Experian 2011 Annual Report Download - page 119
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Financial statements 117
14. Net nance costs
(a) Net nance costs 2011
US$m
2010
(Re-presented)
(Note 3)
US$m
Interest income:
Bank deposits and short-term investments (13) (17)
Expected return on pension plan assets (56) (47)
Interest income (69) (64)
Finance expense:
Bank loans and overdrafts 619
Eurobonds and notes 66 41
Commitment and facility fees 62
Unwind of discounts 25
Interest differentials on derivatives 929
Finance lease interest expense 11
Interest expense on pension plan liabilities 50 48
Interest expense 140 145
Charge in respect of nancing fair value remeasurements (note 14(c)) 142 18
Finance expense 282 163
Net nance costs 213 99
(b) Net interest expense included in Benchmark PBT
Interest income (69) (64)
Interest expense 140 145
Net interest expense included in Benchmark PBT 71 81
(c) Analysis of charge in respect of nancing fair value remeasurements
Fair value (gains)/losses on borrowings attributable to interest rate risk (22) 4
Fair value losses/(gains) on borrowings attributable to currency risk 38 (16)
Losses/(gains) on interest rate swaps – fair value hedges 9 (3)
(Gains)/losses on cross currency swaps – fair value hedges (6) 22
Fair value gains on non-hedging derivatives (26) (44)
Losses in connection with commitments to purchase own shares 2 -
Foreign exchange losses/(gains) on nancing activities 8 (58)
Increase in fair value of put options – principally Serasa 139 113
Charge in respect of nancing fair value remeasurements 142 18
An indication of the sensitivity of the Group’s results to interest rate risk is given in note 8.