logo di stampa inglese
You are in: Consolidated Financial Statements » Income Statement
« back

13 Financial income and charges

Derivatives on interest10,1227,9802,142
Capital gains on investments and dividends from other companies5,6965,180516
Other financial income2,3203,512-1,192
Total financial income22,96722,162805
Bond loans 51,03742,5028,535
Derivatives on rates27,7354,57623,159
Discounting of provisions and financial leases17,12910,0777,052
Bank current account overdrafts8,01020,730-12,720
Capital losses and write-downs of equity investment54388-334
Other financial charges20,4138,42611,987
Total financial charges140,244116,16924,075

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

Income and charges on rates highlight a negative net effect, amounting to Euro 17,613 thousand. To this purpose, see Note 22 to the balance sheet.

Item "Capital gains on equity investments and dividends from other companies" mainly regards a 2009 dividend on account paid by Energia Italiana Spa to Hera Spa and amounting to Euro 5,015 thousand, as well as Euro 400 thousand as capital gain, again achieved by the parent company, regarding the disposal of the equity investment in Ambiente Mare Spa to a private shareholder.

Item "Other financial income" includes Euro 1,400 thousand of income generated by the renegotiation of the Put Extendable bond, totalling Euro 200 million.

Item "Bonds" comprises the following:

  • Euro 37,677 thousand of bonds;
  • Euro 13,360 thousand related to the application of 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 new bond loan, called put call reset bond, entered into during the second half of 2008, as well as the issue, in 2009, of a 15-year bond loan for the amount of 20 billion Japanese Yen, with a Euro hedge of around Euro 150 million, and the issue of another bond loan, a Euro 500 million, fixed-rate bond, effective as from November 2009.

As for "Other financial charges", this item is broken down as follows:

  • Euro 12,254 thousand related to charges paid following the recovery of the "tax moratorium". To this purpose, for a more thorough description see note 15 regarding taxes.
  • Euro 6,202 thousand in assignment of credit charges;

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

Restoration of third party assets 7,5143,8463,668
Landfill post-closure provision5,6753165,359
Employee leaving indemnity and other similar benefits3,0304,930-1,900
Financial leasing910985-75

Reclassifications made for some items recorded in the financial statements as at 31 December 2008 are shown below:

Financial income2008
Interest received on other receivables107-1070
Other financial income3,4051073,512
Financial income-capital gains on investment negotiations824-8240
Dividends from equity investments in other companies4,356-4,3560
Capital gains on equity investments and dividends from other companies05,1805,180
Financial charges2008 publishedreclassification2008 reclassified
Financial charges as a result of IAS 194,930-4,9300
Financial charges generated by the application
of "other international accounting standards"
Discounting of financial provisions and leasing010,07710,077
Bond loans 042,50242,502
Other financial charges50,928-42,5028,426
Capital losses on investment negotiations388-3880
Capital losses and write-downs of investments0388388
« back