Annual report 2014

24 Finance costs

EUR million 2014 2013
Interest and similar expenses 195 183
Interest expenses for pension and other provisions 12 10
Interest expenses under finance leases 2 2
  209 195

The interest and similar expenses in the financial year include expenses from bond redemptions above the principal amount in the Holding and other companies segment as well as from the early termination of cash flow hedges as a result of the elimination of hedged items. The interest and similar expenses in the previous year included income from the reduction of the carrying amounts of the euro benchmark bonds pursuant to IAS 39.AG8 as a result of the improvement in Haniel’s rating as well as offsetting expenses from bond redemptions above the principal amount in the Holding and other companies segment.