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(27) Financial result

The financial result is comprised as follows:

Financial Result
€ million 2011 2012
Income from investments accounted for using the equity method 7 1
Interest income 11 5
Interest expense (104) (101)
Net interest expense (93) (96)
Interest portion of interest-bearing provisions (21) (23)
Net exchange loss (4) (5)
Miscellaneous financial expenses (9) (1)
Dividends and income from other affiliated companies (1) (17)
Other financial income and expense (35) (46)
Financial result (121) (141)

Interest expense mainly includes payments of bond interest. This amount has been adjusted for capitalized borrowing costs of €23 million (2011: €12 million). The interest portion of the lease payments under finance leases amounting to €4 million (2011: €4 million) is included in interest expense. The income from other affiliated companies was reduced by €18 million by the adjustment of the carrying amount of Gevo Inc., Englewood, United States, due to the development of this company’s share price. This item also includes accumulated losses of €10 million previously recognized in other comprehensive income and reclassified from equity to the financial result in fiscal 2012.


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