11.9 Net financial expense

 For the first six months of
  2013 2012
(€’000) Income Expense Net Income Expense Net
Interest and fees 503 779 (276) 1,374 5,211 (3,837)
Exchange rate gains and losses 10,925 12,154 (1,229) 9,560 9,636 (76)
Premiums paid on forwards 119 596 (477) - 611 (611)
Fair value gains and losses 465 680 (215) 843 1,062 (219)
Interest on Italian post-employment benefits - 245 (245) - 385 (385)
Interest on other defined benefit plans - 180 (180) - 225 (225)
Other financial income and expense 248 951 (703) - 710 (710)
Total net financial expense 12,260 15,585 (3,325) 11,777 17,840 (6,063)
Net related party financial income 210 40 170 76 28 48
Total 12,470 15,625 (3,155) 11,853 17,868 (6,015)

Net financial expense for the first half of 2013 amounts to €3,155 thousand, a €2,860 thousand improvement over the €6,015 thousand for the corresponding period of the previous year. The improvement is mainly due to net interest and fees which improved by €2,916 thousand.
Related party transactions mainly relate to the ultimate parent, Finmeccanica, for interest on giro current accounts and deposits.

 

Registered Office: 16151 Genoa Via Paolo Mantovani, 3 - 5
Paid-in Share Capital EUR 70,000,000 R.E.A. n. 421689 Register of Enterprises of Genoa Tax Code 01371160662
A Finmeccanica Company