8.20.3
Financial fixed assets
Changes in financial fixed assets were as follows:
| Notes | 2019 | 20181 | |
| € x 1,000 | € x 1,000 | ||
| Subsidiaries | |||
| Balance at 1 January | 417,200 | 385,036 | |
| Initial application IFRS 9 | - | -805 | |
| Revised balance at 1 January | 417,200 | 384,231 | |
| Profit of participating interests | -9,542 | 22,451 | |
| Investments (divestments) | - | 1,503 | |
| Received dividend participating interests | - | - | |
| Translation differences | 1,517 | -2,135 | |
| Actuarial gains and losses | 18 | 3,752 | |
| Legal restructuring | - | 2,381 | |
| Reclassification subsidiary to provision | 6.20.5 | 63,506 | 9,351 |
| Repayments of semi-permanent loans | -21,532 | 0 | |
| Other movements | 2,925 | -4,334 | |
| Balance as at 31 December | 454,093 | 417,200 | |
| Loans to group companies | |||
| Balance at 1 January | 43,127 | 18,665 | |
| Loans provided | 1,720 | 25,662 | |
| Loans repaid | -1,110 | -1,200 | |
| Translation differences | - | - | |
| Balance at 31 December | 43,737 | 43,127 | |
| Total financial fixed assets | 497,830 | 460,327 | |
The long-term loans to group companies are provided as long-term financing and are interest-bearing with an interest rate of 2.6% (2018: 2.4%).
The 2019 consolidated financial statements include Accell Group N.V., in Heerenveen, as well as the financial information of the following companies:
| Notes | Participation Percentage | |
| Consolidated subsidiaries | ||
| Accell Bisiklet Sanayi ve Ticaret A.S., Manisa, Turkey | 100% | |
| Accell Hunland Kft, Toszeg, Hungary | 100% | |
| Accell IT B.V., Heerenveen, the Netherlands | 100% | |
| Accell Nederland B.V., Heerenveen, the Netherlands | 100% | |
| Accell North America Inc., Kent, Washington, United States of America 1) | 6.16.1 | 100% |
| Accell Suisse AG, Alpnach Dorf, Switzerland | 100% | |
| Accell Asia Ltd (Taiwan Branch), Taipei, Taiwan | 100% | |
| Accell Asia Ltd, Hong Kong, People's Republic of China | 100% | |
| Babboe B.V., Amersfoort, the Netherlands | 100% | |
| Comet Distribuciones Commerciales S.L., Urnieta, Spain | 100% | |
| Cycle Services Nordic ApS, Odense, Danmark | 100% | |
| Cycles Lapierre S.A.S., Dijon, France | 100% | |
| Cycles France-Loire S.A.S., Saint-Cyprien, France | 100% | |
| E. Wiener Bike Parts GmbH, Sennfeld, Germany | 100% | |
| Etablissement Th. Brasseur S.A., Liège, Belgium 2) | 100% | |
| Ghost-Bikes GmbH, Waldsassen, Germany | 100% | |
| Raleigh UK Ltd, Nottingham, United Kingdom | 100% | |
| Swissbike Vertriebs GmbH, Alpnach Dorf, Switserland | 100% | |
| Tunturi-Hellberg Oy Ltd, Turku, Finland | 100% | |
| Vartex AB, Varberg, Sweden | 100% | |
| Winora Staiger GmbH, Sennfeld, Germany | 100% | |
| 1) The business activities of Accell North America Inc. were sold in 2019 and the remaining positions are in run-off. | ||
| 2) The business activities of Etablissement Th. Brasseur S.A. were terminated or transferred to Accell Netherlands in 2018. | ||
| Delta Metal was sold on 1 December 2019. | ||
Subsidiaries that are immaterial to the consolidated financial statements are not included in the overview above. A complete list of subsidiaries is filed with the Trade Register of the Chamber of Commerce in Leeuwarden, the Netherlands.