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Change Report

22 Financial expenses (income)

Financial expense (income), which amounted to €186 million (€204 million in the first half of 2014), can be broken down as follows:

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(€ million)

First half 2014

First half 2015

(*)

In order to provide as accurate a representation of “Financial (income)/expense” 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 hedging derivatives”. The corresponding value for the comparison period was reclassified accordingly.

Financial expense (income)

206

179

Financial expense (*)

206

182

Financial income

 

(3)

Other financial expense (income)

(2)

7

Other financial expense

9

11

Other financial income (*)

(11)

(4)

 

204

186
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(€ million)

First half 2014

First half 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 14 ”Provisions for risks and charges”.

Financial expense (income)

206

179

Expense on financial debt

223

196

- Interest expense on bonds

171

179

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

52

17

Financial expense capitalised

(17)

(14)

Income on financial receivables

 

(3)

 

 

 

Other financial expense (income)

(2)

7

- Accretion discount (*)

7

6

- Other expense

2

5

- Other income

(11)

(4)

 

204

186

Expense on financial debt (€196 million) related to: (i) interest on 16 bonds (€179 million); (ii) the portion pertaining to the period of upfront fees on revolving credit lines (€5 million) and fees on unused credit lines (€4 million); and (iii) interest expense payable to banks relating to revolving credit lines, uncommitted credit lines and maturing loans totalling €8 million.

Financial expense capitalised (€14 million) related to the portion of financial expense capitalised pursuant to investment activities.

Other financial expense (income), amounting to €7 million, mainly refers to financial expense connected to the passage of time relating to provisions for the decommissioning and restoration of sites in the storage and transportation segments (€5 million) and provisions for employee benefits (€1 million).

The reasons for the most significant changes are described in the “Financial review and other information” section of the interim directors’ report.

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