(7) Financial Result

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2014

2013

Interest income on loans and receivables

12,371

11,900

Interest income on bank deposits

1,980

3,788

Interest income on available-for-sale investments

210

292

Net gain on hedging transactions

0

143

Interest income

14,562

16,123

Telekom Austria Group had entered into interest rate swap agreements to offset fair value changes attributable to interest rate variability of the bonds issued under the EMTN Programme in 2003 and redeemed in 2013. Changes in the fair value of hedging instruments (interest rate swaps) designated as a fair value hedge in accordance with IAS 39 and of the hedged items were netted for each swap contract and were recognised as interest income or interest expense depending on the net amount:

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2014

2013

Result on interest rate swaps – fair value hedge

0

−6,479

Result from fair value measurement of EMTN bonds

0

6,622

Interest income

0

143

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2014

2013

Provisions for restructuring contain onerous contracts in accordance with IAS 37 as well as provisions for social plans in accordance with IAS 19.

The 2013 comparison period was adjusted according to IAS 8 (see Note (1)).

Interest expense on financial liabilities

163,410

164,490

Interest expense on restructuring provision

19,081

21,441

Interest expense on employee benefit obligations

5,845

5,817

Interest expense on asset retirement obligations

6,209

7,839

Net loss on hedging transactions

0

6,746

Interest expense

194,545

206,333

In 2013, the net loss on hedging transactions related to the settlement of the pre-hedges (see Note (33)).

Foreign exchange differences

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2014

2013

Foreign exchange gains

8,424

5,703

Foreign exchange losses

−9,503

−11,043

Net monetary gain

−841

1,062

Foreign exchange differences

−1,921

−4,278

Other financial result

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2014

2013

Dividends received

53

80

Gain on sale of investments measured at cost

67

0

Gain on disposal of available-for-sale securities

 

 

transferred from other comprehensive income

42

5

Loss on disposal of available-for-sale securities

 

 

transferred from other comprehensive income

−56

−222

Result from financial assets

105

−137

The amounts previously recognised in other comprehensive income (OCI) and subsequently recognised in profit or loss are disclosed in the consolidated statements of comprehensive income. Telekom Austria Group recognises gains and losses relating to financial instruments in the financial result.

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