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Finance income

12 Months Ended

Dec. 31, 2022

Finance income.

Finance income

C9. Finance income

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​	​	​	​	​	​	​	​	​
​		​		2022		2021		2020
​	​	Note	​	£m	​	£m	​	£m
Bank interest received		​		5		1		2
Interest receivable on foreign exchange swaps		​		—		—		3
Fair value gain on hedge ineffectiveness	​	​	​	22	​	—	​	—
Hyperinflation accounting adjustment		​		22		3		—
Interest on net defined benefit asset		A10		—		—		1
Total finance income		​		49		4		6

​

Adjusted interest

Adjusted interest is calculated by adjusting the reported finance income and costs by the net interest from amortisation of discount on legacy provisions and by hedge accounting recognised in other comprehensive income. Fair value is equal to carrying value for all cash and cash equivalents.

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​	​	​	​	​
​	​	2022	​	2021
​	​	AER	​	AER
​		£m		£m
Finance cost		79		34
Finance income		(49)		(4)
Add back:
Amortisation of discount on legacy provisions		(3)		—
Gain on hedge accounting recognised in finance income/cost		21		4
Adjusted interest		48		34

​

X

- Definition

The disclosure of finance income. [Refer: Finance income]

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 10
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_10_e&doctype=Standard
-URIDate 2022-03-24

+ Details

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X

- References

No definition available.

+ Details

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