The financial result of the year recorded a profit of € 1.7 million and therefore an improvement of € 2.2 million in relation to the loss recorded the previous year. This was caused by several factors:
Financial income closed the year € 1.6 million below 2016, mainly due to the fact that interest received by Puertos del Estado had been accounted for the previous year (arising from the disputes around T3), which did not happen this year.
Furthermore, financial expenses fell 33%, i.e. € 1.8 million, year on year, for the following reasons:
The financial burden of borrowing from the European Investment Bank was lower in 2017, due to the progressive reduction in the volume of borrowing and because of the advance cancellation of a € 20.8 million loan at the end of 2016 (EIB Tranche II B).
In 2016, interest had to be paid related to the disputes surrounding the works on Prat wharf (€ 1.2 million).
There was a positive shift of € 1.7 million in the fair value of financial instruments due to the change in the value of the interest rate swap contract.
A loss of almost € 1.6 million was recorded in 2016 due to the impairment of value of some associated companies, which did not occur this year.
| 2017 | 2016 | Variation | %Var. | |
|---|---|---|---|---|
| Financial income | 3,503 | 5,112 | (1,609) | -31% |
| Financial expenses | (3,552) | (5,326) | 1 774 | -33% |
| Change in fair value of financial instruments | 1,736 | 1,276 | 460 | 36% |
| Impairment and gains on disposals of financial instruments | - | (1,560) | 1 560 | -100% |
| Total | 1,687 | (497) | 2,184 | - |