28. Financial expense (income)
Financial expense (income), which amounted to €380 million (€397 million in 2014), can be broken down as follows:
| Download XLS (22 kB) |
(€ 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 |
| Download XLS (24 kB) |
(€ million) |
2014 |
2015 |
||
|
||||
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).
54 More information can be found in Note 24 “Guarantees, commitments and risks – Disputes and other measures – Recovering receivables from certain users of the transportation and balancing system”.