16 Financial income and financial expenses

16 Financial income and financial expenses

The net financial expenses for the year amounted to € 107 million (2018: € 93 million). The breakdown of the financial expenses and financial income is as follows:

 

 

 

€ million

2019

2018

Interest expenses on:

 

 

Retail bonds

−25

−25

Institutional Eurobonds

−17

−17

Other borrowings

−15

−17

Financial charges on leases

−3

−3

Net fair value losses on foreign exchange derivatives

0

−3

Net foreign exchange losses

−59

−38

Net other financial income/expenses (−)

−6

−6

Total financial expenses

−125

−109

 

 

 

 

 

 

€ million

2019

2018

Interest income on:

 

 

Bank deposits

1

1

Interest rate derivatives

16

15

Net fair value gain on foreign exchange derivatives

1

0

Total financial income

18

16

 

 

 

The net other financial income/expenses include € 4 million expenses related to the changes in fair value of the warrants linked to the structured entity Edev Sàrl (€ –6 million in 2018) (Note 4.5.3.).