4.5.2Receivables
31 December 2023 | 31 December 2022 | ||
|---|---|---|---|
Trade receivables | 0 | 0 | |
Amounts owed by Group companies | 42 | 100 | |
Other debtors | 2 | 2 | |
Total | 44 | 102 |
Other receivables fall due in less than one year. The fair value of the receivables reasonably approximates the book value, due to their short-term character.
As at December 31, 2023, the Company has a receivable due from SBM Holding Inc. S.A. (the cash pool leader of SBM Offshore group) amounting to US$42 million (2022: receivable amounting to US$100 million). The lending conditions applied to the outstanding amounts between the cash pool leader and the Company are as follows:
- Fixed fee: The cash pool leader charges a handling fee of 0.075% (2022: 0.075%) to the Company; and
- Interest rate: Any receivable and payable balance that is outstanding for more than 90 days is subject to an interest rate of 3.00% (2022: 0.50%). Depending on whether it is a receivable or a payable balance, it will be either in favor of the Company or in favor of the cash pool leader.
Intercompany receivable from group companies outside of the cash pool are free of interest. In respect of repayment, no formal agreements have been made.