11. Financial Result
|
2023 |
2022 |
|---|---|---|
Interest income from cash and cash equivalents |
299 |
186 |
Interest and dividend income from securities and loans |
23 |
10 |
Interest income |
322 |
196 |
Interest expenses |
–860 |
–629 |
Interest result |
–538 |
–433 |
|
|
|
Reversals of write-downs on / income from securities and loans |
40 |
6 |
Net interest income from other long-term personnel obligations |
– |
13 |
Income from the capitalization of borrowing costs |
80 |
40 |
Interest income on income taxes |
76 |
124 |
Miscellaneous financial income |
3 |
0 |
Other financial income |
199 |
182 |
Write-downs on / losses from securities and loans |
–11 |
–24 |
Net interest expense from underfunded pension plans and similar obligations |
–85 |
–81 |
Unwinding the discount on other noncurrent liabilities |
–18 |
–9 |
Interest expenses on income taxes |
–8 |
–2 |
Miscellaneous financial expenses |
–159 |
–52 |
Other financial expenses |
–281 |
–168 |
Other financial result |
–82 |
15 |
|
|
|
Financial result |
–620 |
–418 |
Interest expenses rose primarily because of increased interest rates and the higher balance of financial indebtedness.
The rise in reversals of write-downs on / income from securities and loans resulted from the higher fair value measurement of securities.
Income from the capitalization of borrowing costs rose due to the higher borrowing cost rate and increased volume mainly from construction of the new Verbund site in Zhanjiang, China.
The rise in other financial expenses was primarily due to higher net expenses associated with the translation of bonds and the measurement of the corresponding hedging instruments against interest and currency risks.