Section image

Cherries
oil on canvas
22 x 20 in
1981

Penny Machines
oil on canvas
23¾ x 29¾ in
1961

Stack of Books
oil on canvas
30 x 24 in
n.d.

Seven Suckers
oil on canvas
19 x 23 in
1970

Twin Jackpots
oil on canvas
30 x 46 in
1962

Ties
oil on canvas
20 x 26 in
1980

Cake Slices
oil on canvas
20 x 16 in
n.d.

Notes 6 - 10

6. Finance income, finance costs and revaluation of financial instruments

Finance income includes:
  2009
£m
2008
£m
2007
£m
Expected return on pension scheme assets (note 23) 28.7 31.3 28.1
Income from available for sale investments 10.2 9.7 9.2
Interest income 111.5 128.6 102.1
  150.4 169.6 139.4
Finance costs includes:
  2009
£m
2008
£m
2007
£m
Interest on pension scheme liabilities (note 23) 46.1 38.9 33.8
Interest on other long-term employee benefits 1.3 1.6 1.5
Interest payable and similar charges1 308.0 278.9 214.8
  355.4 319.4 250.1
Revaluation of financial instruments2 include:
  2009
£m
2008
£m
2007
£m
Movements in fair value of treasury instruments 8.4 (13.9) (6.7)
Revaluation of put options over minority interests 15.3 (11.5) (9.3)
Gains on termination of hedge accounting on repayment of TNS debt 25.2
  48.9 (25.4) (16.0)
Notes
1
Interest payable and similar charges are payable on bank overdrafts, bonds and bank loans held at amortised cost.
2
Financial instruments are held at fair value through profit and loss.

The majority of the Group’s long-term debt is represented by $1,250 million of US dollar bonds at an average interest rate of 6.90% (prior to any interest rate swaps or cross-currency swaps), €1,850 million of Eurobonds at an average interest rate of 5.52% (prior to any interest rate or currency swaps) and £1,050 million of sterling bonds at an average interest rate of 5.96%.

Average borrowings under the Revolving Credit Facilities (note 10) amounted to $2,105 million at an average interest rate of 1.58% inclusive of margin.

Average borrowings under the US Commercial Paper Program (note 10) amounted to $0.8 million at an average interest rate of 1.33% inclusive of margin.

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