8. Net interest income/interest expenses

The interest result can be broken down as follows:

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€ million

9M 2013

12M 2012/13

12M 2013/14

Interest income

62

89

50

thereof finance leases

(0)

(1)

(0)

thereof from company pensions

(5)

(17)

(7)

thereof from financial instruments of the measurement categories according to IAS 39:

 

 

 

loans and receivables incl. cash and cash equivalents

(33)

(41)

(30)

held to maturity

(0)

(0)

(0)

held for trading incl. derivatives in a hedging relationship according to IAS 39

(6)

(8)

(5)

available for sale

(0)

(0)

(0)

Interest expenses

−427

−606

−459

thereof finance leases

(−93)

(−126)

(−99)

thereof from company pensions

(−40)

(−65)

(−54)

thereof from financial instruments of the measurement categories according to IAS 39:

 

 

 

held for trading incl. derivatives in a hedging relationship according to IAS 39

(−10)

(−13)

(−9)

other financial liabilities

(−256)

(−339)

(−265)

 

−365

−517

−409

Interest income and interest expenses from financial instruments are assigned to the measurement categories according to IAS 39 on the basis of the underlying transactions.

Interest expenses in the measurement category “other financial liabilities” primarily included interest expenses for issued bonds (including the commercial paper programme) of €196 million (12M 2012/13: €243 million; 9M 2013: €184 million) and for liabilities to banks of €46 million (12M 2012/13: €59 million; 9M 2013: €41 million).

The decline in interest expenses was the result of both more favourable refinancing terms and lower debt.