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14 Financial income and financial expense

In CHF million   2016   2015
Interest income on financial assets   13   10
Capitalised borrowing costs   6   8
Gain on sale of subsidiaries. See Note 5.     19
Gain on sale of associates. See Note 25.   42  
Foreign exchange gains   7  
Other financial income   12   6
Total financial income   80   43
Interest expense on financial liabilities   (168)   (199)
Change in fair value of interest rate swaps   (10)   (13)
Interest expense on defined benefit obligations. See Note 10.   (25)   (26)
Foreign exchange losses     (40)
Present-value adjustments on provisions   (11)   (13)
Other financial expense   (21)   (24)
Total financial expense   (235)   (315)
Financial income and financial expense, net   (155)   (272)

The net interest expense on financial assets and financial liabilities is to be analysed as follows:

In CHF million   2016   2015
Interest income on other financial assets   13   10
Total interest income on financial assets   13   10
Interest expense on bank loans, debenture bonds and private placements   (134)   (162)
Interest expense on finance lease liabilities   (29)   (32)
Interest expense on other financial liabilities   (5)   (5)
Total interest expense on financial liabilities   (168)   (199)
Total net interest expense on financial assets and financial liabilities   (155)   (189)