41. Other financial fixed assets

In the consolidated financial statements, expected credit losses from loans and receivables involving consolidated associates are eliminated. This also applies to loans and receivables involving the consolidated associate with regard to the company’s financial statements. When valuing the associate according to the changes in equity method, the associate is regarded as a collection of assets and liabilities rather than an indivisible asset. The effect of expected credit losses on loans and receivables involving associates is also eliminated.

The conditions as laid down in the current financing arrangements stipulate that no contractual or structural subordination of existing loans in relation to new external financing may occur. In order to avoid 'structural subordination', external financing is contracted by Enexis Holding N.V. The necessary funds for the business operations or investments in the energy grids are lent to Enexis Netbeheer B.V. by Enexis Holding N.V. as a back-to-back loan under the same conditions.

For the relevant conditions, reference is made to note 31. Financing policy and risks associated with financial instruments.

Loans to group companies increased by € 510 million. This increase was mainly caused by Enexis Holding N.V. lending the amount of the green bond with a nominal value of € 500 issued in 2023 to Enexis Netbeheer B.V. and a draw down in 2023 of € 10 million by Mijnwater Warmte Infra B.V under the current account facility with Enexis Holding N.V.

The loans to associates pertain to draw downs by EDSN B.V. under the current-account facility with Enexis Holding N.V. 

The fair value of the loans to group companies (including the current portion) amounted to € 2,734 million at year-end 2023 (2022: € 2,005 million).

Changes in other financial fixed assets, including the current portion, are as follows: