22 Financial expense (income)
Financial expense (income), which amounted to €115 million (€169 million in the first half of 2016), can be broken down as follows:
| Download XLS (22 kB) |
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First half |
|
(€ millions) |
2016 |
2017 |
Financial expense |
164 |
112 |
Financial expense |
164 |
112 |
Other financial expense (income) |
3 |
2 |
Other financial expense |
7 |
6 |
Other financial income |
(4) |
(4) |
Losses on hedging derivatives – ineffective portion |
2 |
1 |
Losses from derivative contracts |
2 |
1 |
|
169 |
115 |
| Download XLS (24 kB) |
|
First half |
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(€ millions) |
2016 |
2017 |
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Financial expense |
164 |
112 |
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Expense on financial debt: |
173 |
119 |
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- Interest and other expenses on bond loans |
160 |
110 |
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- Fees on loans and bank credit lines |
7 |
6 |
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- Interest expense on credit lines and loans due to banks and other lenders |
6 |
3 |
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|
|
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Financial expense capitalised |
(9) |
(7) |
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|
|
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Other financial expense (income): |
3 |
2 |
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- Accretion discount (*) |
6 |
5 |
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- Other expenses |
1 |
1 |
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- Interest income on financial receivables held for operations |
(1) |
(3) |
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- Other income |
(3) |
(1) |
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|
|
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Losses on hedging derivatives – ineffective portion |
2 |
1 |
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|
169 |
115 |
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Expense on financial debt (€119 million) related to: (i) interest and other expense on bond loans (€110 million), referring essentially to interest on 17 bond loans; (ii) the portion attributable to the period of upfront fees on revolving credit lines (€3 million) and credit line non-usage fees (€3 million); (iii) interest payable to banks on revolving credit lines, uncommitted credit lines and maturing loans (€3 million in total).
Financial expense capitalised (€7 million) related to the portion of financial expense capitalised pursuant to investment activities.
Other expense (income) (€2 million) mainly involved financial expense connected to provision for transportation and storage site abandonment and restoration and transport (€5 million).
Losses on hedging derivatives (€1 million) refer to the effects associated with the recording in the income statement of the ineffective portion resulting from the valuing at fair value of hedging derivative instruments.