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28. Financial expense (income)

Financial expense (income), which amounted to €380 million (€397 million in 2014), can be broken down as follows:

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(€ million)

2014

2015

Financial expense (income)

398

362

Financial expense

398

365

Financial income

 

 (3)

Other financial expense (income)

(1)

18

Other financial expense

18

27

Other financial income

(19)

(9)

 

397

380

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(€ million)

2014

2015

(*)

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”.

Financial expense (income)

398

362

Expense on financial debt:

435

395

- Interest and other expenses on bond loans

350

364

- Fees on loans and bank credit lines

50

16

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

35

15

Financial expense capitalised

(37)

(30)

Income from financial receivables:

 

(3)

- Interest and other income from financial assets not held for operations

 

(3)

Other financial expense (income):

(1)

18

- Accretion discount (*)

17

14

- Other expense

1

13

- Other income

(19)

(9)

 

397

380

Expense on financial debt (€395 million) related to: (i) interest and other expense on bond loans (€364 million), referring essentially to interest on 16 bond loans (€355 million); (ii) the portion attributable to the period of upfront fees on revolving credit lines (€9 million) and credit line non-usage fees (€7 million); and (iii) interest payable to banks on revolving credit lines, uncommitted credit lines and maturing loans (€15 million in total).

Financial expense capitalised (€30 million) related to the portion of financial expense capitalised pursuant to investment activities.

Other net financial expense (€18 million) mainly relates to: (i) the accretion discount on the provision for transportation and storage site abandonment and restoration (+€11 million) and the provision for employee benefits (+€2 million); (ii) the impairment (+€9 million) of receivables for deferred interest arising from commercial balancing activities, following the partial payment by the Authority of receivables for the period from 11 December 2011 to 23 October 201254; and (iii) income relating to revised estimates of the provision for environmental charges (-€3 million).

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