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Finance income (expense) | 12 Months Ended
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Dec. 31, 2023
Finance income (expense) |
Finance income (expense) | 3 1 Finance income (expense)
(€ million) | 2023 |  |  | 2022 |  |  | 2021 |
Finance income | 7,417 |  |  | 8,450 |  |  | 3,723 |
Finance expense | (8,113 | ) |  | (9,333 | ) |  | (4,216 | )
Net finance income (expense) from financial assets at fair value through profit or loss | 284 |  |  | (55 | ) |  | 11 |
Income (expense) from derivative financial instruments | (61 | ) |  | 13 |  |  | (306 | )
Finance income (expense) | (473 | ) |  | (925 | ) |  | (788 | )
The analysis of finance income (expense) was as follows:
(€ million) | 2023 |  |  | 2022 |  |  | 2021 |
Finance income (expense) related to net borrowings |  |  |  |  |  |  |  |
Interest and other finance expense on ordinary bonds | (667 | ) |  | (507 | ) |  | (475 | )
Net finance income (expense) on financial assets held for trading | 250 |  |  | (53 | ) |  | 11 |
Net expenses on other financial assets valued at fair value with effects on profit and loss | 34 |  |  | (2 | ) |  |  |
Interest and other expense due to banks and other financial institutions | (207 | ) |  | (128 | ) |  | (94 | )
Interest on lease liabilities | (267 | ) |  | (315 | ) |  | (304 | )
Interest from banks | 356 |  |  | 57 |  |  | 4 |
Interest and other income on financial receivables and securities held for non-operating purposes | 14 |  |  | 9 |  |  | 9 |
| (487 | ) |  | (939 | ) |  | (849 | )
Exchange differences | 255 |  |  | 238 |  |  | 476 |
Income (expense) from derivative financial instruments | (61 | ) |  | 13 |  |  | (306 | )
Other finance income (expense) |  |  |  |  |  |  |  |
Interest and other income on financing receivables and securities held for operating purposes | 153 |  |  | 128 |  |  | 67 |
Capitalized finance expense | 94 |  |  | 38 |  |  | 68 |
Finance expense due to the passage of time (accretion discount) (a) | (341 | ) |  | (199 | ) |  | (144 | )
Other finance income (expense) | (86 | ) |  | (204 | ) |  | (100 | )
| (180 | ) |  | (237 | ) |  | (109 | )
| (473 | ) |  | (925 | ) |  | (788 | )
(a) The item relates to the increase in provisions for contingencies that are shown at present value in non-current liabilities. Information about leases is disclosed in note 1 3 – Right-of-use assets and lease liabilities. The analysis of derivative financial income (expense) is disclosed in note 2 4 – Derivative financial instruments and hedge accounting. Finance income (expense) with related parties are disclosed in note 36 – Transactions with related parties.

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- Definition The disclosure of finance income (cost). [Refer: Finance income (cost)] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
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