Note 13 - Net finance costs
Financial income and expenses break down as follows:
| 2019 | 2018 (*) | ||
|---|---|---|---|
| Interest income on loans | 3 | 2 | |
| Investment income and gains on sales of marketable securities | 4 | 5 | |
| Gains on derivative financial instruments acquired as hedges of net debt | 2 | 2 | |
| Other financial income | 1 | 5 | |
| Financial income | 10 | 14 | |
| Interest expense on borrowings | (56) | (55) | |
| Loss on derivative financial instruments acquired as hedges of net debt | (5) | (14) | |
| Other financial expenses | (2) | (2) | |
| Financial expenses | (63) | (71) | |
| Total | (53) | (57) | |
(*) Data for 2018 restated for the full retrospective application of IFRS 16 (see note 1.1) and for the reclassification of Lagardère Sports as a discontinued operation in accordance with IFRS 5 (see note 4.3).
Net finance costs amounted to €53 million for 2019, a decrease of €4 million on the prior-year period. Following its refinancing in 2019, the Group stabilised its average borrowing costs and benefited from a smaller write-down of financial loans compared to 2018.
Note 18 sets out interest expenses on lease liabilities.