7 – Financial result
|
|
|
2nd Quarter |
1st Half | ||
|---|---|---|---|---|---|
|
Million € |
|
2015 |
2014 |
2015 |
2014 |
|
Dividends and similar income |
|
23 |
30 |
33 |
33 |
|
Income from the disposal of shareholdings |
|
13 |
− |
21 |
− |
|
Income from profit transfer agreements |
|
1 |
2 |
3 |
4 |
|
Income from tax allocation to participating interests |
|
1 |
− |
1 |
1 |
|
Income from other shareholdings |
|
38 |
32 |
58 |
38 |
|
Expenses from profit transfer agreements |
|
(4) |
(2) |
(6) |
(3) |
|
Write-downs on / losses from the sale of shareholdings |
|
(7) |
(2) |
(23) |
(2) |
|
Expenses from other shareholdings |
|
(11) |
(4) |
(29) |
(5) |
|
Interest income from cash and cash equivalents |
|
50 |
30 |
101 |
54 |
|
Interest and dividend income from securities and loans |
|
6 |
9 |
13 |
19 |
|
Interest income |
|
56 |
39 |
114 |
73 |
|
Interest expense |
|
(171) |
(174) |
(335) |
(332) |
|
Net interest income from overfunded pension plans and similar obligations |
|
− |
1 |
1 |
1 |
|
Net interest income from other long-term employee obligations |
|
− |
− |
− |
− |
|
Income from the capitalization of construction interest |
|
36 |
38 |
78 |
72 |
|
Miscellaneous financial income |
|
− |
− |
− |
− |
|
Other financial income |
|
36 |
39 |
79 |
73 |
|
Write-downs on / losses from the disposal of securities and loans |
|
(2) |
− |
(3) |
(1) |
|
Net interest expense from underfunded pension plans and similar obligations |
|
(48) |
(36) |
(97) |
(73) |
|
Net interest expense from other long-term employee obligations |
|
(1) |
(2) |
(4) |
(5) |
|
Interest accrued on other noncurrent liabilities |
|
(19) |
(20) |
(35) |
(38) |
|
Miscellaneous financial expenses |
|
(30) |
(10) |
(64) |
(49) |
|
Other financial expenses |
|
(100) |
(68) |
(203) |
(166) |
|
Financial result |
|
(152) |
(136) |
(316) |
(319) |
Compared with the same periods of the previous year, income from shareholdings was down by €1 million in the second quarter of 2015 and by €4 million in the first half of 2015, amounting to €27 million and €29 million, respectively.
The interest result amounted to minus €115 million in the second quarter of 2015 (second quarter of 2014: minus €135 million) and minus €221 million in the first half of 2015 (first half of 2014: minus €259 million). In both periods, the improvement was mainly the result of higher interest income, especially through interest and currency swaps. The interest expense associated with these swaps also rose. Interest expense decreased overall, however, due to more favorable refinancing conditions for financial indebtedness.
Net interest expense from underfunded pension plans and similar obligations rose in the second quarter and first half of 2015 compared with the same periods of the previous year, mainly as a result of the higher defined benefit obligation as of December 31, 2014.
Miscellaneous financial expenses in the second quarter and first half of 2015 predominantly included hedging costs from the hedging of loans in U.S. dollars. In the first half of the previous year, the market valuation of options for the disposal of shares in Styrolution had led to an expense of €42 million. Effective as of November 17, 2014, BASF sold its share in Styrolution to the INEOS Group.