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.