Cash and cash equivalents comprise current bank account balances, cash on hand and short-term cash investments in money-market instruments. Money-market instruments correspond to authorized “short-term” or “standard” money-market funds under the new regulation adopted by the European union (market funds that are eligible to the presumption as to classification as cash equivalents pursuant to the common AMF and ANC position issued in November 27, 2018) and have an initial maturity of less than three months at the moment of purchase or may be withdrawn at any time at a known cash value with no material risk of loss in value.
| (in millions of euro) | FISCAL 2020 | FISCAL 2019 |
|---|---|---|
| Gross borrowing cost(1) | Gross borrowing cost (1)FISCAL 2020(121) | Gross borrowing cost (1)FISCAL 2019(121) |
| Interest income from short-term bank deposits and equivalent | Interest income from short-term bank deposits and equivalent FISCAL 202018 | Interest income from short-term bank deposits and equivalent FISCAL 201929 |
| NET BORROWING COST | NET BORROWING COSTFISCAL 2020(103) | NET BORROWING COSTFISCAL 2019(92) |
| Interest income from loans and receivables at amortized cost | Interest income from loans and receivables at amortized cost FISCAL 20205 | Interest income from loans and receivables at amortized cost FISCAL 20195 |
| Other financial income | Other financial income FISCAL 20205 | Other financial income FISCAL 20197 |
| Other Financial expense(2) | Other Financial expense (2)FISCAL 2020(159) | Other Financial expense (2)FISCAL 2019(11) |
| Net foreign exchange gains/(losses) | Net foreign exchange gains/(losses) FISCAL 2020(7) | Net foreign exchange gains/(losses) FISCAL 20192 |
| Net interest cost on net defined benefit plan obligation | Net interest cost on net defined benefit plan obligation FISCAL 2020(4) | Net interest cost on net defined benefit plan obligation FISCAL 2019(6) |
| Interest on financial lease liabilities(3) | Interest on financial lease liabilities (3)FISCAL 2020(25) | Interest on financial lease liabilities (3)FISCAL 2019- |
| Monetary adjustment for hyperinflation | Monetary adjustment for hyperinflation FISCAL 2020(1) | Monetary adjustment for hyperinflation FISCAL 2019(1) |
| Change in fair value of derivative financial instruments not qualified for hedge accounting | Change in fair value of derivative financial instruments not qualified for hedge accounting FISCAL 2020- | Change in fair value of derivative financial instruments not qualified for hedge accounting FISCAL 2019- |
| Other | Other FISCAL 2020(4) | Other FISCAL 2019(4) |
| NET FINANCIAL EXPENSE | NET FINANCIAL EXPENSEFISCAL 2020(291) | NET FINANCIAL EXPENSEFISCAL 2019(100) |
| Of which Financial income | Of which Financial incomeFISCAL 202030 | Of which Financial incomeFISCAL 201944 |
| Of which Financial expense | Of which Financial expenseFISCAL 2020(321) | Of which Financial expenseFISCAL 2019(144) |
(1) Gross borrowing cost represents interest expense on financial liabilities at amortized cost and interest expense on hedging instruments.
(2) Including, in Fiscal 2020, a 150 million euro indemnity due to anticipated refund of USPP (note 12.4.3.3).
(3) Interests on lease liabilities recognized starting September 1, 2019 in accordance with IFRS 16.
