Other financial fixed assets consist of the following:
|
€ Million |
2024 |
2023 |
|
Loans and receivables |
8 |
8 |
|
Total |
8 |
8 |
Changes in financial fixed assets in 2024 were as follows:
|
€ Million |
Loans granted to staff |
Other loans |
Total 2024 |
|
At 1 January 2024 |
1 |
12 |
13 |
|
New loans |
1 |
5 |
6 |
|
Repayments |
0 |
-6 |
-6 |
|
At 31 December 2024 |
2 |
11 |
13 |
|
Less: current portion |
0 |
5 |
5 |
|
Total non-current portion |
2 |
6 |
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 5.36% (2023: 4.46%).
The interest rate charged for the loans included in other financial fixed assets differed from the market interest rates at the end of 2024. Due to the limited size, the deviation from market interest rates did not significantly affect 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.
Drawdowns under this current account facility with EDSN totalled €5 million, while repayments amounted to €6 million in 2024.
As of 31 December 2024, €5 million of the total €11 million in outstanding loans to EDSN is recognised under current liabilities under other financial assets.