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Net finance costs

12 Months Ended

Jun. 30, 2019

Net finance costs

Net finance costs

7Net finance costs

				2019		2018		2017
for the year ended 30 June		Note		Rm		Rm		Rm

Finance income
Dividends received from investments				42		520		59
Notional interest received				—		5		1
Interest received on				745		1 191		1 508
other long-term investments				27		32		36
loans and receivables				334		359		349
cash and cash equivalents				384		800		1 123

Per income statement				787		1 716		1 568

Less: notional interest				—		(5	)	(1	)
Less: interest received on tax				(105	)	(146	)	(103	)

Per the statement of cash flows				682		1 565		1 464

Finance costs
Debt				6 088		4 166		3 463
debt				6 044		3 880		3 162
interest rate swap — net settlements				44		286		301
Preference share dividends				116		963		989
Finance leases (refer note 16)				871		483		86
Other(1)				(462	)	291		378

				6 613		5 903		4 916
Amortisation of loan costs		16		725		462		279
Notional interest		31		857		962		834
Total finance costs				8 195		7 327		6 029
Amounts capitalised to assets under construction(2)		18		(6 942	)	(3 568	)	(2 764	)

Per income statement				1 253		3 759		3 265

Total finance costs before amortisation of loan costs and notional interest				6 613		5 903		4 916
Add: modification gain				109		—		—
Less: interest accrued on long-term debt		16		(1 025	)	(878	)	(956	)
Less: interest reversed/(accrued) on tax payable(1)				525		(228	)	(348	)

Per the statement of cash flows				6 222		4 797		3 612

(1)	Interest (reversed)/accrued on tax payable relates mainly to our tax litigation claim. Refer to note 12.
(2)	Finance costs capitalised increased due to higher assets under construction and the adoption of the amendment of IAS23 ‘Borrowing Costs’ on 1 July 2018, which resulted in higher capitalisation of costs.