6.3 Corporate statement of financial position
6.3.1 Investments in subsidiaries
The movement in the investments in subsidiaries is as follows:
PostNL N.V. Investments in subsidiaries in € million
2023, 2024
2023 | 2024 | |
---|---|---|
Balance at 1 January | 721 | 662 |
Share in result from subsidiaries | 60 | 23 |
Dividend received | (114) | (20) |
Exchange rate differences | 0 | 1 |
Other | (4) | 3 |
Balance at 31 December | 662 | 669 |
6.3.2 Accounts receivable from group companies
As at 31 December 2024, accounts receivable from group companies amounted to €97 million (2023: €166 million) which mainly related to a receivable from PostNL Finance B.V. The fair value of the accounts receivable from and payable to group companies approximated the carrying value, due to the short-term nature. The allowance for expected credit losses has been assessed to be non-material.
6.3.3 Equity
PostNL N.V. Corporate statement of changes in equity in € million
2023, 2024
Issued share capital | Additional paid-in capital | Currency translation reserve | Hedge reserve | Financial assets at fair value OCI | Other reserves | Retained earnings | Total shareholders' equity | |
---|---|---|---|---|---|---|---|---|
Balance at 1 January 2023 | 39 | 163 | 2 | 0 | 11 | 1,267 | (1,306) | 177 |
Total comprehensive income | 0 | (3) | (6) | 0 | 55 | 47 | ||
Appropriation of net income | (1,313) | 1,313 | 0 | |||||
Final dividend previous year | 0 | (0) | (7) | (7) | ||||
Interim dividend current year | 0 | (0) | (21) | (21) | ||||
Share-based compensation | 0 | 2 | 0 | 2 | ||||
Balance at 31 December 2023 | 40 | 165 | 2 | (3) | 6 | (45) | 34 | 198 |
Total comprehensive income | 1 | 5 | 3 | (0) | 17 | 25 | ||
Appropriation of net income | 23 | (23) | 0 | |||||
Final dividend previous year | 0 | (0) | (11) | (11) | ||||
Interim dividend current year | 0 | (0) | (11) | (11) | ||||
Share-based compensation | 0 | 1 | (0) | 1 | ||||
Other | (1) | (1) | ||||||
Balance at 31 December 2024 | 40 | 166 | 2 | 2 | 8 | (23) | 6 | 202 |
The currency translation reserve, hedge reserve and the reserve related to the financial assets at fair value through OCI are legal reserves. The total amount of these legal reserves is €13 million (2023: €5 million).
6.3.4 Eurobonds
As at 31 December 2024, the eurobonds amounted to €596 million non-current (2023: €299 million non-current and €353 million current). For the disclosure on the eurobonds, reference is made to notes 4.1 and 4.5 to the Consolidated financial statements.
In 2024, the non-cash changes in the total debt amounted to €1 million (2023: €1 million) and related to the amortisation of costs included in the eurobonds.