02 Income from Investments in Joint Ventures and Associates / Other Investment Income / Net Interest Income / Other Financial Results
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€ million |
2015 |
2014 |
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Result from investments in joint ventures and associates |
3.3 |
2.9 |
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Of which share of income from joint ventures |
4.2 |
3.7 |
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Of which share of income from associated companies |
-0.9 |
-0.8 |
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Other investment result |
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Other investment expenses /investment income |
-0.2 |
0.1 |
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Total |
-0.2 |
0.1 |
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Net interest income |
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Interest income |
7.3 |
8.4 |
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Of which from available-for-sale financial instruments |
0.4 |
1.2 |
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Of which from financial instruments, loans and receivables |
6.7 |
6.8 |
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Interest expenses |
-31.8 |
-46.2 |
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Of which from financial liabilities (excluding finance leases) |
-29.8 |
-37.0 |
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Total |
-24.5 |
-37.8 |
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Other financial result |
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Interest effect of interest-bearing provisions /liabilities |
-47.9 |
-49.6 |
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Other financial expenses /income |
5.7 |
-2.2 |
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Total |
-42.2 |
-40.3 |
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The income from investments in joint ventures and associates relates mainly to companies in China. This income includes not only the attributable net results for the year, but also the effects of eliminations of attributable intergroup profits and losses.
Borrowing costs of € 18.6 million (2014: € 5.1 million) were capitalized in the year under review, resulting in a corresponding improvement in the net interest result. The average borrowing interest rate applied by the Group in the fiscal year was 3.0 percent (2014: 3.0 percent).
The interest effect of interest-bearing provisions includes net interest expenses from accumulation of interest on pension obligations and calculated proceeds from plan assets totaling € 41.5 million (2014: € 40.2 million) and interest expenses and interest income from the accumulation and discounting of provisions of € 6.5 million (2014: € 7.9 million).
Other financial income and expenses primarily result from exchange-rate effects in connection with financial transactions.