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12 Financial income and charges

 

Financial income is analysed in the following table:

 20062005Change
Bank interest income4,2281,7462,482
 Interest income on other short-term receivables56499465
 Interest charged to customers77072446
Financial income generated by derivatives on commodities22,92725,690-2,763
Financial income generated by derivatives on rates9,8313,3196,512
Other financial income5,5382,0603,478
Total43,85833,63810,220

Financial charges are analysed in the following table:

 20062005Change
 Interest expense on bank current account overdrafts10,42210,089333
 Interest expense charged by banks for medium/long-term loans22,53318,9743,559
Financial charges generated by derivatives on commodities22,93324,423-1,490
Financial charges generated by derivatives on rates6,2004,7681,432
Financial charges for discounting of Employee Severance Indemnity and other employee benefits3,7541,8861,868
Financial charges generated by the application of “other international accounting standards"10,9659,1281,837
Other23,4374,83418,603
Total100,24474,10226,142

Comments on the change in the balance of financial operations are included in the Directors' Report. Here, we note the increase when compared with the previous year in "Other financial charges", due to Euro 17,696 thousand in charges accrued in relation to the bond issue issued on 16 February 2006 (Euro 500 million Eurobond with a rate of 4.125%).

With regard to derivatives on rates, the rise in interest rates in the period generated a positive net financial effect.; these income and charges include the effects of the closing operations previously discussed in the Directors' Report.

With regard to derivatives on commodities, the reduced revenues are for the most part compensated by a corresponding decrease in charges.


The financial charges generated from the application of "other international accounting standards" include charges of Euro 2,112 thousand deriving from financial leasing and the charges in the period generated from the discounting back of the "Provision for the restoration of third party assets" for Euro 3,797 thousand and of the "Provision for landfill post-closure" for Euro 5,056 thousand.

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