CORRECCIÓN DE LA PRUEBA

A number of new standards, amendments to standards and interpretations are not yet effective for the year ended 31 December 2013, and have consequently not been applied in preparing these consolidated financial statements.

Amendments to IAS 32 “Financial instruments: Presentation” (effective for annual periods beginning on or after 1 January 2014) The amendments to IAS 32 clarify existing application issues relating to the offsetting requirements. Specifically, the amendments clarify the meaning of “currently has a legally enforceable right of set-off” and “simultaneous realization and settlement”. Grontmij anticipates that adoption will not have a material impact on our consolidated financial statements.

Amendments to IAS 36 “Impairment of assets” (effective for annual periods beginning on or after 1 January 2014 but not yet endorsed by EFRAG)

The amendments to IAS 36 reduces the circumstances in which the recoverable amount of assets or cash-generating units is required to be disclosed, clarify the disclosures required, and to introduce an explicit requirement to disclose the discount rate used in determining impairment (or reversals) where recoverable amount (based on fair value less costs of disposal) is determined using a present value technique.

IFRIC 21 “Levies” (effective for annual periods beginning on or after 1 January 2014 but not yet endorsed by EFRAG)

IFRIC 21 provides guidance on when to recognise a liability for a levy imposed by a government, both for levies that are accounted for in accordance with IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” and those where the timing and amount of the levy is certain. The Interpretation covers the accounting for outflows imposed on entities by governments (including government agencies and similar bodies) in accordance with laws and/or regulations. Grontmij anticipates that adoption will not have a material impact on our consolidated financial statements.

When measuring the fair value of an asset or liability, the Group uses market observable data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques. The hierarchies are as follows:

• Level 1: (unadjusted) quoted prices in active markets for identical assets and liabilities.

• Level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

• Level 3: inputs for the asset or liability that are not based on observable market data.

If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

The inputs used to measure the fair value are reviewed on a periodical basis and significant valuation issues are discussed in the Executive Board.

Property, plant and equipment

The fair value of property, plant and equipment recognised in the course of a business combination is based on market values. The market value of real estate is the value for which the asset on the valuation date can be sold in a businesslike, arm’s length transaction, as estimated by a third party. The market value of other property, plant and equipment is based on market prices of comparable assets.

Intangible assets

Trade names

The fair value of trade names acquired in a business combination is based on the discounted estimated royalty payments that have been avoided as a result of the trade name being owned. The determination of the fair value is based on reasonable assumptions and estimations of the economic situation during the lifetime of the asset.

Order backlogs

The fair value of order backlogs acquired in a business combination is based on the future economic benefits associated with the order backlog that are due to the Group. The determination of the fair value is based on reasonable assumptions and estimations of the economic situation during the lifetime of the asset.

Customer relations

The fair value of customer relationships acquired in a business combination is based on the sales that are attributable to customer relationships and their associated attrition rates at the date of acquisition and the future economic benefits associated with the customer relationship that are due to the Group. The determination of the fair value is based on reasonable assumptions and estimations of the economic situation during the lifetime of the asset.

Non-current assets or disposal groups classified as held for sale or distribution

Immediately before classification as held for sale the assets, or components of a disposal group, are remeasured in accordance with the Group’s accounting policies. Thereafter, the assets, or disposal group, are generally measured at the lower of their carrying amount and fair value less costs to sell. The fair value less cost to sell is estimated at the present value of future cash flows; where applicable these are discounted less the expected costs to sell or based on enterprise value/EBITDA multiples relating to comparable transactions in the market.

cash flows; where applicable these are discounted, using the market interest at the reporting date.