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Financial result | 6 Months Ended
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Jun. 30, 2021
Financial result |
Financial result | 6. Financial result ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three-month period ended June 30, | ​ | Six-month period ended June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
Financial income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Short-term investments | ​ | 41 | ​ | 28 | ​ | 68 | ​ | 80
Others | ​ | 45 | ​ | 107 | ​ | 92 | ​ | 162
​ | ​ | 86 | ​ | 135 | ​ | 160 | ​ | 242
Financial expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans and borrowings gross interest (note 19) | ​ | (176) | ​ | (193) | ​ | (383) | ​ | (407)
Capitalized loans and borrowing costs | ​ | 14 | ​ | 12 | ​ | 30 | ​ | 44
Participative stockholders' debentures (note 18) | ​ | (278) | ​ | (231) | ​ | (1,261) | ​ | (280)
Interest on REFIS | ​ | (10) | ​ | (12) | ​ | (17) | ​ | (37)
Interest on lease liabilities (note 19) | ​ | (16) | ​ | (17) | ​ | (35) | ​ | (35)
Financial guarantees (i) | ​ | 401 | ​ | (31) | ​ | 364 | ​ | (172)
Expenses with cash tender offer redemption (note 19) | ​ | — | ​ | — | ​ | (63) | ​ | —
Others | ​ | (112) | ​ | (113) | ​ | (198) | ​ | (223)
​ | ​ | (177) | ​ | (585) | ​ | (1,563) | ​ | (1,110)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other financial items, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net foreign exchange gains (losses) | ​ | (390) | ​ | 107 | ​ | (70) | ​ | (357)
Derivative financial instruments (note 16) | ​ | 856 | ​ | (86) | ​ | 417 | ​ | (1,470)
Reclassification of cumulative translation adjustment on VNC sale (note 12) | ​ | — | ​ | — | ​ | 1,132 | ​ | —
Indexation gains (losses), net | ​ | (25) | ​ | (56) | ​ | 197 | ​ | (75)
​ | ​ | 441 | ​ | (35) | ​ | 1,676 | ​ | (1,902)
Total | ​ | 350 | ​ | (485) | ​ | 273 | ​ | (2,770)
(i) Refers to the fair value adjustments on financial guarantees given to associates due to their rating improvement, leading to a decrease in the probability of default on the guaranteed loans. Further details are disclosed in note 13.

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