Other financial fixed assets consist of the following:
|
€ Million |
2023 |
2022 |
|
Loans and receivables |
8 |
11 |
|
Total |
8 |
11 |
Changes in financial fixed assets in 2023 were as follows:
|
€ Million |
Loans granted to staff |
Other loans |
Deposits |
Total 2023 |
|
At 1 January 2023 |
1 |
17 |
650 |
668 |
|
New loans |
1 |
2 |
500 |
503 |
|
Repayments |
-1 |
-7 |
-1,150 |
-1,158 |
|
At 31 December 2023 |
1 |
12 |
0 |
13 |
|
Less: current portion |
0 |
5 |
0 |
5 |
|
Total non-current portion |
1 |
7 |
0 |
8 |
Other financial fixed assets concern loans provided to EDSN B.V. and loans provided to employees in connection with financing arrangements. The average weighted effective interest rate amounted to 4.46% (2022: 1.6%).
The interest rate charged for the loans included in other financial fixed assets differed from the market interest rates at the end of 2023. Due to the limited size, the deviation from market interest rates did not have a significant effect on fair value.
The agreed interest rate on the loans provided to EDSN B.V. was determined on an 'arm’s length basis at the time these loans were concluded, which resulted in a market interest surcharge in addition to the standard market interest rate.
Draw downs took place under this current account facility with EDSN of in total € 2 million and repayments were made of in total € 7 million in 2023.
As at 31 December 2023, € 5 million of the in total € 12 million outstanding loans to EDSN are recognised under current liabilities under other financial assets.