03 Income from Investments in Joint Ventures and Associates / Other Investment Income / Net Interest Income / Other Financial Results
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€ million |
2018 |
2017 |
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Result from investments in joint ventures and associates |
131.7 |
42.0 |
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Of which share of income from joint ventures |
1.8 |
2.0 |
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Of which share of income from associates |
129.9 |
40.0 |
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Other investment income |
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Other investment expenses / investment income |
– |
1.9 |
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Total |
131.7 |
43.9 |
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Net interest income |
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Interest income |
8.0 |
7.5 |
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Of which from financial instruments (FVOCI) |
– |
– |
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Of which from financial instruments (amortized cost) |
8.0 |
7.5 |
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Interest expenses |
-22.1 |
-38.3 |
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Of which from financial liabilities (excluding finance leases) |
-19.5 |
-35.0 |
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Total |
-14.1 |
-30.8 |
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Other financial result |
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Interest effect of interest-bearing provisions / liabilities |
-35.4 |
-38.6 |
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Other financial expenses / income |
-15.7 |
-26.9 |
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Total |
-51.1 |
-65.5 |
Income from investments in joint ventures and associates relates to the investments in Siltronic AG and in companies in China. This income includes not only the attributable net results for the year, but also the effects of the elimination of attributable interim profits and losses, of measurement gains and other Group adjustments.
Borrowing costs of €2.2 million were capitalized in the reporting period, after €1.3 million a year earlier, resulting in a corresponding improvement in the net interest result. The average borrowing interest rate applied by the Group in the reporting year was 2.0 percent, compared with 2.7 percent the year before.
The interest effect of interest-bearing provisions includes net interest expenses from the accumulation of interest on pension obligations and calculated returns from plan assets totaling €33.2 million (versus €32.5 million in the prior year) and interest expenses and interest income from the accrual and discounting of provisions of €2.3 million (versus €6.1 million).
Other financial income and expenses primarily result from interest-rate effects in connection with financial transactions and their hedging, as well as expected interest on uncertain tax items.