BT 2012 Annual Report Download - page 145
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142 Financial statements
Notes to the consolidated financial statements
25. Finance expense and income
2012 2011 2010
Year ended 31 March £m £m £m
Finance expense
Interest on listed bondsa,b 607 775 806
Interest on finance leasesa18 18 18
Interest on other borrowingsa42 56 58
Unwinding of discount on provisionsa534
Fair value movements on derivativesc29 34 19
Finance expensed,e 701 886 905
Less: amounts included in the cost of qualifying assetsf(9) (6) (3)
Total finance expense before specific items 692 880 902
Specific items (note 9) 2,092 2,323 2,211
Total finance expense 2,784 3,203 3,113
aCalculated using the effective interest rate method unless otherwise stated below.
bIncludes a net charge of £5m (2011: £38m, 2010: £44m) relating to fair value movements on derivatives recycled from the cash flow reserve.
cIncludes a charge of £16m (2011: £28m, 2010: £9m) arising from restructuring certain derivatives and a charge of £13m (2011: £6m, 2010: £10m) due to fair value movements on derivatives not
in a designated hedge relationship.
dIncludes a net credit of £174m (2011: £293m, 2010: £451m) relating to foreign exchange movements on loans and borrowings and a net charge of £174m (2011: £293m, 2010: £451m) relating to fair
value movements on derivatives recycled from the cash flow reserve. The items generating these foreign exchange movements are in designated hedge relationships.
eIncludes a net charge of £81m (2011: net credit of £3m, 2010: net credit of £29m) relating to fair value movements arising on hedged items and net credit of £81m (2011: net charge of £3m, 2010:
net charge of £29m) relating to fair value movements arising on derivatives designated as fair value hedges.
fThe weighted average capitalisation rate on general borrowings was 7.3% in 2012 (2011: 7.8%, 2010: 7.9%).
2012 2011 2010
Year ended 31 March £m £m £m
Finance income
Interest on available-for-sale investments 695
Interest on loans and receivables 577
Other interest and similar income –19 –
Total finance income before specific items 11 35 12
Specific items (note 9) 2,289 2,244 1,943
Total finance income 2,300 2,279 1,955
2012 2011 2010
Year ended 31 March £m £m £m
Net finance expense before specific items 681 845 890
Specific items (note 9) (197) 79 268
Net finance expense 484 924 1,158
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