Note 28 Finance expense

€ million



Loans from third parties



Currency translation differences



Other finance expense







The currency translation differences result from the effect of the movements in the US dollar exchange rates against the euro on the available-for-sale financial assets (note [6]) and the hedging of Euro Commercial Paper issued in US dollars.

The other finance expenses mainly related to the finance lease obligations [note 19]. Also included in the other finance expenses are the costs associated with credit facilities.