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€ million |
2010 |
2009 | ||
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Income from investments in joint ventures and associates |
-38.0 |
-127.4 | ||
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Of which pro rata result attributable to joint ventures |
-17.2 |
-108.2 | ||
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Other investment income |
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Income from investments |
– |
0.1 | ||
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Impairment of investments |
– |
– | ||
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– |
0.1 | ||
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Net interest income |
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Interest income |
7.1 |
6.3 | ||
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Of which from available-for-sale financial instruments |
1.0 |
1.4 | ||
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Interest expenses |
-9.1 |
-2.0 | ||
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-2.0 |
4.3 | ||
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Other financial results |
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Other financial income |
49.2 |
13.4 | ||
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Interest effect of interest-bearing provisions/liabilities/financial leases |
-28.3 |
-29.2 | ||
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Other financial expenses |
-51.2 |
-12.0 | ||
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-30.3 |
-27.8 | ||
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Financial result |
-32.3 |
-23.5 |
The income from investments in joint ventures and associates relates mainly to companies in Germany, the USA, China and Singapore. This income includes not only the pro rata shares of net results for the year, but also sums from the reversal of differences between the acquisition cost of the investment and the proportion of equity at the time of acquisition, as well as effects from pro rata eliminations of intercompany profits.
Borrowing costs of €13.5 million (2009: €12.9 million) were capitalized during the reporting period, bringing about a corresponding improvement in interest expenses. To the extent that a loan is attributable to a particular investment, the actual borrowing costs are capitalized. If no direct allocation is possible, the Group’s average borrowing interest rate during the current period is applied. This rate was 4.5 percent in 2010 (2009: 5.3 percent).
The interest effect of interest-bearing provisions includes interest expenses from accumulated interest on pension provisions of €22.7 million (2009: €24.0 million).
Other financial income and expenses primarily result from currency translation.