Year ended 31 July 2006
5. Finance costs
| 2006
£m |
2005
£m |
|
|---|---|---|
| Interest payable | ||
| - Bank loans and overdrafts | 110 | 55 |
| - Finance lease charges | 3 | 3 |
| Net pension finance cost | 1 | 7 |
| Valuation losses/(gains) on financial instruments | ||
| - Derivatives held at fair value through profit and loss | 27 | (1) |
| - Loans in a fair value hedging relationship | (26) | - |
| - Recycled from equity | (1) | - |
| Total finance costs | 114 | 64 |
