4. Net financial income (expenses)

In the first half of 2013 the balance of net financial expenses is €19.7 million (a balance of net financial expenses of €28.2 million in the first half of 2012).  Details on the composition of the balance of net financial income (expenses) are as follows:

€ million Half I 2013 Half I 2012   Change
Interest and other financial income        
Income and dividends on securities held for trading (a) 3.1 12.0   (8.9)
Income on non-current securities and other investments 1.5 0.8   0.7
Interest income on:        
 - bonds 5.1 9.6   (4.5)
 - receivables from banks 5.4 3.2   2.2
 - receivables from the tax authorities 0.0 0.2   (0.2)
Exchange gains 3.8 1.5   2.3
Other financial income 0.8 0.4   0.4
Interest and other financial income 19.7 27.7   (8.0)
         
Interest and other financial expenses        
EXOR bond interest expenses (29.2) (22.8)   (6.4)
Financial expenses on securities held for trading (a) (0.9) (14.0)   13.1
Exchange losses (1.4) (2.6)   1.2
Expenses for interest rate hedges (2.6) (1.4)   (1.2)
Bank interest and other financial expenses (2.5) (3.9)   1.4
Interest and other financial expenses (36.6) (44.7)   8.1
         
Fair value adjustments to current and non-current financial assets        
Positive adjustments 0.2 10.4   (10.2)
Negative adjustments (3.0) (21.6)   18.6
Fair value adjustments to current and non-current financial assets (2.8) (11.2)   8.4
         
Net financial income (expenses) (19.7) (28.2)   8.5
(a) Includes mainly realized gains/losses.

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 €21.8 million (a balance of net financial expenses of €29.6 million in the first half of 2012).

Details are as follows:

€ million Half I 2013 Half I 2012 Change
Interest and other financial income 17.6 26.3 (8.7)
Interest and other financial expenses (36.6) (44.7) 8.1
Fair value adjustments of current and non-current financial assets (2.8) (11.2) 8.4
Net financial income (expenses) generated by the financial position (21.8) (29.6) 7.8

 

Commercial Register No.64236277 Note legali | Credits