The net financing income and expense is broken down as follows:
x € 1,000
|
2023 |
2022 |
|||
|
Interest income |
5,809 |
623 |
||
|
Finance income |
5,809 |
623 |
||
|
Interest expense |
-6,509 |
-3,223 |
||
|
Interest expense on lease liabilities |
-2,794 |
-2,113 |
||
|
Capitalised financing costs |
996 |
1,748 |
||
|
Other financial results |
-217 |
-1,937 |
||
|
Finance expense |
-8,524 |
-5,525 |
||
|
-2,715 |
-4,902 |
The interest and development costs for land holdings that are under development are capitalised. The applicable interest rate used to determine the financing costs to be capitalised was 3.0% in 2023 (2022: 3.0%).
The cumulative financial expense in 2023 amounted to € 2.7 million (2022: € 4.9 million). From the start of the year until the acquisition date of Van Wanrooij (5 September) Heijmans had a net cash position. During this period, Heijmans placed € 100 million in a short-term deposit account at an interest rate rounded off to 3%. This contributed to a significant increase in interest income. On the acquisition date, the positive cash balance was used to finance the acquisition, together with part of the syndicated loan. This also increased interest expenses compared with the previous year, as the syndicated loan was not used at all in 2022. The other financial result in 2022 was related to a write-down on a long-term receivable related to the completion of a land holding.
No interest has been capitalised on projects under construction.