Note 55 Finance expense
Loans from third parties
Finance expense on loans from group companies
Currency translation differences
Other finance expense
The finance expense on loans from third parties was €3 million lower, mainly due to a repayment of €400 million and contracting of a loan of €300 million at a lower interest rate in 2016.
The finance expense on loans from group companies was €20 million lower mainly owing to a change in the composition of group companies, resulting in a reduction in both income and expense overall.
The exchange differences arise from the effect which the movements in the US dollar exchange rate against the euro have on the finance raised in foreign currencies under the ECP Programme, which are hedged by means of FX swaps.