Interest expenses on borrowings have increased compared to 2013 because of higher
average bank borrowing. At the same time, notwithstanding higher average levels of
liquidity, interest income has decreased because of lower rates of remuneration than
in prior year, especially on the low-risk investments made in accordance with Group
guidelines for the investment of liquidity. Exchange losses mainly refer to fluctuation
in the Euro exchange rate against the US Dollar, the HK Dollar and the Swiss Franc in
relation to financial positions outstanding at the reporting date.