10 – Financial Result (XLS:) XLS Financial result (Million €) 2019 2018 Dividends and similar income 15 21 Income from the disposal of shareholdings 17 13 Income from profit transfer agreements 2 1 Income from tax allocation to shareholdings (1) – Income from other shareholdings 33 35 Expenses from loss transfer agreements (55) (54) Write-downs on/losses from the sale of shareholdings (23) (24) Expenses from other shareholdings (78) (78) Net income from shareholdings (45) (43) Interest income from cash and cash equivalents 168 160 Interest and dividend income from securities and loans 15 14 Interest income 183 174 Interest expenses (648) (537) Interest result (465) (363) Net interest income from overfunded pension plans and similar obligations – 2 Income from the capitalization of borrowing costs 35 31 Miscellaneous financial income – – Other financial income 35 33 Write-downs on/losses from securities and loans (8) (22) Net interest expense from underfunded pension plans and similar obligations (155) (131) Net interest expense from other long-term personnel obligations (5) – Unwinding the discount on other noncurrent liabilities (11) (5) Miscellaneous financial expenses (96) (210) Other financial expenses (275) (368) Other financial result (240) (335) Financial result (750) (741) Net income from shareholdings was at prior-year level at minus €45 million. The interest result declined by €102 million year on year, from minus €363 million to minus €465 million, as a result of higher interest expenses. The increase in interest expenses was mainly due to the higher financial debt, particularly commercial paper and interest on lease liabilities. Write-downs on / losses from securities and loans decreased due to lower impairments on loans and to lower losses from fair value measurement of securities. The net interest expense from underfunded pension plans and similar obligations increased in comparison with the previous year as a result of the increase in net defined benefit liability as of December 31, 2018. Net interest expense of the respective fiscal year is based on the discount rate and the defined benefit obligation at the beginning of the year. The decline in other financial expenses was primarily due to lower expenses for hedging bonds and U.S. dollar commercial paper against interest and currency risk. back next