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13 Financial income and charges

 1st half 20101st half 2009Change
Derivatives on rates and exchanges46,6311,21245,419
Income from valuation of financial liabilities at fair value6,191 6,191
Other financial income4541,818-1,364
Total financial income55,3365,77149,565


 1st half 20101st half 2009Change
Mortgage expenses5,4719,640-4,169
Discounting of provisions and financial leases7,1888,462-1,274
Derivatives on rates and exchanges15,0437,0477,996
Income from valuation of financial liabilities at fair value43,942 43,942
Other financial charges3,7745,820-2,046
Total financial charges114,44859,60254,846

The change in the balance of financial operations is described, overall, in the Report on Operations.

For the items "Income and charges from derivatives on rates" and "Income and charges from valuation of financial instruments at fair value", please see note 22 of the balance sheet.

The item “Other financial income” decreased compared to the same period of last year, since the first half of 2009 included Euro 1,400 thousand of income generated by the renegotiation of the Put Extendable bond, totalling Euro 200 million.

The item “Bonds” comprises the following:

  • Euro 28,461 thousand related to financial charges effectively paid;
  • Euro 9,252 thousand from charges calculated by applying the amortised cost. With regard to the method used, please note that in the recalculation, the maximum duration for the loans was assumed, and it was also assumed that the put options would not be exercised for the duration of the same loans, within the terms set out in the contract.

The increase, compared to last year, is mainly due to a the issue, in the second half of 2009, of a 15-year bond loan for the amount of 20 billion Japanese Yen, with a Euro hedge of Euro 150 million, and the issue of another bond loan of Euro 500 million, at the fixed rate of 4.5%, effective as from November 2009.

As regards "other financial charges", this item includes charges paid for the transfer of credits without recourse. The decrease compared to the first half of 2009 is due to the fact that that period included financial charges paid following the recovery pursuant to the "tax moratorium" (Euro 2,083 thousand). To this purpose, for a more thorough description see Note 15 regarding taxes.

Item “Discounting of provisions and financial leases” is broken down as follows:

 1st half 20101st half 2009Change
Restoration of third party assets3,3624,170-808
Post-closure landfills2,8132,343470
Employee leaving indemnity and other benefits6751,453-778
Financial leases338496-158
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