financial statements at 31 december - Ferrovie dello Stato Italiane

38. Finance costs
The table below reports the breakdown of finance costs:
values in €/mil.
2012 2011 Change
Finance costs on payables 239 228 11
Finance costs for employee benefits (*) 80 98 (18)
Finance costs on derivatives 1 8 (7)
Sundry finance costs 1 1
Write-downs of financial assets 1 (1)
Foreign exchange loss 3 8 (5)
Total 324 343 (19)
(*) These include 11% of tax already paid on revaluation, equal to
Euro 6 million
Finance costs, equal to about Euro 324 million, recorded a decrease compared to the previous year, which was mainly
attributable to the combined effect of higher finance costs on payables and lower costs for employee benefits.
“Finance costs on payables” included costs for interest on debenture loans, interest on medium- and long-term loans
granted by banks and by other lenders, and for sundry interest and commissions.
“Finance costs for employee benefits“, attributable to the discounting of the TFR and CLC funds, recorded a decrease in
the Interest cost calculated by applying the actuarial rate.
The abovementioned finance costs were entered net of Government grants, amounting to Euro 132 million.
Ferrovie dello Stato Italiane Group 179