Financing income (costs) and gains (losses) on investments

Net financing costs amounted to € 89.6 million (€ 141.8 million), while net gains on investments totalled € 0.3 million (€ 9.0 million).

With reference to the reduction of the net financial expenses, totalling € 24.5 million, please note that during 2015 a renegotiation of the corporate financial debt was carried out, which allowed us to benefit from favourable interest rates.

The caption being examined includes financial expenses equal to € 17.7 million (€ 23.0 million) that derives from the calculation of the amortized cost that did not give rise to a monetary disbursement during the reporting year, having been fully paid during the previous years.

The net exchange loss for 2015 financial period amounted to € 16.7 million (€ 44,3 million). This improvement, is mainly due to the fact that the negative result of the previous year has been significantly influenced by the first application of the official SICADII exchange rate, for the purpose of converting the Group’s net assets in the Venezuelan currency (so called Bolivar Fuerte or VEF), which brought overall costs for € 97 million.