€ thousand | 31.12.2014 | 31.12.2013 Restated | Increase / (Decrease) |
---|---|---|---|
Costs (Income) on Interest Rate Swaps | 3,843 | 6,706 | (2,863) |
Interest on bonds | 66,002 | 48,372 | 17,631 |
Interest on medium/long-term borrowing | 29,914 | 29,266 | 648 |
Interest on short-term borrowings | 4,382 | 12,052 | (7,670) |
Default interest and interest on deferred payments | 4,783 | 4,667 | 117 |
Interest cost net of actuarial gains and losses | 3,230 | 3,190 | 40 |
Factoring fees | 13,553 | 18,233 | (4,680) |
Interest on payments by instalment | 924 | 1,462 | (539) |
Costs from discounting to present value | 1,387 | 162 | 1,225 |
Other financial charges | 1,088 | 1,518 | (430) |
Interest payable to end users | 283 | 744 | (461) |
Foreign exchange gains/(losses) | (41) | 13 | (54) |
Financial charges | 129,348 | 126,386 | 2,962 |
Financial costs amounted to 129,348 thousand euros, up by 2,962 thousand euros compared to 2013.
The average overall "All in" cost of the ACEA Group's debt at 31 December 2014 stood at 3.12% compared to 3.41% in the previous year.
With reference to the financial charges on borrowings the following changes should be noted:
- interest on bonds, compared to 31 December 2013, was up 17,631 thousand euros due to the bonds placed on the market in early September 2013 (+16,256 thousand euros) and to the issue in July 2014 under the EMTN programme of 7,680 thousand euros, partially offset by the decrease in interest on the 300,000 thousand euro bond issue in 2004 and reimbursed on 22 July 2014 (-6,289 thousand euros);
- financial costs on medium and long-term borrowings decreased by 7,022 thousand euros due to the decrease in the average interest rate. The reduction of short-term financial charges is due to the substantial elimination of short-term credit lines;
- factoring fees fell by 4,680 thousand euros for the cumulative effect of the reduction of the rate applied and a slight reduction of factored receivables.