18. Assets and liabilities held for sale
The sale of the participating interest in Qbuzz B.V. was initiated on 11 July 2016, after which depreciation and amortisation of non-current assets ceased. The assets and liabilities held for sale as at 31 December 2016 consisted of:
(in millions of euros) | December 31, 2016 |
Property, plant and equipment | 76 |
Intangible assets | 13 |
Other financial assets, including investments | 2 |
Deffered tax assets | 1 |
Trade and other receivables | 13 |
Cash and cash equivalents | 35 |
Assets held for sale | 140 |
| | |
Loans and borrowings, including derivatives | 62 |
Provisions | 2 |
Trade and other payables | 34 |
Deferred income | 17 |
Liabilities held for sale | 115 |
The assets and liabilities held for sale are valued at the carrying amount given that the fair value less cost of sales exceeds this carrying amount.
On 13 July 2017, NS and Busitalia signed the final sale agreement for the sale of Qbuzz. No material profit was made on the sale.
The ‘Loans and borrowings’ consist of finance lease commitments, which constituted a gross liability as at 31 December 2016 of €68 million using an average actuarial interest rate of 3.8%.As at year-end 2016, collateral amounting to €68 million was provided for leased assets.