Universal Registration Document 2022

6.6 Notes To The Consolidated Financial statements

Note 7 Non-current income and expenses

This covers non-recurring income and expenses. This line item mainly includes gains and losses on the disposal of assets.

(in millions of euros)	2022	2021
Capital gains (losses) on disposal of assets	Capital gains (losses) on disposal of assets 2022 (105)	Capital gains (losses) on disposal of assets 2021 (27)
Non-current income and (expenses)	Non-current income and (expenses) 2022 2	Non-current income and (expenses) 2021 (1)
Total non-current income and (expenses)	Total non-current income and (expenses)2022 (103)	Total non-current income and (expenses) 2021 (28)

In 2022, the euro (105) million loss on disposal mainly corresponds to:

a loss of euro (87) million related to the disposal of operations in Russia (see Note 2);
a loss of euro (29) million related to the disposal of Qorvis LLC business;
a gain of euro 11 million on the disposal of a stake held by the Groupe in a building located in Chicago, in the United States.

In 2021, asset disposals mainly concerned the partial disposal of DPZ&T in Brazil resulting in a capital loss of euro 30 million and the disposal of Nexus subsidiary in Spain generating a capital gain of euro 2 million.

Note 8 Financial income and expenses

/ Net financial income (expense) excluding revaluation of earn-out payments

(in millions of euros)	2022	2021
Interest expenses on loans and bank overdrafts	Interest expenses on loans and bank overdrafts 2022(118)	Interest expenses on loans and bank overdrafts 2021 (115)
Financial income⁽¹⁾	Financial income ⁽¹⁾2022101	Financial income ⁽¹⁾ 2021 30
Cost of net financial debt	Cost of net financial debt2022(17)	Cost of net financial debt 2021 (85)
Interest expense on lease liabilities	Interest expense on lease liabilities 2022(87)	Interest expense on lease liabilities 2021 (70)
Change in fair value of financial assets	Change in fair value of financial assets 20229	Change in fair value of financial assets 2021 42
Foreign exchange gains (losses) and change in the fair value of derivatives	Foreign exchange gains (losses) and change in the fair value of derivatives 2022(15)	Foreign exchange gains (losses) and change in the fair value of derivatives 2021 2
Other	Other 2022(7)	Other 2021 (7)
Other financial income and expenses	Other financial income and expenses2022(100)	Other financial income and expenses 2021 (33)
Net financial income (expense) excluding revaluation of earn-out payments	Net financial income (expense) excluding revaluation of earn-out payments2022 (117)	Net financial income (expense) excluding revaluation of earn-out payments 2021 (118)

(1) In 2022, financial income is similar to that of 2021 and corresponds to cash investments. The euro 71 million increase (euro 101 million in 2022compared to euro 30 million in 2021) is mainly due to the increased level of cash and higher interest rates.

/ Revaluation of earn-out payments

(in millions of euros)	2022	2021
Revaluation of earn-out payments	Revaluation of earn-out payments2022 (2)	Revaluation of earn-out payments 2021 27