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Last Update: 03/12/2009
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Part of the audited Consolidated Financial Statements and Management´s Analysis

7 -- Financial result

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Million €

2008

2007

Income from companies accounted for using
the equity method

(66)

57

Income from participations in affiliated and
associated companies

60

43

Income from the disposal of participations

5

11

Income from profit transfer agreements

7

3

Income from tax allocation to participating interests

2

1

Other income from participations

74

58

Losses from loss transfer agreements

(2)

(23)

Write-down of/losses from the sales of participations

(80)

(8)

Other expenses from participations

(82)

(31)

Interest income from cash and cash equivalents

124

118

Interest and dividend income from securities and loans

50

24

Interest income

174

142

Interest expenses

(601)

(614)

Write-ups/profits from the sale of securities and loans

9

Expected income from pension assets and similar assets

677

662

Expected income from plan assets from other
long-term employee obligations

27

11

Income from the capitalization of construction interest

43

44

Miscellaneous financial income

25

Other financial income

772

726

Write-downs/losses from the disposal of securities and loans

(20)

(13)

Compounding of pension obligations and other similar obligations

(655)

(615)

Expenses from other long-term employee obligations

(48)

(32)

Compounding of other long-term personnel provisions

(35)

(36)

Miscellaneous financial expenses

(23)

Other financial expenses

(758)

(719)

Financial result

(487)

(381)

The negative result from companies accounted for using the equity method results primarily from losses on loan commitments in U.S. dollar and euro at OAO Severneftegazprom due to the depreciation of the Russian Ruble.

Interest income and expenses relate to expenses and income from interest-bearing liabilities and financial investments, including dividend income on securities. In addition, these items take into account the ongoing interest expenses and income from interest rate and currency swaps with banks. The interest result increased compared with the previous year primarily due to interest income from loans to finance the natural gas production company in the Yuzhno Russkoye natural gas field. This company is accounted for using the equity method. In addition, the lower interest rate level in the United States led to a decline in interest expenses.

Miscellaneous financial income and miscellaneous financial expenses relate to gains and losses from the translation of individual hedged financing-related receivables and payables and the associated hedging instruments. Furthermore, these items included, among other things, expense and income from the compounding/discounting of long-term liabilities and receivables as required by IFRS.

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