The net financing income and expense is broken down as follows:
|
x € 1 million |
2024 |
2023 |
||
|
Interest income |
7.7 |
5.8 |
||
|
Finance income |
7.7 |
5.8 |
||
|
Interest expense |
-10.2 |
-6.5 |
||
|
Interest expense lease liabilities |
-4.1 |
-2.8 |
||
|
Capitalised interest expense |
0.4 |
1.0 |
||
|
Other financial results |
0.0 |
-0.2 |
||
|
Finance expense |
-13.9 |
-8.5 |
||
|
Net |
-6.2 |
-2.7 |
The interest and development costs for land holdings under development are capitalised. The applicable interest rate used to determine the financing costs to be capitalised was 3.0% in 2024 (2023: 3.0%). No interest is capitalised for projects under construction.
The cumulative financial expenses in 2024 amounted to € 6.2 million (2023: € 2.7 million). This increase was mainly driven by the interest expenses on the linear loan taken out on 5 September 2023 for the acquisition of Van Wanrooij. In 2024, these interest charges related to the entire financial year, while in 2023 these interest charges were only calculated for a few months. In addition, the capitalised financing costs associated with this linear loan have been fully amortised as the loan was repaid early at the end of 2024.