Net financial income (expenses)

In the first quarter of 2012, the net financial expense balance is €12.7 million (a net financial expense balance of €10.3 million in the first quarter of 2011). Details of the composition of net financial income (expenses) are as follows:

€ million Q1 2012 Q1 2011 Change
Interest and other financial income
 
 
Income and dividends on securities held for trading (a) 11.5 16.9 (5.4)
Income on non-current securities and other investments 0.8 1.0 (0.2)
Interest income on:  
 
 
- bonds 5.1 7.2 (2.1)
- receivables from banks 0.6 1.1 (0.5)
- loans extended to C&W Group 0.0 0.7 (0.7)
Exchange gains 0.1 4.0 (3.9)
Interest income and other financial income 18.1 30.9 (12.8)


 
 
Interest expenses and other financial expenses
 
 
EXOR bond interest expenses (11.4) (12.1) 0.7
Expenses on securities held for trading (a) (12.0) (14.5) 2.5
Exchange losses (1.9) (7.8) 5.9
Expenses from interest rate hedge (0.6) (0.4) (0.2)
Bank interest and other financial expenses (2.0) (2.4) 0.4
Interest expenses and other financial expenses (27.9) (37.2) 9.3
 
 
 
 
Fair value adjustments to current and non-current financial assets
 
 
Positive adjustments 7.0 18.9 (11.9)
Negative adjustments (9.9) (22.9) 13.0
Fair value adjustments to current and non-current financial assets (2.9) (4.0) 1.1
 
 
 
 
Net financial income (expenses) (12.7) (10.3) (2.4)
 
(a) Principally includes realized gains/losses.

Considering only the assets and liabilities included in the balance of the net financial position of the Holdings System (see note 10), there is a net financial expenses balance of €13 million (a net financial expenses balance of €10.6 million in the first quarter of 2011).

Details are as follows:

€ million Q1 2012 Q1
2011
Change
Interest and other financial income 17.5 26.1 (8.6)
Interest and other financial expenses (27.6) (32.7) 5.1
Fair value adjustments of current and non-current assets (2.9) (4.0) 1.1
Financial income (expenses) balance generated by the financial position (13.0) (10.6) (2.4)
Commercial Register No.64236277 Note legali | Credits