4. Net financial income (expenses)

Net financial expenses in the first half of 2016 total €25.4 million (€18.9 million in the first half of 2015).

The composition is as follows:

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(a) Includes the credit risk adjustment component recorded in the income statement relating to the fair value measurement of the cross currency swap in accordance with IFRS 13, which is a negative €2.1 million.
(b) Includes expenses mainly relating to the credit line secured for the acquisition of PartnerRe of €13 million.
(c) Included in non-current other financial assets.
(d) Includes mainly income (€22.9 million) arising from the fair value revaluation of the previously held 9.9% interest in PartnerRe following the change in the method of valuation, as well as the net gain realized on the redemption of The Black Ant Value Fund of €5.8 million (€6.1 million in the first half of 2015).

Commercial Register No.64236277 Legal notes | Credits