4. Net financial income (expenses)

In 2017 net financial income amounted to €14.2 million (net financial expenses of €76.1 million in 2016).

€ million2017 2016 Change
Interest income on:         
- bank current accounts and deposits 0.4   3.6  (3.2)
- bonds 4.5   4.8  (0.3)
Income (expenses) and fair value adjustments to financial assets held for trading (0.1)   (1.3)  1.2
Other financial income0.0 0.1 (0.1)
Interest income and other financial income, net 4.8   7.2  (2.4)
Interest expenses and other financial expenses:         
- Interest expenses and other expenses on EXOR bonds (87.6) (a) (98.3) (a)10.7
- Interest expenses and other expenses on bank borrowings (11.7)   (22.7) (b)11.0
Interest expenses and other financial expenses (99.3)   (121.0)  21.7
Exchange (losses) gains, net (0.5)   8.3  (8.8)
Financial (expenses) income generated by the financial position(95.0) (105.5) 10.5
Income (expenses) on other investments and other net financial income (c) 109.2 (d) 29.4 (d)79.8
Financial income (expenses) recorded in the income statement14.2 (76.1) 90.3
(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 positive €0.6 million (negative €0.8 million in 2016). (b) Included expenses relating to the secured credit line for €14.4 million, principally for the acquisition of PartnerRe (€13.2 million). (c) Included in investments measured at fair value and other investments. (d) In 2017 income refers to the net gain realized on the total redemption of The Black Ant Value Fund (€5.8 million in 2016). In 2016 it also included the income of € 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.

 

 

Commercial Register No.64236277 Legal notes | Credits