9. Financial income/(expenses)

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)20132012
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)20132012
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)20132012
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.