Financial statements

NOTE 21



FINANCIAL INCOME AND EXPENSES

Financial income for the year ended 31 December 2019 and 2018 is as follows:

III - FINANCIAL INCOME AND EXPENSES 31/12/19 31/12/18
1. Financial income and expenses
a) Financial income 13.558.193 1.108.901
Equity investments 56.690 76.690
From fixed income investments 430.592 432.087
Interest on loans 5.784 11.943
From current account and deposits 575.755 577.891
From promissory notes 7.155 5.290
Other financial revenues 3.822 5.000
Result from sale or write-off of financial assets 12.478.396 0
b) Financial expenses 0 0
Financial expenses 0 0
c) Change in fair value of financial instruments 2.442.537 -2.706.339
Change in fair value of financial instruments 2.442.537 -2.706.339
d) Exchange differences -172.316 125.903
Negative differences -203.302 -79.901
Positive differences 30.986 205.804
NET FINANCIAL INCOME/(EXPENSE) 15.828.414 -1.471.535

Gains and losses on sale or retirement of financial assets include the capital gain on the sale of the Avatel Spanish telecommunication operator, that rise an amount of 12.5 million euros. This result is shown net of the non-resident income tax paid in Spain of 2,932,652 euros, and other advisory and investigation costs directly related with the sell-off totalling 187 thousand euros.