7 – Financial result

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1st half

Million €

 

2018

2017

Dividends and similar income

 

16

19

Income from the disposal of shareholdings

 

11

1

Income from profit transfer agreements

 

1

3

Income from tax allocation to shareholdings

 

−

1

Income from other shareholdings

 

28

24

Expenses from loss transfer agreements

 

(11)

(10)

Write-downs on / losses from the sale of shareholdings

 

−

(3)

Expenses from other shareholdings

 

(11)

(13)

Net income from shareholdings

 

17

11

 

 

 

 

Interest income from cash and cash equivalents

 

77

101

Interest and dividend income from securities and loans

 

31

11

Interest income

 

108

112

Interest expenses

 

(257)

(290)

Interest result

 

(149)

(178)

 

 

 

 

Net interest income from overfunded pension plans and similar obligations

 

1

1

Income from the capitalization of borrowing costs

 

21

37

Miscellaneous financial income

 

−

−

Other financial income

 

22

38

Write-downs on / losses from the disposal of securities and loans

 

(13)

−

Net interest expense from underfunded pension plans and similar obligations

 

(69)

(88)

Net interest expense from other long-term personnel obligations

 

(1)

−

Unwinding the discount on other noncurrent liabilities

 

(16)

(19)

Miscellaneous financial expenses

 

(179)

(90)

Other financial expenses

 

(278)

(197)

Other financial result

 

(256)

(159)

 

 

 

 

Financial result

 

(388)

(326)

Net income from shareholdings in the first half of 2018 exceeded the prior-year figure by €6 million. Income from the disposal of shareholdings arose from the transfer of Metanomics Health GmbH to BIOCRATES Life Sciences AG, Innsbruck, Austria, in January 2018.

The interest result rose by €29 million in the first half of 2018, from minus €178 million to minus €149 million. The interest expense declined year on year, mainly as a result of more favorable refinancing conditions.

Compared with the prior-year period, income from the capitalization of construction period interest decreased considerably as major investment projects have since started operations.

The net interest expense from underfunded pension plans and similar obligations declined year on year as a result of the reduced net defined benefit liability as of January 1, 2018.

Other financial expenses rose, primarily as a result of higher expenses from hedging transactions.