20 Interest Expenses
Interest Expenses
in € million | 2022 (adjusted) | 2023 | |||
Interest expense from non-derivative financial liabilities | 565.0 | 765.1 | |||
Swaps (current interest expense for the period) | 10.7 | -49.3 | |||
Effects from the valuation of non-derivative financial instruments | -77.8 | -12.8 | |||
Effects from the valuation of swaps | -152.5 | 52.4 | |||
Capitalization of interest on borrowed capital re Development | -25.6 | -0.6 | |||
Prepayment penalties and commitment interest | 12.6 | 8.9 | |||
Interest accretion to provisions | 11.3 | 22.3 | |||
Interest from leases | 17.5 | 19.9 | |||
Other financial expenses | 5.6 | 4.3 | |||
366.8 | 810.2 | ||||
The interest expenses mainly relate to interest expense on financial liabilities. The prepayment penalties include the fees for the unscheduled repayment of loans during the fixed interest period. The effects from the valuation of swaps reflect the opposing development in the interest rate environment in the reporting periods.
A reconciliation of net interest to net interest to be classified in accordance with IFRS 9 is shown in the following table:
Reconciliation of net interest to net interest to be classified in accordance with IFRS 9
in € million | 2022 (adjusted) | 2023 | |||
Interest income | 115.5 | 227.8 | |||
Interest expense | -366.8 | -810.2 | |||
Net interest | -251.3 | -582.4 | |||
Less: | |||||
Net interest from provisions for pensions in acc. with IAS 19 | 7.0 | 17.5 | |||
Net interest from other provisions in acc. with IAS 37 | -0.6 | 4.5 | |||
Net interest from leases | 17.5 | 19.9 | |||
Net interest to be classified | -227.4 | -540.5 | |||
The net interest classified pursuant to IFRS 9 is as follows:
Net interest classified pursuant to IFRS 9
in € million | 2022 (adjusted) | 2023 | |||
Financial assets measured at (amortized) cost | 110.7 | 227.5 | |||
Derivatives measured at FV through P&L | 141.8 | -3.1 | |||
Financial liabilities measured at (amortized) cost | -479.9 | -764.9 | |||
Classification of net interest | -227.4 | -540.5 | |||