2. Net financial income (expenses)

In the first quarter of 2013, the balance of net financial expenses is €4.9 million (a balance of net financial expenses of €12.7 million in the first quarter of 2012).

Details of the composition of net financial income (expenses) are as follows:

€ million
Q1 2013 Q1 2012 Change
Interest and other financial income      
Income and dividends on securities held for trading (a) 2,7 11,5 (8,8)
Income on non-current securities and other investments 0,2 0,8 (0,6)
Interest income on:      
 - bonds 3,2 5,1 (1,9)
 - receivables from banks 1,6 0,6 1,0
Exchange gains 3,4 0,0 3,4
Other financial income 0,4 0,1 0,3
Interest and other financial income 11,5 18,1 (6,6)
       
Interest and other financial expenses      
EXOR bond interest expenses (14,5) (11,4) (3,1)
Financial expenses on securities held for trading (a) 0,0 (12,0) 12,0
Exchange losses (0,3) (1,9) 1,6
Expenses for interest rate hedges (1,2) (0,6) (0,6)
Bank interest and other financial expenses (1,3) (2,0) 0,7
Interest and other financial expenses (17,3) (27,9) 10,6
       
Fair value adjustments to current and non-current financial assets      
Positive adjustments 0,9 7,0 (6,1)
Negative adjustments 0,0 (9,9) 9,9
Fair value adjustments to current and non-current financial assets 0,9 (2,9) 3,8
       
Net financial income (expenses) (4,9) (12,7) 7,8

Considering only the assets and liabilities included in the balance of the net financial position of the Holdings System (see note 9) the balance of net financial expenses is €5.5 million (a balance of net financial expenses of €13 million in the first quarter of 2012).

€ million
Q1 2013 Q1 2012 Change
Interest and other financial income 10,9 17,5 (6,6)
Interest and other financial expenses (17,3) (27,6) 10,3
Fair value adjustments of current and non-current financial assets 0,9 (2,9) 3,8
Net financial income (expenses) generated by the financial position (5,5) (13,0) 7,5
Commercial Register No.64236277 Legal notes | Credits