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

The Group recorded net financing costs of €44.6 million (€26.8 million) while net gains on investments amount to €7.4 million (€1.2 million).

Net financing costs include financial income of €21.9 million, financial expense of €68.6 million and net exchange rate gains of €2.1 million. The €17.8 million increase in the item is mainly due to the Group’s larger gross financial indebtedness as a result of its acquisition of Lane. Moreover, its results are affected by financial expense arising from the application of the amortised cost method during the period for €15.2 million (€5.9 million), including €7.7 million for the financial debt restructuring that took place at the end of the period.

Net exchange rate gains amount to €2.1 million (€4.0 million).