6 Financial result

In CHF million   1.01.–30.09.2021   1.01.–30.09.2020
Interest income on financial assets   2   5
Foreign exchange gains   19   5
Change in fair value of interest rate swaps   22  
Other financial income   224   33
Total financial income   267   43
Interest expense on financial liabilities   (48)   (55)
Interest expense on lease liabilities   (33)   (34)
Interest expense on net defined benefit liabilities   (1)   (1)
Present-value adjustments on provisions   (30)   (36)
Change in fair value of interest rate swaps     (14)
Other financial expense   (17)   (16)
Total financial expense   (129)   (156)
Financial income and financial expense, net   138   (113)
Interest expense on lease liabilities   (33)   (34)
Net interest expense on financial assets and liabilities   (46)   (50)

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 participation 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 realised a gain of CHF 38 million from the sale of BICS.