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(e) Explain the rise in financial expense.

Grupo Hoyos 1 2 3 Sales 82 000 92 000 97 000 Change in finished goods and in-progress inventory 500 1400 2800 Production 82 500 93 400 99 800 Purchases of raw materials and goods for resale 24 800 27 400 29 900 Change in inventories −1700 −500 −1600 Other external charges 20 200 23 000 23 500 Taxes 1200 1400 1500 Personnel cost 29 000 33 000 37 000 Depreciation and amortisation 5200 4900 4800 Provisions 100 200 –

Operating charges 78 800 89 400 95 100 Operating income 3700 4000 4700 Interest, dividends and other financial income 300 400 300 Interest and other finance charges 2300 2900 3900 Financial income −2000 −2500 −3600 Exceptional income −100 −100 +100 Tax 800 700 600 Net income 800 700 600