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3. Notes

17. Financial income and financial expenses

17. Financial income and financial expenses

The net financial expenses for the year amounted to € 93 million (2019: € 107 million). The breakdown of the financial expenses and financial income is as follows:

The net other financial income/expenses include € 1 million expenses related to the changes in fair value of the warrants linked to the structured entity Edev Sàrl (€ -4 million in 2019) (Note 5.5.3.).

Financial expenses

  

€ million

2020

2019

Interest expenses on:

  

Retail bonds

- 18

- 25

Institutional Eurobonds

- 15

- 17

Other borrowings

- 31

- 15

Financial charges on leases

- 4

- 3

Net fair value losses on foreign exchange derivatives

- 31

0

Net foreign exchange losses

- 7

- 59

Net other financial income/expenses (-)

- 1

- 6

Total financial expenses

- 107

- 125

Financial income

  

€ million

2020

2019

Interest income on:

  

Bank deposits

1

1

Interest rate derivatives

13

16

Net fair value gain on foreign exchange derivatives

0

1

Total financial income

14

18