Note 6 Financial items
6.1 Net financial expense
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Net financial expense includes:


  • interest expense or income on borrowings, other financial liabilities and loans and receivables;
  • exchange gains and losses on financial transactions;
  • movements on financial provisions.


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Gross borrowing costs for 2021 include amortization of bond issuance costs for €9 million and interest income on Neu CP issued at negative interest rates.

Interest paid amounted to €24 million in 2021 and €25 million in 2020.

Hedging instruments relate to expenses and income on interest rate swaps as presented in Note 6.6 “Financial instruments and market risk management”.

Other financial income and expenses mainly concern bank fees, banking expenses, miscellaneous interest, and financial provisions.