Experian 2009 Annual Report Download - page 104

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102 Experian Annual Report 2009
9. Net nancing costs
2009 2008
(Restated)
(Note 2)
US$m US$m
(a) Net nancing costs
Interest income:
Bank deposits and money market funds 16 19
Interest differentials on derivatives 12 1
Expected return on pension plan assets 69 76
Interest income 97 96
Financing fair value gains:
Gains on interest rate swaps – fair value hedges 53 34
Ineffective portion of net investment hedges – 7
Foreign exchange transaction gains 11 –
Movement in fair value of Serasa put option 21 69
Financing fair value gains 85 110
Finance income 182 206
Interest expense:
Bank loans and overdrafts 41 71
Eurobonds and notes 61 90
Commitment and facility utilisation fees 1 1
Unwind of discounts on provisions 6 4
Interest differentials on derivatives 30 –
Finance lease interest expense 2 2
Interest expense on pension plan liabilities 52 53
Interest expense 193 221
Financing fair value losses:
Fair value losses on borrowings attributable to interest rate risk 51 35
Fair value losses on non-hedging derivatives 15 98
Foreign exchange transaction losses – 6
Financing fair value losses 66 139
Finance expense 259 360
Net nancing costs 77 154
(b) Net interest expense included in Benchmark PBT
Net nancing costs 77 154
Financing fair value remeasurements 19 (29)
Net interest expense included in Benchmark PBT 96 125
(c) Financing fair value remeasurements included in net nancing costs
Financing fair value gains 85 110
Financing fair value losses (66) (139)
Credit/(charge) in respect of nancing fair value remeasurements 19 (29)
An indication of the sensitivity of the Group’s results to interest rate risk is given in note 3.
Notes to the Group nancial statements continued
Financial statements