9. Other financial income/expenses
The following table summarizes other finance income and expense for the years ended 31 December 2015 and 2014.
|
Year ended 31 December |
|
(thousands of €) |
2015 |
2014 |
Other financial income: |
|
|
Interest on bank deposit |
1,246 |
1,155 |
Effect of discounting long term R&D incentives receivables |
99 |
920 |
Currency exchange gain |
636 |
198 |
Other financial income |
7 |
17 |
Total other financial income |
1,987 |
2,291 |
|
|
|
Other financial expenses: |
|
|
Interest expenses |
(46) |
(110) |
Currency exchange loss |
(1,310) |
(652) |
Other finance charges |
(182) |
(105) |
Total other financial expense |
(1,539) |
(867) |
|
|
|
Total other net financial income |
448 |
1,424 |
Other financial income decreased slightly by €0.3 million, or 13%, from €2.3 million for the year ended 31 December 2014 to €2.0 million for the year ended 31 December 2015. The €0.8 million decrease in the effect of discounting long term R&D incentives receivables was partly compensated by a €0.4 million increase in currency exchange gains.
Other financial expenses increased by €0.6 million, or 77% from €0.9 million for the year ended 31 December 2014 to €1.5 million for the year ended 31 December 2015. Net exchange loss amounts to € 0.7 million for the year ended 31 December 2015, as compared to €0.5 million for the year ended 31 December 2014. Interest expenses are related to interests paid on financial lease.