13. Net other financial income/(expense) - €(1,665) million

OTHER FINANCIAL INCOME

Millions of euro      
  2020 2019 Change
Interest income from financial assets (current and non-current):        
- interest income at effective rate on non-current securities and financial assets 110 126 (16) -12.7%
- interest income at effective rate on current financial investments 69 162 (93) -57.4%
Total interest income at the effective interest rate 179 288 (109) -37.8%
Financial income on non-current securities at fair value through profit or loss - - - -
Exchange gains 2,182 915 1,267 -
Income on equity investments 23 4 19 -
Income from hyperinflation 529 832 (303) -36.4%
Other income 379 430 (51) -11.9%
TOTAL OTHER FINANCIAL INCOME 3,292 2,469 823 33.3%


Other financial income, equal to €3,292 million, increased by €823 million compared with the previous year, due mainly to an increase in exchange gains, partly offset by the reduction in income from the application to the Argentine companies of IAS 29 related to accounting for hyperinflationary economies (-€303 million). See note 4 of the consolidated financial statements at December 31, 2020 for more information.

OTHER FINANCIAL EXPENSE

Millions of euro      
  2020 2019 Change
Interest expense on financial debt (current and non-current):        
- interest on bank borrowings 291 386 (95) -24.6%
- interest expense on bonds 1,887 2,030 (143) -7.0%
- interest expense on other borrowings 149 183 (34) -18.6%
Total interest expense 2,327 2,599 (272) -10.5%
Exchange losses 1,245 1,229 16 1.3%
Adjustment to post-employment and other employee benefits 109 135 (26) -19.3%
Adjustment to other provisions 150 186 (36) -19.4%
Expense from equity investments 1 2 (1) -50.0%
Expense from hyperinflation 472 737 (265) -36.0%
Other expenses 653 367 196 53.4%
TOTAL OTHER FINANCIAL EXPENSE 4,957 5,255 (298) -5.7%


Other financial expense, equal to €4,957 million, showed an overall decrease of €298 million compared with 2019. The change is reflected in particular by a decrease in interest expense in the amount of €272 million, especially on bonds, and a decrease in charges deriving from the application of IAS 29 in Argentina (-€265 million). These effects were partially offset by the impairment loss on the financial asset in respect of the sale of the investment in Slovenské elektrárne (€401 million).