4. Net financial income (expenses)

In the first half of 2012, the net financial expense balance is €28.2 million (a net financial expense balance of €15 million in the first half of 2011). Details of the composition of net financial income (expenses) are as follows:

€ million Half I 2012 Half I 2011 Change
Interest and other financial income      
Income and dividends on securities held for trading (a) 12.0 32.1 (20.1)
Income on non-current securities and other investments 0.8 1.7 (0.9)
Interest income on:       
 - bonds 9.6 13.1 (3.5)
 - receivables from banks 3.2 2.6 0.6
 - receivables from the tax authorities 0.2 0.4 (0.2)
 - loans to third parties 0.4 1.3 (0.9)
Exchange gains 1.5 10.3 (8.8)
Interest income and other financial income 27.7 61.5 (33.8)
       
Interest expenses and other financial expenses      
EXOR bond interest expenses (22.8) (24.7) 1.9
Expenses on securities held for trading (a) (14.0) (43.5) 29.5
Exchange losses (2.6) (13.0) 10.4
Expenses from interest rate hedge (1.4) (1.1) (0.3)
Bank interest and other financial expenses (3.9) (5.2) 1.3
Interest expenses and other financial expenses (44.7) (87.5) 42.8
       
Fair value adjustments to current and non-current financial assets      
Positive adjustments 10.4 22.7 (12.3)
Negative adjustments (21.6) (11.7) (9.9)
Fair value adjustments to current and non-current financial assets (11.2) 11.0 (22.2)
Net financial income (expenses)(28.2)(15.0)(13.2)
(a) Includono principalmente plusvalenze e minusvalenze realizzate.

Considering only the assets and liabilities included in the balance of the net financial position of the Holdings System (see note 11), there is a net financial expenses balance of €29.6 million (a net financial expenses balance of €16.4 million in the first half of 2011).

Details are as follows:

€ milioni Half I 2012 Half I 2011 Change
Interest and other financial income 26.3 54.0 (27.7)
Interest and other financial expenses (44.7) (81.8) 37.1
Fair value adjustments of current and non-current assets (11.2) 11.4 (22.6)
Financial income (expenses) balance generated by the financial position (29.6) (16.4) (13.2)
Commercial Register No.64236277 Legal notes | Credits