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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.

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