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
Notes 6-10
For the year ended 31 December 2010
- 6. Finance income, finance costs and revaluation of financial instruments
- 7. Taxation
- 8. Ordinary dividends
- 9. Earnings per share
- 10. Sources of finance
6. Finance income, finance costs and revaluation of financial instruments
Finance income includes:
| 2010 £m | 2009 £m | 2008 £m |
|
|---|---|---|---|
| Expected return on pension plan assets (note 23) | 30.6 | 28.7 | 31.3 |
| Income from available for sale investments | 9.3 | 10.2 | 9.7 |
| Interest income | 41.8 | 111.5 | 128.6 |
| 81.7 | 150.4 | 169.6 |
Finance costs include:
| 2010 £m | 2009 £m | 2008 £m |
|
|---|---|---|---|
| Interest on pension plan liabilities (note 23) | 45.9 | 46.1 | 38.9 |
| Interest on other long-term employee benefits | 1.9 | 1.3 | 1.6 |
| Interest payable and similar charges1 | 229.0 | 308.0 | 278.9 |
| 276.8 | 355.4 | 319.4 |
Revaluation of financial instruments2 include:
| 2010 £m | 2009 £m | 2008 £m |
|
|---|---|---|---|
| Movements in fair value of treasury instruments | 21.8 | 8.4 | (13.9) |
| Revaluation of put options over non-controlling interests | (3.6) | 15.3 | (11.5) |
| Gains on termination of hedge accounting on repayment of TNS debt | – | 25.2 | – |
| 18.2 | 48.9 | (25.4) |
- 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 6.9% (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 including convertible bonds at an average interest rate of 5.96%.
Average borrowings under the Revolving Credit Facilities (note 10) amounted to the equivalent of $818 million at an average interest rate of 0.85% inclusive of margin.