9. Net interest income/interest expenses

The interest result can be broken down as follows:

€ million

2017/18

2018/19

Interest income

27

29

thereof finance leases

(0)

(0)

thereof from post-employment benefits plans

(5)

(7)

thereof from financial instruments of the measurement categories according to IFRS 9 (previous year: IAS 39):

(16)

(12)

Interest expenses

−163

−148

thereof finance leases

(−51)

(−49)

thereof from post-employment benefits plans

(−16)

(−15)

thereof from financial instruments of the measurement categories according to IFRS 9 (previous year: IAS 39)

(−79)

(−69)

Interest result

−136

−119

Interest income and interest expenses from financial instruments are assigned to the measurement categories according to  9 on the basis of the underlying transactions.

The interest expenses included here (of the measurement categories in accordance with IFRS 9) primarily include interest expenses for issued bonds (including the ) of €41 million (2017/18: €55 million) and for liabilities to banks of €19 million (2017/18: €12 million).

The decline in interest expenses was primarily the result of more favourable refinancing terms.

IFRS (International Financial Reporting Standards)
Internationally applicable rules for financial reporting developed by the IASB. Contrary to the accounting rules under the German Commercial Code, the IFRS emphasise the informational function.
Glossary
Commercial Paper Programme
Ongoing capital market programme typical of money markets that covers short-term financing needs. It facilitates the issuance of commercial papers (CP) as discounted, unsecured bearer bonds without standardised terms of maturity.
Glossary