Note 8 Derivatives

Derivatives are measured at fair value.

A bond was issued in 2023 on the basis of the Euro Medium Term Notes Programme. An interest-rate swap was used to fix the fixed-rate bond loan at the time of announcement of the loan. At the same time as the bond loan was issued, the interest-rate swap was settled with a positive result. This is recognised in the cash-flow hedge reserve in equity.

As at year-end 2023, the carrying amount of the derivatives was zero (2022: zero).