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Change Report

28 Financial expense (income)

Financial expense (income), which amounted to €397 million (€472 million in 2013), can be broken down as follows:

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(€ million)

2013

2014

(*)

In order to provide as accurate a representation of “Financial expense (income)” as possible, the economic effects attributable to the effective portion of hedging derivatives are recorded under the same item as those of the hedged elements. Any economic effects attributable to the ineffective portion of hedging derivatives are recorded under “Expense (income) on derivatives”. The figure for the comparison year was reclassified accordingly.

Financial expense (*)

456

398

Other financial expense (income)

16

(1)

Other financial expense

26

18

Other financial income (*)

(10)

(19)

 

472

397
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(€ million)

2013

2014

(*)

This item refers to the increase in provisions for risks and charges and provisions for employee benefits, which are reported at discounted value under Note 19 – ”Provisions for risks and charges”, and Note 20 – “Provisions for employee benefits”.

Expense on financial debt

490

435

Interest expense on bonds

290

350

Fees on loans and bank credit lines

56

50

Interest expense on credit lines and loans due to banks and other lenders

144

35

Financial expense capitalised

(34)

(37)

 

456

398

Other financial expense (income)

16

(1)

Accretion discount (*)

13

17

Positive foreign-exchange differences

(1)

 

Other expenses

13

1

Other income

(9)

(19)

 

472

397

Expense on financial debt (€435 million) related to: (i) interest on 15 bonds (€350 million); (ii) the portion pertaining to the year of up-front fees on revolving credit lines (€29 million) and fees on unused credit lines (€21 million); and (iii) interest expense payable to banks relating to revolving credit lines, uncommitted credit lines and maturing loans totalling €35 million.

Financial expense capitalised (€37 million) related to the portion of financial expense capitalised pursuant to investment activities.

Other financial expense (income) related mainly to: (i) financial expense incurred due to the passage of time in relation to provisions for the dismantling and restoration of storage and transportation sites (€13 million) and provisions for employee benefits (€4 million); (ii) financial income related to the recognition of the current value of long-term loans (−€8 million).

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