8. Net interest income/interest expenses

The interest result can be broken down as follows:

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€ million

2014/15

2015/16

Interest income

62

93

thereof finance leases

(0)

(0)

thereof from post-employment benefits plans

(8)

(8)

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

 

 

loans and receivables incl. cash and cash equivalents

(39)

(35)

held to maturity

(0)

(0)

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

(4)

(2)

available for sale

(0)

(0)

Interest expenses

−344

−314

thereof finance leases

(−84)

(−87)

thereof from post-employment benefits plans

(−41)

(−35)

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

(−6)

(−3)

other financial liabilities

(−190)

(−148)

 

−282

−221

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.

The increase in interest income is essentially due to interest income from tax refunds relating to other periods.

Interest expenses in the measurement category “other financial liabilities” primarily include interest expenses for issued bonds (including the commercial paper programme) of €98 million (2014/15: €130 million) and for liabilities to banks of €19 million (2014/15: €38 million).

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