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|
(€ million) |
2009 |
2010 |
2011 |
Change |
Change % |
|
Financial expense related to net financial debt |
166 |
188 |
262 |
74 |
39.4 |
|
- Charges on short- and long-term financial debt |
166 |
188 |
262 |
74 |
39.4 |
|
Loses (Gains) on derivative contracts |
66 |
102 |
69 |
(33) |
(32.4) |
|
- Adjustment to fair value |
2 |
|
|
|
|
|
- Difference in interest accrued in the period |
64 |
102 |
69 |
(33) |
(32.4) |
|
Other net financial expense |
9 |
18 |
19 |
1 |
5.6 |
|
- Accretion discount |
11 |
15 |
12 |
(3) |
(20.0) |
|
- Other net financial (income) expense |
(2) |
3 |
7 |
4 |
133.3 |
|
Financial expense capitalised |
(24) |
(37) |
(37) |
|
|
|
|
217 |
271 |
313 |
42 |
15.5 |
Net financial expense (€313 million) increased by €42 million compared with 2010, following the higher cost of borrowing, which went from 2.9% in 2010 to 3.1% in 2011, and the higher average debt for the period.
Financial expense of €37 million was capitalised in 2011 (same amount in 2010).