12. Financial expenses

Million CHF

2015

20141

1

Restated due to changes in accounting policies, see note 2.

2

Not restated as explained in note 2.

Interest expenses

(751)

(565)

Fair value changes on financial instruments

(2)

4

Unwinding of discount on provisions

(21)

(22)

Net interest expense on retirement benefit plans

(47)

2

Impairment of long-term financial assets

(64)

(1)

Other financial expenses

(112)

(53)

Foreign exchange loss net

(147)

(35)

Financial expenses capitalized

84

68

Total

(1,060)

(604)

The positions “Interest expenses” and “Other financial expenses” relate primarily to financial liabilities measured at amortized cost.

The position “Interest expenses” includes amortization on bonds and private placements of CHF 159 million (2014: CHF -15 million).

The position “Financial expenses capitalized” comprises interest expenditures on large-scale projects during the reporting period.