9. Financial income/(expenses)

In addition to the items included in the specific lines of profit or loss, Net financial income (expenses) in 2013 also includes the Interest income from customers and other financial income of financial services companies included in Net revenues for €725 million (€789 million in 2012) and Interest expense and other financial charges from financial services companies included in Cost of sales for €544 million (€672 million in 2012).

A reconciliation to the income statement is provided under the following table.

 

(€ million)20132012
Financial income:  
Interest earned and other financial income4145
Interest income from customers and other financial income of financial services
companies
725789
Total financial income766834
of which:  
Financial income, excluding financial services companies (a)  4145
Interest and other financial expenses:  
Interest expense and other financial expenses894927
Write-downs of financial assets93169
Interest costs on employee benefits6276
Total interest and other financial expenses1,0491,172
Net (income)/expenses from derivative financial instruments and exchange differences(1)12
Total interest and other financial expenses, net (income)/expenses from derivative financial instruments and exchange differences1,0481,184
of which:  
Interest and other financial expenses, effects resulting from derivative financial instruments and exchange differences, excluding financial services companies (b)504512
Net financial income/(expenses) excluding financial services companies (a) - (b)(463)(467)

Interest earned and other financial income may be analyzed as follows:

(€ million)20132012
Interest income from banks1112
Other interest income and financial income3033
Total Interest income and other financial income4145

Interest cost and other financial expenses may be analyzed as follows:

(€ million)20132012
Interest expenses on bonds372322
Bank interest expenses169200
Interest expenses on trade payables12
Commission expenses129
Other interest cost and financial expenses340394
Total Interest cost and other financial expenses894927

Other interest cost and other financial expenses include, amongst other things, interest cost on asset-backed financing.