213
(in millions of Euro)
2013
2012 (*)
Interest on syndicated loans
12
29
Interest on non-convertible bond
21
21
Interest on convertible bond - non-monetary component
6
-
Interest on convertible bond - monetary component
3
-
Amortisation of bank and financial fees and other expenses
8
10
Employee benefit interest costs
11
12
Other bank interest
20
33
Costs for undrawn credit lines
4
3
Sundry bank fees
14
11
Non-recurring other finance costs
7
5
Other
29
21
Finance costs
135
145
Non-recurring net losses on interest rate swaps
15
-
Losses on derivatives
15
-
Foreign currency exchange losses
290
247
Non-recurring other foreign currency exchange losses
-
3
Total finance costs
440
395
24. FINANCE COSTS
These are detailed as follows:
(*) The comparative figures for 2012 have been restated. Further details can be found in Note 15. Employee benefit obligations.
Non-recurring other finance costs report Euro 5 million for the
accelerated amortisation of bank fees relating to the Credit
Agreement 2010, after making a total of Euro 486 million in
early repayments against this loan in the months of February
and March 2013. These early repayments have led to the
discontinuance of cash flow hedge accounting, resulting in
the recognition of net losses of Euro 15 million on interest
rate swaps, which have been classified in “Non-recurring net
losses on interest rate swaps”.
“Other” finance costs include Euro 17 million for differentials
accruing on interest rate swaps; this includes Euro 6 million
in relation to instruments for which hedge accounting was
discontinued following the early repayments described above.
This last figure is largely offset by the fair value measurement
of the related derivatives, reported in “Net gains on interest
rate swaps”.
