4. Net financial income (expenses)

In 2014 the net financial expenses balance is €42 million (a net financial expenses balance of €30.2 million in 2013). Details of the composition of the balance are as follows:

€ million 2014   2013   Change
Net interest income and other financial income          
Interest income on:           
 - bank current accounts and deposits 16.3   16.6   (0.3)
 - bonds 12.2   10.6   1.6
Income (expenses) and fair value adjustments to financial assets held for trading 8.1   8.8   (0.7)
Other financial income 0.1   0.5   (0.4)
Net interest income and other financial income 36.7   36.5   0.2
Interest expenses and other financial expenses          
Interest expenses and other expenses on EXOR bonds (63.3)   (58.2)   (5.1)
Non-recurring expenses on cancellation of EXOR 2007-2017 bonds (a) (32.5)   (6.5)   (26.0)
Expenses for interest rate hedges 0.0   (15.5) (b) 15.5
Interest expenses and other expenses on bank borrowings (3.0)   (4.7)   1.7
Interest expenses and other financial expenses (98.8)   (84.9)   (13.9)
Net exchange gains (losses) 1.4   (0.6)   2.0
Financial income (expenses) generated by the financial position (60.7)   (49.0)   (11.7)
Income on other investments (c) 18.4 (d) 17.6 (d) 0.8
Exchange gains (losses) and sundry financial income 0.3   1.2   (0.9)
Other financial income 18.7   18.8   (0.1)
Financial income (expenses) recorded in the income statement (42.0)   (30.2)   (11.8)
(a) Derives from the difference between the average unit purchase price (€113.01) and nominal amount (€100) on the notional amount of €250 million cancelled in 2014. In 2013 the expenses arise from the difference between the average unit purchase price (€110.77) and nominal amount (€100) on the notional amount of €60 million. (b) Included non-recurring expenses of €11.7 million relating to the closing of the interest rate hedging instruments following the early extinguishment of non-current loans for a total of €200 million. (c) Included in other non-current financial assets. (d) Includes mainly the net gains realized on the redemptions of the Perella Weinberg Funds of €13 million (€16.8 million in 2013) and The Black Ant Value Fund of €4.8 million (€1.2 million in 2013).

 

Commercial Register No.64236277 Note legali | Credits