23. Borrowings
Non-current borrowings
Balance sheet value | Effective interest % | Average term in years | ||||
As at 31-12-2022 | As at 31-12-2021 | As at 31-12-2022 | As at 31-12-2021 | As at 31-12-2022 | As at 31-12-2021 | |
Private placement | 276.5 | 259.7 | 2.79 | 2.84 | 4.4 | 5.4 |
Subordinated loan | 99.5 | 99.4 | 1.98 | 1.89 | 5.6 | 6.6 |
Total | 376.0 | 359.1 | ||||
Weighted average | 2.54 | 2.57 | 4.7 | 5.7 | ||
The weighted average term has been calculated on the basis of the remaining terms of the individual loans.
Repayments on the above amounts are due within five years (€ 213.2 million) and after five years (€ 162.8 million).
Fair value of the main long-term loans
Balance sheet value as at 31-12-2022 | Fair value as at 31-12-2022 | Balance sheet value as at 31-12-2021 | Fair value as at 31-12-2021 | |
Private placement | 276.5 | 245.2 | 259.7 | 259.1 |
Subordinated loan | 99.5 | 84.7 | 99.4 | 99.8 |
Current borrowings
Balance sheet value | Effective interest % | |||
As at 31-12-2022 | As at 31-12-2021 | As at 31-12-2022 | As at 31-12-2021 | |
Owed to credit institutions | 309.7 | 74.7 | 2.86 | 0.73 |
Total | 309.7 | 74.7 | ||