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E
Financial
E.4
Consolidated financial statements
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Net financial result
Note 6
of financial debt of € 18.1 million and non-operational financial costs of € 31.1 million.
Net financial expense amounted to € 49.2 million for the period (compared to € 45.2 million prior year) and was composed of a net cost
Net cost of financial debt
(In € million)
December
31, 2016
12months ended
December
31, 2015
12months ended
Net interest expenses
-17.0
-11.9
Interest on obligations under finance leases
-1.2
-1.9
Gain/(loss) on disposal of cash equivalents
0.1
0.3
Gain/(loss) on interest rate hedges of financial debt
-
-3.9
NET COST OF FINANCIAL DEBT
-18.1
-17.4
Net cost of financial debt was € 18.1 million (compared to
elements:
€ 17.4 million in 2015) and resulted from the following
borrowing expenses were mainly explained by:
1.60% compared to 2.32% last year. The average gross
€ 1,185.5 million in 2015 bearing an average expense rate of
the average gross borrowing of € 2,014.1 million compared to
•
in 2015) bearing an effective interest rate of 0.48%,
€ 1,058.6 million (compared to an average of € 687.2 million
the used portion of the syndicated loan for an average of
•
rate of 2.375%,
a € 600.0 million bond issue in July 2015 bearing a coupon
•
€ 90.0 million bearing a coupon rate of 1.444%,
yearly average impact on the total gross borrowings of
a € 300.0 million bond issue end of September 2016, with a
•
of 4.03%;
average of € 260.7 million, bearing an effective interest rate
other sources of financing, including securitization, for an
•
the average gross cash increased from € 1,105.3 million in
•
2015 to € 1,418.3 million in 2016 bearing an average income
rate of 1.00% compared to 0.91% in 2015.
Other financial income and expenses
(In € million)
12months ended
December
31, 2016
12months ended
December
31, 2015
Foreign exchange income/(expenses)
14.5
-1.2
Fair value gain/(loss) on forward exchange contracts held for trading
-5.5
7.4
Other income/(expenses)
-40.1
-34.0
OTHER FINANCIAL INCOME AND EXPENSES
-31.1
-27.8
Of which:
other financial expenses
•
-71.5
-68.6
other financial income
•
40.4
40.8
Non-operational financial costs amounted to € 31.1 million
compared to € 27.8 million in 2015 and were mainly composed
of pension related interest (€ 28.9 million compared to
€ 29.3 million expense in 2015) and a net foreign exchange gain
of € 9.0 million versus a net foreign exchange gain of
€ 6.2 million in 2015.
The pension financial cost represented the difference between interest
costs on pension obligations and interest income on plan assets.