4. Net financial income (expenses)

For the first nine months of 2013 the balance of net financial expenses is €12.7 million (a balance of net financial expenses of €32.6 million for the first nine months of 2012). Details on the composition of the balance are as follows:

 9 months
to September 30
Quarter III
€ million 2013   2012 Change 2013 2012 Change
Interest and other financial income              
Income on securities held for trading (a) 3.1   14.8 (11.7) 0.0 2.8 (2.8)
Income on non-current securities and other investments 17.2 (b) 2.8 14.4 15.7 2.0 13.7
Interest income on:              
 - bonds 8.4   12.8 (4.4) 33 3.3 0.0
 - receivables from banks 10.8   4.5 6.3 5.4 1.2 4.2
 - receivables from the tax authorities 0.0   0.2 (0.2) 0.0 0.0 0.0
Exchange gains 4.4   1.5 2.9 0.6 0.0 0.6
Other financial income 1.0   0.7 0.3 0.2 0.3 (0.1)
Interest and other financial income 44.9   37.3 7.6 25.2 9.6 15.6
Interest and other financial expenses              
EXOR bond interest expenses (44.0)   (34.4) (9.6) (14.8) (11.6) (3.2)
Financial expenses on securities held for trading (a) (1.4)   (24.4) 23.0 (0.5) (10.4) 9.9
Expenses on non-current securities and other investments (0.4) (c) (0.2) (0.2) (0.3) 0.0 (0.3)
Exchange losses (4.4)   (3.9) (0.5) (3.0) (1.3) (1.7)
Expenses for interest rate hedges (4.0)   (2.3) (1.7) (1.4) (0.9) (0.5)
Bank interest and other financial expenses (3.4)   (5.4) 2.0 (1.0) (1.7) 0.7
Interest and other financial expenses (57.6)   (70.6) 13.0 (21.0) (25.9) 4.9
Fair value adjustments to current and non-current financial assets 0.0   0.7 (0.7) 2.8 11.9 (9.1)
Net financial income (expenses) (12.7)   (32.6) 19.9 7.0 (4.4) 11.4
(a) Includes mainly realized gains and losses. (b) Comprises the net gain realized on the redemption of NoCo B Funds for €15.9 million. (c) Includes the net loss realized on the redemption of the Perella Weinberg Real Estate I Funds for €0.2 million.

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 €30.4 million (a balance of net financial expenses of €35.9 million for the first nine months of 2012).

Details are as follows:

  9 months to September 30 Quarter III
€ milion 2013 2012 Change 2013 2012 Change
Interest and other financial income 27.2 34.0 (6.8) 9.6 7.7 1.9
Interest and other financial expenses (57.6) (70.6) 13.0 (21.0) (25.9) 4.9
Fair value adjustments of current and non-current financial assets 0.0 0.7 (0.7) 2.8 11.9 (9.1)
Net financial income (expenses) generated by the financial position (30.4) (35.9) 5.5 (8.6) (6.3) (2.3)

 

Commercial Register No.64236277 Note legali | Credits