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.

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