20. Cash and cash equivalents
(in millions of euros) | 31 December 2022 | 31 December 2021 |
Cash and bank balances | 396 | 680 |
The cash and bank balances are at the free disposal of the company (31 December 2021: € 28 million not at the free disposal of the company).
In the United Kingdom (held for sale), € 16 million is not at the free disposal of the company as at 31 December 2022. This relates to season ticket payments received in advance.
The Group’s interest rate risk and a sensitivity analysis for financial assets and liabilities are given in note 27.
Accounting policy
Cash and cash equivalents are stated at fair value, which is normally the same as the nominal value.