4. Net financial income (expenses)
In 2013 the balance of net financial expenses is €30.2 million (a net financial expense balance of €42.2 million in 2012). Details on the composition of the balance of net financial income (expenses) are as follows:
| € million | 2013 | 2012 | Change | |
|---|---|---|---|---|
| Interest and other financial income | ||||
| Income on non-current securities and other investments | 18.4 | (b) | 4.0 | 14.4 |
| Income on securities held for trading (a) | 4.0 | 15.6 | (11.6) | |
| Interest income on: | ||||
| - receivables from banks | 16.6 | 6.4 | 10.2 | |
| - bonds | 11.2 | 16.0 | (4.8) | |
| - receivables from the tax authorities | 0.3 | 0.0 | 0.3 | |
| Exchange gains | 4.5 | 1.7 | 2.8 | |
| Other financial income | 1.4 | 1.0 | 0.4 | |
| Interest and other financial income | 56.4 | 44.7 | 11.7 | |
| Interest and other financial expenses | ||||
| EXOR bond interest expenses | (59.8) | (47.9) | (11.9) | |
| Expenses for interest rate hedges | (15.5) | (d) | (3.5) | (12.0) |
| Loss on cancellation of EXOR 2007 - 2017 bonds | (6.5) | 0.0 | (6.5) | |
| Exchange losses | (5.1) | (3.6) | (1.5) | |
| Bank interest and other financial expenses | (4.7) | (7.0) | 2.3 | |
| Financial expenses on securities held for trading (a) | (1.8) | (38.6) | 36.8 | |
| Expenses on non-current securities and other investments | (1.0) | (c) | (0.3) | (0.7) |
| Interest and other financial expenses | (94.4) | (100.9) | 6.5 | |
| Fair value adjustments to current and non-current financial assets | ||||
| Positive adjustments | 8.8 | (e) | 16.0 | (7.2) |
| Negative adjustments | (1.0) | (2.0) | 1.0 | |
| Fair value adjustments to current and non-current financial assets | 7.8 | 14.0 | (6.2) | |
| Net financial income (expenses) | (30.2) | (42.2) | 12.0 |
(a) Includes mainly realized gains and losses.
(b) Includes the net gain realized on the redemption of the NoCo B Fund for €17.1 million.
(c) Includes the net loss realized on the redemption of the Perella Weinberg Real Estate I Fund for €0.3 million.
(d) Includes non-recurring expenses of €11.7 million on the early closing of the interest rate hedging transactions on loans for a total of €200 million.
(e) Includes the credit risk adjustment component recorded in the income statement relating to the valuation of the cross currency swap in accordance with IFRS 13 for €1.6 million.
Considering only the assets and liabilities included in the balance of the consolidated net financial position of the Holdings System (see note 11) the balance of net financial expenses is €49 million (a net financial expense balance of €44.7 million in 2012).
Details are as follows:
| € million | 2013 | 2012 | Change | |
|---|---|---|---|---|
| Interest and other financial income | 36.8 | 40.1 | (3.3) | |
| Interest and other financial expenses | (93.6) | (100.7) | 7.1 | |
| Fair value adjustments of current and non-current financial assets | 7.8 | 15.9 | (8.1) | |
| Net financial income (expenses) generated by the financial position | (49.0) | (a) | (44.7) | (4.3) |
(a) Includes non-recurring expenses of €18.2 million.
