Notes to the financial statements
For the 52 weeks ended 1 March 2008
11. Net financing income/(costs)
|
52 weeks ended 1 March 2008 £m |
Short period ended 3 March 2007 £m |
|
|---|---|---|
| Finance income: | ||
| Bank deposits and other interest | 18.8 | 13.8 |
| Expected return on retirement benefit assets | 43.5 | 37.8 |
| Interest receivable from GUS group companies | – | 3.9 |
| Total finance income | 62.3 | 55.5 |
| Finance expense: | ||
| Interest cost of perpetual securities | (3.3) | (11.1) |
| Unwinding of discounts | (1.8) | (1.9) |
| Financing fair value remeasurements: | ||
| – net losses on financial instruments | (0.9) | (0.1) |
| – net exchange losses | (8.1) | – |
| Interest expense on retirement benefit liabilities | (30.5) | (25.7) |
| Interest expense on OFT fine | – | (1.5) |
| Interest payable to GUS group companies | – | (47.5) |
| Total finance expense | (44.6) | (87.8) |
| Less: finance expense charged to Financial Services cost of sales | 19.6 | 16.4 |
| Total net finance expense | (25.0) | (71.4) |
| Net financing income/(costs) before exceptional items | 37.3 | (15.9) |
| Exceptional finance income | – | 6.9 |
| Net financing income/(costs) | 37.3 | (9.0) |
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