,422,000 (2007: € 10,552,000).
Legal disputes
The Group is from time to time involved in legal disputes. On the basis of legal and other advice, the Executive Board is of the view that the
outcome of pending cases will not have a significant impact on the consolidated financial position of Grontmij. However, should this be the case,
adequate provisions have been formed.
GRONTMIJ | ANNUAL REPORT 2008 109