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.
Commercial Register No.64236277 Legal notes | Credits