13 | Financial income and financial costs, net
| in TUSD | 2021 | 2020 |
|---|---|---|
| Income from cash and cash equivalents, deposits and debt securities | 29,669 | 36,242 |
| Foreign currency gains, net | 0 | 120,678 |
| Gains from financial instruments at fair value through profit or loss, net | 41,933 | 0 |
| Gains on sale of debt securities at amortised cost, net | 13,594 | 0 |
| Other financial income | 74 | 0 |
| Total financial income | 85,270 | 156,920 |
| Interest expenses on lease liabilities | 4,701 | 4,734 |
| Expenses from debt securities | 16,889 | 5,619 |
| Foreign currency losses, net | 13,337 | 0 |
| Losses from financial instruments at fair value through profit or loss, net | 0 | 48,994 |
| Losses from debt securities at fair value through OCI, net | 786 | 0 |
| Other financial expenses | 4,795 | 2,044 |
| Total financial costs | 40,508 | 61,391 |
| Total financial income and costs, net* | 44,762 | 95,529 |
* Please note that certain prior-year amounts within financial income and costs have been reclassified for consistency with the current year presentation, in order to provide a more meaningful disclosure. The result of the reclassification was a netting of gains and losses from financial instruments at fair value through profit or loss as well as a netting of foreign currency gains and losses. These reclassifications had no impact on the net result for the year.
The overriding long-term objective of FIFA’s investment policy is the preservation of the real value of its financial assets. FIFA continued to focus on maintaining a strong and reliable portfolio, which is why only counterparties with good or very good credit ratings were chosen.
Income from cash and cash equivalents, deposits and debt securities represents interest income on cash and financial assets measured at amortised cost and measured at FVOCI.
Net gains from financial instruments at fair value through profit or loss primarily arise from derivatives that are not accounted for hedging purposes.
In 2021, FIFA made a one-time sale of some debt securities measured at amortised cost. The securities sold had a fair value of USD 296.6 million at the time of the sale and FIFA realised a gain of USD 13.6 million, which is disclosed in the item Net gains on sale of debt securities at amortised cost.
For the interest expenses on lease liabilities, please refer to Note 27 – Leases.
Expenses from debt securities include interest expenses on debt securities that are measured at amortised cost and debt securities measured at FVOCI.
Net foreign currency losses mainly result from the valuation of net assets denominated in foreign currencies such as CHF and EUR.
