Financial income/(expense)

Following is a breakdown of financial income/(expense):

(€ thousand)20132012
Financial income 7,616 11,845
Financial expense (248,579) (262,380)
Net gains/(losses) on derivative financial instruments 30,876 34,455
Total financial income/(expense) (210,087) (216,080)

Financial income consisted of the following:

(€ thousand)20132012
Financial income from Group companies and other related parties:    
Interest income on current account with Fiat Finance S.p.A. 4 7,080
Fee income for sureties and unsecured guarantees 4,571 4,302
Other financial income 46 48
Total financial income from Group companies and other related parties 4,621 11,430
Financial income from third parties:    
Interest income on bank and other deposits 6 5
Interest income on tax credits 2,990 383
Total financial income from third parties 2,996 388
Currency translation gains/(losses) -1 27
Total financial income 7,616 11,845

Financial expense consisted of the following:

(€ thousand)20132012
Financial expense to Group companies and other related parties:    
Interest expense on current account with Fiat Finance S.p.A. 175,641 1,990
Interest expense on loans from Fiat Finance S.p.A. 61,399 251,310
Commissions and other charges payable to Fiat Finance S.p.A. 4,036 5,598
Commissions and other charges payable to Fidis S.p.A. 5,970 1,760
Interest and financial expense payable to other Group companies and other related parties 110 115
Total financial expense to Group companies and other related parties 247,156 260,773
Financial expense payable to third parties:    
Interest expense and charges for the sale of receivables 542 567
Interest costs on employee benefits 205 298
Other third party interest and financial expense 676 742
Total financial expense payable to third parties 1,423 1,607
Total financial expense 248,579 262,380

Net gains on derivative financial instruments of €30,876 thousand essentially related to the closure, in December 2013, of the equity swap contracts entered into as hedges on stock options granted to the Chief Executive Officer in 2004 and 2006 (see Note 18). The swap contracts related to 16,920,000 Fiat and Fiat Industrial (and subsequently CNH Industrial) shares and had a notional value, based on the contractual exercise price, of €153,803 thousand. For 2012, net gains of €34,455 thousand represented the gain arising from fair value measurement of those equity swaps. Although entered into as hedges, the swaps do not qualify for hedge accounting under IFRS and, accordingly, were classified as held for trading.