21. Cash and cash equivalents

Cash and cash equivalents at 31 December 2023 comprised bank balances of € 88 million and money market funds of € 100 million (2022: bank balances of € 53 million, money market funds of € - million). Money market funds are recognised at fair value. This value was measured in accordance with fair value level 1.

Cash and cash equivalents are held almost entirely in euros. Cash and cash equivalents that are not freely available to Stedin Group amounted to € 0 million (2022: € 0 million) at year-end.