13 | financial fixed assets

2015

2014

Long-term loans

16,859

15,570

Guarantee deposits

1,152

1,027

Capitalised transaction fees relating to syndicated credit facility

909

645

Receivable resulting from CICE tax measure

3,090

31,647

Associates

1,682

3,786

BALANCE AS AT 31 DECEMBER

23,692

52,675

The long-term loans mainly relate to a legally required loan to the French government with a payment period of 20 years. The nominal value of this loan is € 17,748 (2014: € 16,322). The amortised cost of this loan is calculated based on the interest on French 10-year government bonds. This interest rate rose from 0.83% at the end of 2014 to 0.95% at the end of 2015, resulting in an adjustment in the carrying value of € -354 (2014: € 2,684 as a result of a decrease in the interest rate from 2.49% at the end of 2013 to 0.83% at the end of 2014). This is recognised as finance income.

Guarantee deposits are intended as security for the lessor of leased premises and for payment of social security premiums and taxes.

Capitalised transaction fees relate to the syndicated credit facility that was concluded in 2011 and extended in 2015.

Receivables resulting from the CICE tax measure in France are discounted. This is in line with both the expected settlement period (three years) and applicable legislation. The amount of the receivable is calculated as a percentage of the salary and is offset against the amount of income tax payable. If the amount of the receivable exceeds the amount of income tax payable, the amount receivable is paid out no later than three years after it was awarded.
The gain is recognised as cost of sales. The adjustment of the carrying value as a result of the discounting of € 228 (2014: € -127) is recognised as net finance costs. In view of the expected settlement period the change in the amount receivable is recognised in the consolidated statement of cash flows as other non-cash flow receivables, offset against sales proceeds.
In 2015 the receivables accrued in 2013, 2014 and largely in 2015 totalling € 48,814, after deduction of costs of € 1,583, were sold for € 47,231. The material risks associated with the respective receivables were transferred. These costs were recognised as finance costs. The other non-cash flow receivable, offset against sales proceeds of € 27,202 in the consolidated statement of cash flows, relates to the balance of the net sales proceeds of € 47,231 minus the receivables of € 20,029 that came into being in 2015.

The movement in the receivable relating to the CICE tax measure is as disclosed below:

2015

Balance as at 1 January 2015

31,647

New receivable in 2015

20,029

Receivable sold in 2015

-48,814

Discounting of receivables

228

BALANCE AS AT 31 DECEMBER 2015

3,090

The payment period of the financial fixed assets has not expired and no provision for non-payment has been made.

Associates relates to the following interests:

% OF SHARES

CARRYING AMOUNT
31 DECEMBER 2015

2015

RESULT IN INCOME STATEMENT

REVENUE

NET INCOME

BC Beheer B.V.

20%

646

-2,634

1,200

-1,108

Other

20% - 49%

1,036

106

11,740

28

1,682

-2,528

In 2015 the value of the interest in BC Beheer B.V. was impaired by € 2,412.

% OF SHARES

CARRYING AMOUNT
31 DECEMBER 2014

2014

RESULT IN INCOME STATEMENT

REVENUE

NET INCOME

BC Beheer B.V.

20%

3,279

-120

94

-603

Other

49%

507

101

9,496

207

3,786

-19