4. Net financial income (expenses)

In 2012, the balance of net financial expenses is €42.2 million (a balance of net financial expenses of €35.8 million in 2011). Details of the composition of net financial income (expenses) are as follows:

€ million 2012 2011   Change
Interest and other financial income        
Income and dividends on securities held for trading (a) 15,6 84,2   (68,6)
Income on non-current securities and other investments 4,0 2,1   1,9
Interest income on:        
 - bonds 16,0 26,3   (10,3)
 - receivables from banks 6,4 5,0   1,4
 - receivables from the tax authorities 0,0 0,7   (0,7)
 - loans
0,0 1,6 (b) (1,6)
Exchange gains 1,7 8,6   (6,9)
Other financial income 1,0 0,1   0,9
Interest and other financial income 44,7 128,6   (83,9)
Interest and other financial expenses        
EXOR bond interest expenses (47,9) (47,8)   (0,1)
Financial expenses on securities held for trading (a) (38,6) (52,6)   14,0
Exchange losses (3,6) (12,8)   9,2
Expenses for interest rate hedges (3,5) (2,2)   (1,3)
Bank interest and other financial expenses (7,3) (10,3)   3,0
Interest and other financial expenses (100,9) (125,7)   24,8
Fair value adjustments to current and non-current financial assets        
Positive adjustments 16,0 5,3   10,7
Negative adjustments (2,0) (c)
(44,0)  (c) 42,0
Fair value adjustments to current and non-current financial assets 14,0 (38,7)   52,7
Net financial income (expenses) (42,2) (35,8)   (6,4)
(a) Includes mainly realized gains/losses. (b) Relates to the C&W Group for €1.3 million and Juventus Football Club for €0.3 million. (c) Includes the impairment loss recorded on the Vision convertible bonds of €1.9 million (€19.6 million in 2011) to adjust the carrying amount to the sales price in the sales agreement signed between EXOR S.A. and Vision Investment Management Ltd. on December 23, 2011 and subsequently modified in the early months of 2013.

Considering only the assets and liabilities included in the consolidated net financial position balance of the Holdings System (see note 11), net financial expenses total €44.7 million (net financial expenses of €23.3 million in 2011).

Details are as follows:

€ million 2012 2011 Change
Interest and other financial income 40,1 119,8 (79,7)
Interest and other financial expenses (100,7) (124,0) 23,3
Fair value adjustments of current and non-current financial assets 15,9 (19,1) 35,0
Net financial income (expenses) generated by the financial position (44,7) (23,3) (21,4)

 

Commercial Register No.64236277 Legal notes | Credits