33 Financial expenses (income)

Financial expenses (income) amount to €472 million, broken down as follows:

The net value of financial expense (income) (€466 million) breaks down as follows:

Financial expense related to net financial debt (€489 million) refers to: (i) interest on 11 bonds (€289 million); (ii) interest expense payable to banks relating to revolving credit lines, uncommitted credit lines and fixed-term loans totalling €144 million (including €33 million relating to the portion pertaining to the year of up-front fees on a term loan of €1.5 billion that was repaid early in the first half of 2013); and (iii) the portion pertaining to the year of up-front fees on revolving credit lines (€28 million) and fees on unused credit lines (€28 million).

Other financial expense (income) at €11 million mainly relates to: (i) the accretion discount of provisions for the abandonment and restoration of storage sites (€12 million); (ii) net interest expense accrued on accruals and deferrals of regulated activities (€5 million); and (iii) the positive effects of the valuation, at the exchange rate of the end of the period, of a bond denominated in Japanese yen (-€5 million).

Financial expenses capitalised (€34 million) relate to the part of financial expense absorbed by investment activities.

Derivatives

Derivatives expense (income) amounts to €6 million and breaks down as follows:

Losses from fair value adjustment (€5 million) relate to the effects of hedging foreign exchange risk in view of the signing of a Cross Currency Swap contract³⁴.