|Millions of euro|
|Total interest and other income from financial assets (current and non-current):|
|- interest income at effective rate on non-current securities and receivables||56||49||7||14.3%|
|- financial income on non-current securities at fair value through profit or loss||2||2||-||-|
|- interest income at effective rate on short-term financial investments||293||284||9||3.2%|
|Total interest and other income from financial assets||351||335||16||4.8%|
|Foreign exchange gains||847||640||207||32.3%|
|Income from derivative instruments:|
|- income from cash flow hedge derivatives||232||218||14||6.4%|
|- income from derivatives at fair value through profit or loss||455||273||182||66.7%|
|- income from fair value hedge derivatives||70||34||36||105.9%|
|Total income from derivative instruments||757||525||232||44.2%|
|Income from equity investments||86||218||(132)||-60.6%|
|TOTAL FINANCIAL INCOME||2,453||2,185||268||12.3%|
Financial income amounted to €2,453 million, an increase of €268 million compared with the previous year.
“Income from derivative instruments” came to €757 million, of which €362 million realized (€380 million in 2012) and €395 million unrealized (€145 million in 2012).
The increase in foreign exchange gains mainly reflects the positive impact of exchange rate changes on debt denominated in currencies other than the euro.
“Income from equity investments” for 2013 came to €86 million, mainly in respect of the gains on the disposals of Medgaz (€64 million) and Endesa Gas T&D (€12 million). In 2012, the item included the proceeds from the disposal of the stake in Terna (€185 million).
“Other income” for 2013 include financial income in the total amount of €103 million (€180 million in 2012) recognized as an increase in the financial assets recognized in application of IFRIC 12 in Brazil following the entry into force of the Medida Provisória 579/2012. The item also includes €43 million in interest paid to Edesur in Argentina on the government grant to that company under the provisions of Resolución 250/2013.
|Millions of euro|
|Interest expense and other charges on financial debt (current and non-current):|
|- interest expense on bank loans||536||577||(41)||-7.1%|
|- interest on bonds||2,170||2,206||(36)||-1.6%|
|- interest expense on other loans||111||149||(38)||-25.5%|
|- financial expense on securities at fair value through profit or loss -||-||-||-||-|
|- commissions on unused lines of credit||66||38||28||73.7%|
|Total interest expense and other charges on financial debt||2,883||2,970||(87)||-2.9%|
|Foreign exchange losses||583||573||10||1.7%|
|Expense on derivative instruments:|
|- expense on cash flow hedge derivatives||812||491||321||65.4%|
|- expense on derivatives at fair value through profit or loss||397||269||128||47.6%|
|- expense on fair value hedge derivatives||9||17||(8)||-47.1%|
|Total expense on derivative instruments||1,218||777||441||56.8%|
|Accretion of post-employment and other employee benefits||163||281||(118)||-42.0%|
|Accretion of other provisions||203||259||(56)||-21.6%|
|Charges on equity investments||7||12||(5)||-41.7%|
|TOTAL FINANCIAL EXPENSE||5,266||5,197||69||1.3%|
Financial expense totaled €5,266 million, up €69 million compared with 2012.
More specifically, the decrease in “interest expense and other charges on financial debt” is mainly attributable to the generalized decline in interest rates compared with 2012, as well as the debt refinancing strategy to optimize the financial structure and lengthen the average maturity of the debt of the Group.
“Expense on derivative instruments” came to €1,218 million, of which €521 million in realized charges (€534 million in 2012) and €697 million in unrealized charges (€243 million in 2012).
Expense from accretion, with regard to both employee benefits and other provisions, decreased by a total of €174 million, largely due to the reduction of the provisions themselves, as well as of the discount rates used in the measurement of the provisions.
Other charges for 2013 amounted to €209 million (€325 million in 2012), and reflect the positive impact of €66 million from the writeback of the value of the receivable due from the Slovakian National Nuclear Fund.