2. Net financial income (expenses)

Net financial expenses in the first quarter of 2016 are €5.3 million (net financial income of €9.4 million in the first quarter of 2015).

The composition is as follows:

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(a)   Includes mainly expenses relating to the credit line secured for the acquisition of PartnerRe of €9.5 million, as well as the credit risk adjustment component recorded in the income statement relating to the measurement of the cross currency swap under IFRS 13, which is a positive €0.1 million.
(b)   Included in non-current other financial assets.
(c)   Includes mainly the net gain realized on the redemption of The Black Ant Value Fund of €5.8 million (€6.1 million in the first quarter of 2015), in addition to the fair value gain (€22.9 million) deriving from the revaluation of the 9.9% interest in PartnerRe, classified in the income statement following the change in valuation method, consistently with the provisions of IFRS 3.

Commercial Register No.64236277 Note legali | Credits