Note 9 • Financial income and expense

Recognised in the consolidated income statements

€’000

2010

2009

Interest income on bank deposits

836

564

Cross currency interest rate swaps interest income

5,403

–

Change in fair value of financial assets and liabilities at fair value held for trading:

– Cross currency interest rate swaps gain

6,162

–

Foreign exchange gains, net

5,523

2,495

Total financial income

17,924

3,059

Bank charges and interest expense

on loans carried at amortised cost

(23,682)

(23,137)

Interest expense on loan carried at fair value

(5,167)

–

Cross currency interest rate swaps interest expense

(3,312)

–

Change in fair value of financial assets and liabilities at fair value held for trading:

– Forward exchange rate contracts expense

(87)

(7,283)

– Interest rate swaps expense

(168)

(736)

– Interest rate caps expense

(1,140)

(91)

Change in fair value of financial assets and liabilitiesat fair value designated as such upon initial recognition:

– USD loan fair value loss

(5,146)

–

Write-off of cash and cash equivalents Iran *

(1,356)

–

Total financial expense

(40,058)

(31,247)

Net financing costs

(22,134)

(28,188)

Recognised in other comprehensive income

€’000

2010

2009

Effective portion of fair value of cash flow hedge

–

531

Income tax on effective portion of fair value of cash flow hedge

–

(53)

Effective portion of fair value of cash flow hedge, net of tax

–

478

Net (loss)/gain on revaluation of cash flow hedges

(185)

528

Net change in fair value of cash flow hedges

transferred to profit or loss:

Administrative expense

(346)

1,574

Financial income

–

(173)

Current tax

53

–

Effective portion of changes in fair

value of cash flow hedges, net of tax

(478)

2,407

Foreign currency translation differences for foreign operations

16,158

(6,744)

Financial income/(expense) recognised in other

comprehensive income, net of tax

15,680

(4,337)