Chrysler 2007 Annual Report Download - page 122

121Fiat Group Consolidated Financial Statements at December 31, 2007 - Notes
(in millions of euros) 2007 2006
Financial income
Interest earned and other financial income 322 295
Interest income from customers and other financial income of financial services companies 979 1,077
Gains on disposal of securities 13 7
Total Financial income 1,314 1,379
of which:
Financial income, excluding financial services companies 335 302
Interest and other financial expenses
Interest expense and other financial expenses 1,496 1,616
Write-downs of financial assets 84 11 5
Losses on disposal of securities 32
Interest costs on employee benefits 155 166
Total Interest and other financial expenses 1,738 1,899
Net income (expenses) from derivative financial instruments and exchange differences 83 124
of which:
Interest and other financial expenses, effects resulting from derivative financial instruments
and exchange differences, excluding financial services companies 899 878
Net financial income (expenses) excluding financial services companies (564) (576)
Net financial expenses in 2007 (excluding financial services companies) totalled 564 million euros, decreasing from the 576 million
euros in 2006 and includes net financial income of 70 million euros in 2007 (71 million euros in 2006), arising from the fair value
measurement of the equity swaps on Fiat shares, relating to certain stock options plans (see Note 22 for further details). The
improvement compared to 2006 is the consequence of the lower level of debt in the Group’s Industrial Activities. These effects have
been partially offset by a cost of 43 million euros recognised in the second quarter of 2007 arising from the redemption in advance
of a CNH 9.25% fixed rate bond, originally repayable in 2011 but repaid on August 1, 2007.
Interest earned and other financial income may be analysed as follows:
(in millions of euros) 2007 2006
Interest income from banks 195 106
Interest income from securities 11 17
Commission income 12
Other interest earned and financial income 115 170
Total Interest earned and other financial income 322 295