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13 Financial income and charges

 
Financial income20112010Changes
Interest rate and foreign exchange derivatives80,605 63,265 17,340
Banks5,5399634,576
Customers3,6984,324-626
Income from valuation at fair value of financial liabilities -  20,861-20,861
Capital gains on equity investments and dividends from other companies13912910
Other financial income 2,5021,4791,023
Total 92,483 91,021 1,462

 

Financial charges20112010Changes
Bond loans 87,671 77,913 9,758
Charges from valuation at fair value of financial liabilities56,74446,9559,789
Interest rate and foreign exchange derivatives29,34246,862-17,520
Discounting of provisions and financial leases13,57513,5696
Mortgages11,16010,325835
Bank current account overdrafts4,0272,9201,107
Capital losses and write-down of equity investments26516249
Other financial charges9,2038,0821,121
Total 211,987 206,642 5,345

The change in the financial operations is described, overall, in the Directors' Report.

The most significant items are described hereunder.

For the items "Income and charges from valuation at fair value of financial liabilities" and "Interest rate and foreign exchange derivatives", please see note 21 of the balance sheet.

The financial charges regarding "Bond loans" comprise:

  • Euro 76,541 thousand in financial charges actually paid (Euro 62,459 thousand in 2010);
  • Euro 11,129 thousand in financial charges generated by the valuation of said financial liabilities at amortised cost (Euro 15,454 thousand in 2010). With regard to the method used, please note that in the recalculation, the maximum duration of 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 over the previous year is mainly due to the higher charges calculated:

  • on the convertible bond for a nominal Euro 140 million issued effective as of November 2010;
  • on additional disbursements of Euro 20 million relating to two "put loans", effective from November and December 2010;
  • on a further disbursement of Euro 50 million relating to the convertible "put bond", effective as of October 2011.


For details on bonds subscribed by the Group, please refer to note 31 "Banks and medium/long- and short-term loans".

"Capital gains on equity investments and dividends from other companies", amounting to Euro 139 thousand, relating to dividends received in 2011 from the companies Ricicla Srl, Service Imola Srl and Banca di Credito Cooperativo.

"Capital losses and the write-down of investments", are composed of capital losses recorded following the closure of the liquidation of the companies Ingenia Srl, Consorzio Energia Servizi Bologna and Italcic, amounting to Euro 64 thousand, Euro 5 thousand and Euro 35 thousand respectively, and the write-down of the investment in Intercomunale Servizi Spa, placed into liquidation on 27 June 2011, totalling Euro 161 thousand.

As for "Other financial charges", the item mainly includes the charges borne for the non-without recourse factoring of receivables, amounting to Euro 7,463 thousand (Euro 6,286 thousand as at 31 December 2010).

The item "Discounting of provisions and financial leases" is broken down as follows:

 20112010Changes
Restoration of third party assets 6,238 4,495 1,743
Landfill post-closure provision5,2067,104-1,898
Employee leaving indemnity and other similar benefits1,6851,427258
Financial leasing 446 543-97
Total 13,575 13,569 6

 

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