x € 1,000
|
31 December 2023 |
31 December 2022 |
|
|
Bank balances |
37,035 |
230,539 |
|
Cash in hand |
0 |
0 |
|
Funds in blocked accounts |
3,349 |
6,473 |
|
Total cash and cash equivalents |
40,384 |
237,012 |
Cash is utilised to reduce the Group's financing to the extent contractually and practically permitted, for example, by making the balances concerned part of notional cash pool arrangements.
6.19a Restricted cash and cash equivalents
Of the total cash and cash equivalents, € 58 million (2022: € 30 million) is held by joint ventures. This amount was higher in 2023, due in part to the fact that the acquisition of Van Wanrooij increased the number of joint ventures in property development projects. Heijmans was also involved in several joint ventures in large infrastructure projects with high cash positions at the end of the year. These cash and cash equivalents are exclusively available in consultation with the joint venture partners concerned.
The funds in blocked accounts, amounting to € 3 million (2022: € 6 million) are primarily related to the obligatory G accounts (guarantee accounts) held pursuant to the Dutch Wages and Salaries Tax and Social Security Contributions (Liability of Subcontractors) Act.