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6 Financial result

In CHF million   1.1.–31.3.2021   1.1.–31.3.2020
Interest income on financial assets   1   2
Change in fair value of interest rate swaps   19  
Gain from transactions with equity-accounted investees   207  
Foreign exchange gains   28   4
Other financial income   9   1
Total financial income   264   7
Interest expense on financial liabilities   (18)   (14)
Interest expense on lease liabilities   (11)   (11)
Change in fair value of interest rate swaps     (10)
Other financial expense   (11)   (9)
Total financial expense   (40)   (44)
Financial income and financial expense, net   224   (37)
     
Interest expense on lease liabilities   (11)   (11)
Net interest expense on financial assets and liabilities   (17)   (12)

As part of its strategic partnership with TIM, Fastweb transferred its stake in Flash Fiber as a capital contribution to the newly established fibre-optic company FiberCop. For contributing its 20% stake to Flash Fiber, Fastweb has received a 4.5% stake in FiberCop. The transaction was completed in March 2021. The fair value of the FiberCop investment is EUR 210 million (CHF 232 million). The transaction resulted in a gain on the Flash Fiber investment of CHF 169 million, which was recognised in the income statement in the first quarter of 2021. In addition, in the first quarter of 2021, Swisscom sold its holding in Belgacom International Carrier Services (BICS) for a sale price of EUR 115 million (CHF 126 million). Swisscom recognised a gain of CHF 38 million from the sale of BICS.