[10] Other expenses
Other expenses break down as follows:
in € million |
2023 |
2022 |
|---|---|---|
Foreign currency exchange rate losses |
101.1 |
95.9 |
Impairment of non-current assets |
6.7 |
20.2 |
Accounting loss from disposal of non-current assets |
4.1 |
1.0 |
Sundry expenses |
18.3 |
13.7 |
Total other expenses |
130.2 |
130.9 |
In 2023, other expenses fell by €0.7 million year on year to stand at €130.2 million.
Foreign currency exchange rate losses are largely attributable to the translation of trade receivables, trade payables, lease receivables, and liabilities from the lease and short-term rental business that are denominated in a foreign currency. Such losses also include losses on hedges that are entered into in order to hedge currency risk arising from the operating business and are not part of a formally documented hedge (details of the countervailing other income from foreign currency exchange rate gains can be found in note [9]).
Of the impairment losses that had been recognized on non-current assets in 2022, €15.1 million had essentially related to assets of the Russian subsidiaries in the Industrial Trucks & Services segment that are to be sold. Further information can be found in note [27].