8. Net interest income/interest expenses

The interest result can be broken down as follows:

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€ million

2013/14

2014/15

Interest income

48

62

thereof finance leases

(0)

(0)

thereof from company pensions

(7)

(8)

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

 

 

loans and receivables incl. cash and cash equivalents

(30)

(39)

held to maturity

(0)

(0)

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

(5)

(4)

available for sale

(0)

(0)

Interest expenses

−434

−344

thereof finance leases

(−93)

(−84)

thereof from company pensions

(−45)

(−41)

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

(−9)

(−6)

other financial liabilities

(−256)

(−190)

 

−386

−282

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 €130 million (2013/14: €196 million) and for liabilities to banks of €38 million (2013/14: €38 million).

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