In € million




FY 2018


FY 2017

Cost of borrowings







Interest on lendings & deposits







Other gains & lossess on net indebteness







Net cost of borrowings







Coupons on perpetual hybrid bonds







Interests and realized foreign exchange gains (losses) on the RusVinyl joint venture







Cost of discounting provisions







Net financial charges


f = a+b+c+d





Underlying net financial charges[1] were 17% lower, reflecting the impacts of ongoing deleveraging and optimization of the debt structure. Discounting costs were down from last year both for employee benefits and environmental related provisions.

[1] Underlying net financial charges include the coupons on perpetual hybrid bonds (accounted as dividends under IFRS, and thereby excluded from the P&L), as well as the financial charges and realized foreign exchange losses from the RusVinyl joint venture (part of earnings from associates under IFRS, and thereby included in the IFRS EBITDA).