6 Finance result

(CHF million)	2021	2020
Interest expenses on debentures and non-current loans	–10.8	–9.7
Net interest expenses on defined benefit obligations	–0.3	–0.3
Interest expenses on finance lease liabilities	–0.0	–0.0
Other interest expenses	–12.9	–8.2
Present value adjustment on liabilities from concession agreements	–4.9	–2.7
Foreign exchange losses	–1.1	–0.0
Other finance costs	–2.0	–6.7
Total finance costs	–32.1	–27.7

Interest income on financial assets of Airport Zurich Noise Fund	0.5	0.4
Adjustments to fair value on financial assets of Airport Zurich Noise Fund	2.0	1.8
Other interest income	0.4	0.5
Other finance income	0.1	0.1
Total finance income	3.0	2.9

Finance result	–29.1	–24.8

Despite average interest rates being lower, interest expenses on debentures and non-current loans increased slightly year on year due to the higher level of debt.

Other interest expenses increased compared with the previous year after some interest payments were discontinued at the Brazilian subsidiaries in 2020 and added to the loan amount.

The expense for the present value adjustment on liabilities from concession agreements increased year on year due to high inflation in Brazil.

In the previous year, other finance costs included an impairment loss of CHF 3.8 million on a financial interest in Curaçao airport held through the subsidiary A-Port S.A.