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13 Financial income and charges

 
Financial income20082007Change
Bank interest income3,9174,266-349
Interest income on other short-term receivables107543-436
Interest charged to customers1,5731591,414
Financial income generated by derivatives on commodities02,907-2,907
Financial income generated by derivatives on rates7,98016,929-8,949
Financial income - profits from trading of equity investments 82422802
Dividends from equity investments in other companies4,3561,9092,447
Other financial income3,4051,8641,541
Total Financial income22,16228,599-6,437

 

Financial charges20082007Change
Interest expense on bank current account overdrafts20,73013,6287,102
Interest expense charged by banks for medium/long-term loans29,47031,183-1,713
Financial charges generated by derivatives on commodities02,827-2,827
Financial charges generated by derivatives on rates4,57614,108-9,532
Financial charges as a result of IAS 194,9304,411519
Financial charges generated by the application of "Other international accounting standards"5,14710,746-5,599
Writedowns of equity investments0326-326
Losses from trading of equity investments388180208
Other50,92830,46620,462
Total Financial charges116,169107,8758,294

The report on operations contains comments on the total balance of financial income and charges.

The item “Equity investments in other companies” is represented by the dividends Energia Italiana Spa paid.

The item “Financial income – capital gains on investment negotiations” mostly comprises the capital gain from the sale of a 52.5% share of Sat Com Spa capital to Infracomm.

As for the income and charges on derivatives, commodities were reported at zero. This change is due to the different operations developed over the financial year 2008 compared to 2007; to this regard, please see note 22 of the balance sheet.

Income and charges on tax was positive for Euro 3,404 thousand, as is better described in note 22 of the balance sheet.

The item “Other financial charges” comprises:

  • Euro 41,894 thousand for bond loans, up Euro 14,014 thousand over the previous year main in connection with new financing/bond loans taken on in the second half of 2007 and during 2008;
  • Euro 2,563 thousand for the difference in charges after application of amortised cost. The recalculation increased the value by Euro 1,125 thousand compared with the same period a year earlier, because most of the bond loans and financing was accessed in the second half of 2007 (see comment in note 30). With regard to the method used, please note that in the recalculation, the maximum duration for the financing was assumed, and also that the put options are not exercised for the duration of the same financing, within the contractually determined deadlines.
  • Euro 3,023 thousand in financial charges paid alongside past taxes, as part of the recovery for the fiscal moratorium, as well as charges due to the recalculation of amortisation rates for mortgages from the Cassa Depositi e Prestiti. Please refer to not 15 on tax and duties for a more complete description.
  • Euro 1,351 thousand in assignment of credit charges;
  • Euro 420 thousand in factoring charges.

The item “financial charges regarding application of other international principles” for Euro 5,147 thousand comprises:

 20082007Change
IAS 37 Restoration of third party assets3,846 5,071-1,225
IAS 37 Landfill post-closure provision316 4,455-4,139
IAS 17 Financial leasing985 1,220-235
Total5,14710,746-5,599
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