3. Net financial income (expenses)

Net financial expenses amount to €60.3 million in 2013 and show a net increase of €11.8 million from 2012 (€48.5 million). The increase is mainly due to a different mix in the debt structure, the increase in cash and non-recurring expenses for a total of €18.2 million. The non-recurring expenses refer to the early closing of the interest rate hedging instruments on non-current loans of €200 million and losses on the partial cancellation (for a nominal €60 million) of the non-convertible 2007/2017 bonds.

Commercial Register No.64236277 Legal notes | Credits