Financial Income and Expenses

The Consolidated Statements of Income line item “Financial income (expense)” can be broken down as follows:



	Year Ended December 31,
	2014			2015			2016

	(in thousands)

Financial income from cash equivalents	$	1,910		$	2,105		$	1,352
Interest and fees	(583		)	(653		)	(2,367		)
Interest on debt	(583		)	(553		)	(1,134		)
Fees	—			(100		)	(1,233		)
Foreign exchange (loss) gain	10,096			(5,971		)	506
Other financial expense	(33		)	(22		)	(37		)
Total financial income (expense)	$	11,390		$	(4,541	)	$	(546	)

The $0.5 million financial expense for the period ended December 31, 2016 resulted from the interest incurred as a result of drawing on the revolving credit facility entered into in September 2015 to partially fund the acquisition of HookLogic in November 2016, the negative impact of foreign exchange reevaluations and related hedging mainly recorded during the first quarter, partially offset by the foreign exchange gain realized on the hedging of HookLogic Inc acquisition. At the end of December 2016, the main positions bearing a risk of foreign currency are centralized at the Parent company level and hedged using foreign currency swaps or forward purchases or sales of foreign currencies.

The $6.0 million foreign exchange loss for the period ended December 31, 2015 mainly results from the revaluation of the intra-group positions between Criteo S.A. and its Brazilian subsidiary, associated with a higher related cost of hedging, partially offset by a $2.1 million gain realized on the sale of the $70 million remaining from our initial public offering proceeds. At the end of December 2015, the main positions bearing a risk of foreign currency are centralized at the Parent company level and hedged using foreign currency swaps or forward purchases or sales of foreign currencies.