The following table sets out details of the Group’s financial income and expenses, including the amounts reported in the Income statement within the Financial income/(expenses) line item, as well as interest income from customers and other financial income of financial services companies, recognized under Net revenues, and Interest cost and other financial charges from financial services companies, recognized under Cost of sales.
| (€ million) | 2013 | 2012 |
|---|---|---|
| Financial income: | ||
| Interest income and other financial income | 200 | 254 |
| Interest income from customers and other financial income of financial services companies | 239 | 277 |
| Gains on disposal of securities | 4 | 2 |
| Total Financial income | 443 | 533 |
| of which: | ||
| Financial income, excluding financial services companies (A) | 204 | 256 |
| Interest cost and other financial expenses: | ||
| Interest expense and other financial expenses | 1,880 | 1,936 |
| Write-downs of financial assets | 105 | 50 |
| Losses on disposal of securities | 3 | 9 |
| Net interest expenses on employee benefits provisions | 371 | 388 |
| Total Interest and other financial expenses | 2,359 | 2,383 |
| Net (income)/expenses from derivative financial instruments and exchange rate differences | (1) | (84) |
| Total interest and other financial expenses, net (income) expenses from derivative financial instruments and exchange differences | 2,358 | 2,299 |
| of which: | ||
| Interest cost and other financial expenses, net (income) expenses from derivative financial instruments and exchange rate differences, excluding financial services companies (B) | 2,168 | 2,141 |
|
Net financial income (expenses) excluding financial services companies (A) – (B) |
(1,964) | (1,885) |
Net financial expenses in 2013 (excluding the financial services companies) amount to €1,964 million (€1,885 million in 2012).
This amount includes the net financial expenses of Chrysler of €975 million (€1,068 million in 2012), of which net interest expenses on employee benefits provisions of €347 million (€356 million in 2012). Net financial expenses also include net income of €31 million (net income of €34 million in 2012) arising from the equity swaps on Fiat S.p.A. and CNH Industrial N.V. (formerly Fiat Industrial S.p.A.) shares relating to certain stock option plans. These equity swaps expired in 2013.
Interest income and other financial income may be analyzed as follows:
| (€ million) | 2013 | 2012 |
|---|---|---|
| Interest income from banks deposits | 152 | 168 |
| Interest income from securities | 8 | 14 |
| Other income and financial income | 40 | 72 |
| Total interest income and other financial income | 200 | 254 |
Interest cost and other financial expenses may be analyzed as follows:
| (€ million) | 2013 | 2012 |
|---|---|---|
| Interest expenses on bonds | 959 | 921 |
| Interest expenses on bank borrowing | 346 | 347 |
| Commission expenses | 25 | 21 |
| Other interest cost and financial expenses | 550 | 647 |
| Total interest cost and other financial expenses | 1.880 | 1.936 |
In 2013 the Other interest cost and financial expenses included interest expenses of €326 million (€342 million in 2012) related to the VEBA Trust Note and interest expenses of €61 million (€71 million in 2012) related to the Canadian Health Care Trust Note.