NON-OPERATING RESULT

The non-operating result of the Group came to € -1,529 million (€ -1,318 million at 31 December 2015). More specifically:

  • the net impairment losses rose to € -543 million (€ -503 million at 31 December 2015) and were primarily impairments recognized on financial investments; 
  • net realized gains are down, standing at € 422 million (€ 758 million at 31 December 2015) due mainly to the planned lower profits on real estate and equity portfolios; 
  • net non-operating income from financial instruments at fair value remained stable at € -96 million (€ -96 million at 31 December 2015); 
  • other net non-operating expenses decreased to € -519 million (€ -712 million at 31 December 2015). This item comprises € -139 million for the amortization on the value of the acquired portfolios (€ -142 at 31 December 2015), € -176 million for restructuring costs (€ -269 at 31 December 2015) and € -205 million in other net non-operating expenses (€ -302 million at 31 December 2015), that mainly includes the allocation to the risk provisions;
  • non-operating holding expenses amounted to € -794 million (€ -764 million at 31 December 2015). This performance was influenced by interest expenses on financial debt which, as a result of new issues of € 1.25 billion in the fourth quarter of the previous year and € 850 million in May 2016, went from € -684 million to € -723 million.