6 Financial result

In CHF million   1.01.–31.03.2022   1.01.–31.03.2021
Interest income on financial assets   1   1
Change in fair value of interest rate swaps   34   19
Gain from transactions with equity-accounted investees     207
Foreign exchange gains     28
Other financial income   2   9
Total financial income   37   264
Interest expense on financial liabilities   (16)   (18)
Interest expense on lease liabilities   (11)   (11)
Other financial expense   (8)   (11)
Total financial expense   (35)   (40)
Financial income and financial expense, net   2   224
Interest expense on lease liabilities   (11)   (11)
Net interest expense on financial assets and liabilities   (15)   (17)

In the first quarter of 2021, 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 fair value of the FiberCop investment was 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.