Note 54 Finance expense
€ million | 2016 | 2015 |
Loans from third parties | 51 | 65 |
Capitalised interest assets under construction | - | -1 |
Finance expense on loans from group companies | 26 | 58 |
Currency translation differences | - | 1 |
Other finance expense | 2 | 1 |
Total | 79 | 124 |
The finance expense on loans from third parties was €14 million lower owing to a lower net debt in 2016 following repayment of €400 million of borrowing under the EMTN programme and contracting of a loan of €300 million at a lower interest rate.
The finance expense on loans from group companies was €32 million lower mainly owing to a change in the composition of group companies, resulting in a reduction in both income and expense overall.