• Annual report 2024
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25. Loans and other financial liabilities, including derivatives

This note contains information concerning the contractual provisions for the Group's interest-bearing loans and other financial liabilities that are measured at amortised cost.

26. Financial instruments – Risk management and fair value

Because financial instruments are used, the Group is exposed to the following risks:

27. Net financing result

Other financial income includes €66 million in 2023 due to the release of provisioned liabilities and guarantees in relation to insolvency proceedings in Germany (see note 30).

28. Deferred credits

The lump-sum payment for wage increases resulting from making the Railway and Public Transport Pension Fund independent in 1994 is expected to be released up to 2035 and to be credited to the income statement.

29. Employee benefits

The non-current employee benefits comprise:

3. Personnel costs

The average staffing level was as follows, with personnel expenses in the UK being included in the result from discontinued operations:

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