10. FINANCIAL INCOME/EXPENSE, NET
Financial income/expense, net for the years ended December 31 is as follows:
| |
2004 |
2003 |
2002 |
| €(000) |
€(000) |
€(000) |
| Interest and similar income |
64,393 |
47,436 |
38,311 |
| Interest and similar expenses |
-8,122 |
-3,999 |
-13,524 |
| Interest income, net |
56,271 |
43,437 |
24,787 |
| Gain/loss from investments, net |
1,842 |
22 |
-394,039 |
| – thereof from associated companies |
-342 |
-234 |
-394,589 |
Income from marketable securities
and loans of financial assets |
2,352 |
2,636 |
2,647 |
| Write-down of financial assets |
-20,403 |
-22,663 |
-133,098 |
| Gains on sales of equity securities |
14,034 |
2,224 |
3,057 |
| Unrealized losses on STAR hedge |
-14,558 |
-15,213 |
-58,909 |
| Other |
1,449 |
5,844 |
256 |
Other financial gain/loss from
investments, net |
-17,126 |
-27,172 |
-186,047 |
|
40,987 |
16,287 |
-555,299 |
Interest income is derived primarily from cash and cash equivalents, long-term investments, and other assets.
The loss from associated companies in 2002 includes €389,630 thousand related to the Company’s investment in Commerce One, of which €297,632 thousand is due to an other-than-temporary impairment charge.
See Notes 16 and 23 regarding write-downs of financial assets and unrealized losses on STAR hedge respectively.
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