(27) Financial result

The financial result is comprised as follows:

Financial Result
 
€ million 2012 2013
     
Income from investments accounted for using the equity method 1 0
Interest income 5 2
Interest expense (101) (108)
Net interest expense (96) (106)
Interest portion of interest-bearing provisions (30) (33)
Net exchange loss (5) (1)
Miscellaneous financial expenses (1) 0
Dividends and income from other affiliated companies (17) (6)
Other financial income and expense (53) (40)
Financial result (148) (146)
2012 figures restated

Interest expense mainly included payments of bond interest. The amount recognized was adjusted for capitalized borrowing costs of €15 million (2012: €23 million). The interest portion of the lease payments under finance leases, amounting to €3 million (2012: €4 million), is included in interest expense. The income from other affiliated companies was reduced by €6 million due to a valuation adjustment for the interest held in BioAmber Inc., Minneapolis, United States, resulting from that company’s stock performance. In 2012, this item contained an €18 million write-down due to a valuation adjustment for the interest held in BioAmber Inc., Minneapolis, United States, also because of the company’s stock performance.