9. Other financial result
€ million |
|
2023 |
|
2022 |
|---|---|---|---|---|
|
|
|
|
|
Income from profit and loss transfer agreements |
|
28 |
|
55 |
Cost of loss absorption |
|
−63 |
|
−52 |
Other income from equity investments |
|
341 |
|
168 |
Other expenses from equity investments |
|
−837 |
|
−2,270 |
Gains and losses from marketable securities and loans |
|
725 |
|
−1,013 |
Realized income of loan receivables and payables in foreign currency |
|
1,093 |
|
1,227 |
Realized expenses of loan receivables and payables in foreign currency |
|
−1,226 |
|
−985 |
Gains and losses from remeasurement and impairment of financial instruments |
|
−904 |
|
166 |
Gains and losses from fair value changes of hedging instruments/derivatives not included in hedge accounting |
|
111 |
|
−662 |
Gains and losses from fair value changes of hedging instruments/derivatives included in hedge accounting |
|
−6 |
|
7 |
Other financial result |
|
−739 |
|
−3,359 |
Other expenses from equity investments reported in the previous year related primarily to the impairment loss of €1.9 billion recognized to write down all shares held in Argo AI. See “Key events” section for more information.
Gains and losses from marketable securities and loans are mainly the result of positive net income from funds, which had been negatively affected in the previous year by the turbulence in the capital markets attributable to the Russia-Ukraine conflict.
In fiscal year 2023, gains and losses from remeasurement and impairment of financial instruments are primarily attributable to valuation adjustments on cash and cash equivalents held in Argentina.
Gains and losses from fair value changes of hedging instruments/derivatives not included in hedge accounting include gains on the measurement of the options in connection with the acquisition of Europcar in an amount of €0.1 billion. In the previous year, the measurement of the options had resulted in losses of €0.3 billion (see “Key events” section).