Financial Result

The financial result improved by 16.2%, from -€41 million in 2013 to -€34 million in 2014. This improvement was primarily due to lower financial costs as a result of lower borrowings and lower interest rates, partly offset by non-operational losses from currency fluctuations which were mainly related to intercompany loan positions denominated in euros in non-euro countries.

Average interest costs decreased, as the average principal amount of shareholder loans outstanding during the period was lower in 2014 compared to 2013. The shareholder loans (with a 5.545% annual interest rate) were fully settled and refinanced on 18 September 2014 with bank borrowings at a significantly lower interest rate.