Note 14: Financial non-current assets
In € millions |
2018 |
2019 |
|---|---|---|
Pension assets |
947 |
1,418 |
Loans and receivables |
130 |
336 |
Other financial non-current assets |
192 |
108 |
Total |
1,269 |
1,862 |
Pension assets (€1,418 million) relate to pension plans in an asset position (2018: €947 million). For more information on post-retirement benefit provisions, see Note 18.
Loans and receivables include the subordinated loan of €88 million (2018: €89 million) granted to the Pension Fund APF in the Netherlands and the non-current part of an escrow account related to the pre-funding of the Akzo Nobel (CPS) Pension Scheme in the UK amounting to €105 million (2018: nil), invested in corporate bonds. Under certain conditions, the minimum annual funding of this pension fund from the escrow account is €30 million (£26 million). The current portion of the escrow account is reported as other receivables within trade and other receivables, refer to Note 16.
Loans and receivables are considered to have low credit risk, and thus the impairment provision recognized during the period was limited to 12 months expected losses.