26 Financial result

CHF million	2016	2015

Interest income	2	2
Financial income	2	2

Interest expenses	30	34
Net losses on financial instruments at market value recognized in income statement	1	7
Other financial expenses	2	9
Financial expenses	33	50

The accrued interest on bonds is recognized in the amount of CHF 1 million (previous year: CHF 1 million) under interest expenses.

Net losses on financial instruments at market value recognized in the income statement mainly relate to foreign exchange losses.

Financial expenses decreased by CHF 17 million to CHF 33 million in the year under review. This decrease was largely due to the lower interest rate on the refinanced bond, reduced foreign currency losses compared with the previous year and the elimination of the discount component for the earn-out paid in relation to the acquisition of Georg Fischer Hakan Plastik AS.