[13] Financial income
Financial income breaks down as follows:
in € million |
2021 |
2020 |
|---|---|---|
Interest income from lease business |
71.8 |
58.8 |
Foreign currency exchange rate gains |
28.8 |
46.8 |
Changes in fair value of interest rate derivatives (without designated hedge relationship) |
9.3 |
0.2 |
Other interest and similar income |
11.3 |
7.8 |
Total financial income |
121.1 |
113.6 |
The reasons for the €7.5 million rise in financial income to €121.1 million included higher interest income from the lease business (details of the countervailing interest expense from the lease business can be found in note [14]). The interest income from the lease business relates to the interest portion of lease payments in which KION Group subsidiaries operate as lessors and the arrangements are classified as a finance lease relationship.
Foreign currency exchange rate gains predominantly arise in connection with foreign currency positions in internal financing and the related hedging transactions that are not part of a formally documented hedge.