Annual Report and Accounts 2008
9 Net finance costs
| Normalised 2008 £m |
Exceptional 2008 £m |
Total 2008 £m |
Normalised 2007 £m |
Exceptional 2007 £m |
Total 2007 £m |
|
|---|---|---|---|---|---|---|
| Bank interest payable | (59.0) | (11.5) | (70.5) | (37.9) | – | (37.9) |
| Finance lease interest payable | (6.7) | – | (6.7) | (5.0) | – | (5.0) |
| Other interest payable | (0.1) | – | (0.1) | (0.1) | – | (0.1) |
| Unwind of provision discounting | (3.1) | – | (3.1) | (3.0) | – | (3.0) |
| Finance costs | (68.9) | (11.5) | (80.4) | (46.0) | – | (46.0) |
| Finance income: Bank interest receivable | 17.4 | – | 17.4 | 17.0 | – | 17.0 |
| Net finance costs | (51.5) | (11.5) | (63.0) | (29.0) | – | (29.0) |
| Of which, from financial instruments: | ||||||
| Cash and cash equivalents | 17.4 | – | 17.4 | 17.0 | – | 17.0 |
| Financial liabilities measured at amortised cost | (62.7) | – | (62.7) | (43.4) | – | (43.4) |
| Financial liabilities at fair value through profit or loss | (2.3) | (5.8) | (8.1) | (0.9) | – | (0.9) |
| Derivatives used for hedging | (1.1) | (5.7) | (6.8) | 0.3 | – | 0.3 |
| Loan fee amortisation | (1.6) | – | (1.6) | (0.9) | – | (0.9) |
The 2008 exceptional charge of £11.5m relates to interest rate swaps that ceased to qualify for hedge accounting, as the underlying currency borrowings which the interest rate swaps were hedging were switched into sterling.