14. Financial costs

 noteperiod ended 31/12/2013period ended 31/12/2012
Interest expense   14,013 20,637
Net foreign exchange loss   445 7,815
Losses on derivative financial instruments 27 10,192 8,209
Revaluation of investments   2,971 1
Loss on disposal of investments   18 19
Other financial costs   2,345 2,523
Total   29,984 39,204

Financial expenses from foreign exchange differences was adjusted for changes in fair value of hedging instruments in an effective portion of the hedge against foreign exchange risk. The amount of the adjustment in 2013 amounted to PLN 87,000 and in 2012 respectively PLN (5,648,000). In the period covered by these financial statements, there were no borrowing costs, which should be activated.