11. Financial Result
|
2021 |
2020 |
|---|---|---|
Interest income from cash and cash equivalents |
158 |
146 |
Interest and dividend income from securities and loans |
10 |
18 |
Interest income |
168 |
164 |
Interest expenses |
–482 |
–537 |
Interest result |
–314 |
–373 |
|
|
|
Reversals of write-downs on/income from securities and loans |
16 |
22 |
Net interest income from other long-term personnel obligations |
2 |
– |
Income from the capitalization of borrowing costs |
29 |
30 |
Interest income on income taxes |
42 |
35 |
Miscellaneous financial income |
6 |
31 |
Other financial income |
94 |
118 |
Write-downs on/losses from securities and loans |
–5 |
–56 |
Net interest expense from underfunded pension plans and similar obligations |
–82 |
–108 |
Net interest expense from other long-term personnel obligations |
– |
–2 |
Unwinding the discount on other noncurrent liabilities |
–9 |
–11 |
Interest expenses on income taxes |
–24 |
–20 |
Miscellaneous financial expenses |
–96 |
–10 |
Other financial expenses |
–215 |
–207 |
Other financial result |
–122 |
–89 |
|
|
|
Financial result |
–436 |
–462 |
Interest expenses decreased primarily because of the lower balance of financial indebtedness.
Write-downs on / losses from securities and loans declined mainly due to lower impairments on loans to nonconsolidated Group companies.
The net interest expense from underfunded pension plans and similar obligations declined year on year as a result of the lower interest rate used to determine expenses for pension benefits compared with the previous year.
The rise in other financial expenses was primarily due to higher net expenses associated with the translation of bonds and the valuation of the corresponding hedging instruments against interest and currency risks.