16 Financial income and financial expenses

The net financial expenses for the year amounted to € 93 million (2017: € 99 million). The breakdown of the financial expenses and financial income is as follows:

Financial expenses

 

 

 

€ million

2018

2017

Interest expenses on:

 

 

Retail bonds

-25

-25

Institutional Eurobonds

-17

-17

Other borrowings

-17

-14

Financial charges on leases

-3

0

Impairment of equity securities and other financial assets

0

0

Net loss on interest rate derivatives

0

0

Net fair value losses on foreign exchange derivatives

-3

0

Net foreign exchange losses

-38

-44

Net other financial income/expenses (-)

-6

-14

Total financial expenses

-109

-114

 

 

 

Financial income

 

 

 

€ million

2018

2017

Interest income on:

 

 

Bank deposits

1

1

Interest rate derivatives

15

13

Net fair value gain on foreign exchange derivatives

0

1

Total financial income

16

15

 

 

 

The net other financial income/expenses include € 6 million expenses related to the changes in fair value of the warrants linked to the structured entity Edev S.à r.l. (€ -11 million in 2017) (Note 4.5.3).