Note 13 - Net finance costs
Financial income and expenses break down as follows:
| 2020 | 2019 | ||
| Interest income on loans | 3 | 3 | |
| Investment income and gains on sales of marketable securities | 3 | 4 | |
| Gain arising on changes in the fair value of financial assets | 1 | 2 | |
| Other financial income | 1 | 1 | |
| Financial income | 8 | 10 | |
| Interest expense on borrowings | (59) | (56) | |
| Loss arising on changes in the fair value of financial assets | (20) | (5) | |
| Other financial expenses | (5) | (2) | |
| Financial expenses | (84) | (63) | |
| Total | (76) | (53) | |
Net finance costs amounted to €76 million for 2020, an increase of €23 million on the prior year. The change in this item primarily reflects the increase in expenses arising on changes in the fair value of financial assets, including an impairment loss of €17 million at Lagardère Travel Retail, and an increase in cost of debt including the full-year expense on the Schuldscheindarlehen private placement and interest on amounts drawn down on the syndicated credit facility.
Note 18 sets out interest expense on lease liabilities.