43. Financial fixed assets
Movements in tangible fixed assets were as follows:
| In millions of euros | 2024 | 2023 | ||
|---|---|---|---|---|
| Group companies | Other participating interests | Group companies | Other participating interests | |
| Balance as at 1 January | 6,686.0 | - | 6,330.2 | - |
| Movements | ||||
| - Acquisitions | - | - | 70.4 | - |
| - Issues of share premium | 188.7 | - | 243.8 | - |
| - Share in result in group companies and participating interests | 157.9 | - | 510.0 | - |
| - Dividend received | -99.2 | - | -461.8 | - |
| - Movements in equity | 1.0 | - | -6.6 | - |
| Balance as at 31 December | 6,934.4 | - | 6,686.0 | - |
| Loans to group companies and participating interests | ||||
| Balance as at 1 January | 3,275.2 | 21.4 | 3,264.5 | 19.6 |
| Movements | ||||
| - Non-current loans granted | 56.0 | 68.7 | 87.7 | 40.0 |
| - Interest accrual | -282.4 | -46.8 | -77.2 | -38.2 |
| - Repayment of non-current loans | 0.1 | - | 0.2 | - |
| Balance as at 31 December | 3,048.9 | 43.3 | 3,275.2 | 21.4 |
| Total financial fixed assets as at 31 December | 10,026.6 | 9,982.6 |
Group companies and other participating interests
The share premium payments in 2024 mainly related to investments in our group company that focuses on the construction of the CCS project Porthos.
Direct movements in the group companies’ equity related to the actuarial result for the Gasunie Deutschland pension plan (as disclosed in notes 22 ‘Employee benefits’ and 48 ‘Other reserves’) and to the remeasurement of the interest in Gate terminal as a result of the change in the value of the effective part of a cash flow hedge (as disclosed in notes 8 ‘Investments in joint ventures’ and 46 ‘Remeasurement reserve’).
The list of participating interests, their registered offices and our interest in the company (shown as a percentage) are included in note 62 ‘List of group companies and participating interests’.
Loans to group companies and other participating interests
The interest rate on the non-current loans was, unless specified otherwise, the weighted average interest rate of N.V. Nederlandse Gasunie’s non-current loan portfolio plus 12.5 basis points (2023: the same).
No other special conditions or guarantees have been agreed between N.V. Nederlandse Gasunie and the group companies and other participating interests concerning the non-current loans granted. The carrying amount of the provision to cover the expected credit losses was less than € 0.1 million at year-end 2024 (year-end 2023: less than € 0.1 million).
At year-end 2024, the fair value of the non-current loans to group companies and other participating interests came in at a total of € 2,975.4 million (year-end 2023: € 3,141.2 million).
Loans to group companies
Loans to group companies mainly concern the loans to GTS and Gasunie Assets.
The non-current loan granted to GTS totalled € 2,870.9 million at year-end 2024 (year-end 2023: € 3,153.3 million). This concerns the de facto balance of borrowings drawn under a loan facility capped at € 5.0 billion, made available as of 1 January 2014. The loan terminates on 31 December 2029, but has an uncommitted extension option. We have agreed that GTS can draw down or repay funds during the term of the loan facility without any restrictions. No interim repayment schedule has been agreed. For this reason, the borrowings as at the balance sheet date are fully presented as non-current.
The non-current loan granted to Gasunie Assets totalled € 171.1 million at year-end 2024 (year-end 2023: € 116.1 million). This concerns the de facto balance of borrowings drawn under two loan facilities capped at € 250.0 million in total. For € 116.1 million of this total amount, the facility ends on 31 December 2029 and for the remaining € 133.9 million on 31 December 2044. We have agreed that Gasunie Assets can draw down or repay the facility without any restrictions in the interim. No interim repayment schedule has been agreed. For this reason, the borrowings as at the balance sheet date are fully presented as non-current.
The outstanding balance of the other non-current loans to group companies totalled € 6.9 million at year-end 2024 (€ 5.8 million at year-end 2023).
Loans to other participating interests
The loans to other participating interests mainly concern the loans to EemsEnergyTerminal and BBL Company.
We have made a loan facility of € 40.0 million available to EemsEnergyTerminal. The facility expires on 1 July 2027. At year-end 2024, € 28.0 million had been drawn down from this facility (year-end 2023: € 4.0 million). No repayment schedule has been agreed. The interest is based on the 3-month Euribor plus a margin of 230 basis points.
The loan to BBL Company totalled € 14.8 million at year-end 2024 (year-end 2023: € 16.9 million) and has a term ending on 1 December 2035. A non-linear repayment schedule has been agreed. The current part of this receivable totalled € 2.0 million at year-end 2024 (year-end 2023: € 2.1 million). This amount is not recognised separately under current receivables. The agreed interest rate is fixed at 3.0% over the entire term.
The outstanding balance of the other non-current loans to participating interests totalled € 0.5 million at year-end 2024 (€ 0.5 million at year-end 2023).