6.7 Finance income and expense
The net financing income and expense is broken down as follows:
x € 1,000
|
2022 |
2021 |
|||
|
Interest income |
623 |
621 |
||
|
Finance income |
623 |
621 |
||
|
Interest expense |
-3,223 |
-5,082 |
||
|
Interest expense on lease liabilities |
-2,113 |
-2,375 |
||
|
Capitalised financing costs |
1,748 |
1,521 |
||
|
Other financial results |
-1,937 |
0 |
||
|
Finance expense |
-5,525 |
-5,936 |
||
|
-4,902 |
-5,315 |
The net finance expense for 2022 amounts to €4.9 million, which is €0.4 million higher than the €5.3 million for 2021. Although the syndicated loan facility was not utilised at all during the year, commitment fees still applied. Other financial results are a write-down of a long-term receivable relating to the settlement of a land position.
The interest and development costs for land holdings that are under development are capitalised. The applicable interest rate that is used for capitalisation is 3.0% for 2022 (2021: 3.0%).
No interest has been capitalised on projects under construction.