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Net Finance Costs | 12 Months Ended
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Dec. 31, 2018
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Net Finance Costs | 5. NET FINANCE COSTS Net finance costs are comprised of finance costs and finance income, including net finance costs in relation to pensions and similar obligations. Finance income includes income on cash and cash equivalents and income on other financial assets. Finance costs include interest costs in relation to financial liabilities. Borrowing costs are recognised based on the effective interest method.
Net finance costs |  | Notes |  |  | € million 2018 |  |  | € million 2017 |  |  | € million 2016 |
Finance costs |  |  |  |  |  |  | (591 | ) |  |  | (556 | ) |  |  | (584 | )
Bank loans and overdrafts |  |  |  |  |  |  | (44 | ) |  |  | (46 | ) |  |  | (67 | )
Interest on bonds and other loans(a) |  |  |  |  |  |  | (560 | ) |  |  | (519 | ) |  |  | (501 | )
Dividends paid on preference shares(b) |  |  |  |  |  |  | — |  |  |  | (4 | ) |  |  | (4 | )
Net gain/(loss) on transactions for which hedge accounting is not applied(c) |  |  |  |  |  |  | 13 |  |  |  | 13 |  |  |  | (12 | )
On foreign exchange derivatives |  |  |  |  |  |  | 144 |  |  |  | 384 |  |  |  | (215 | )
Exchange difference on underlying items |  |  |  |  |  |  | (131 | ) |  |  | (371 | ) |  |  | 203 |
Finance income |  |  |  |  |  |  | 135 |  |  |  | 157 |  |  |  | 115 |
Pensions and similar obligations |  |  | 4B |  |  |  | (25 | ) |  |  | (96 | ) |  |  | (94 | )
Net finance costs before non-underlying items(d) |  |  |  |  |  |  | (481 | ) |  |  | (495 | ) |  |  | (563 | )
Premium paid on buyback of preference shares |  |  |  |  |  |  | — |  |  |  | (382 | ) |  |  | — |
|  |  |  |  |  |  | (481 | ) |  |  | (877 | ) |  |  | (563 | )
(a) | Interest on bonds and other loans’ includes the impact of interest rate derivatives that are part of hedge accounting relationships and the related recycling of results from the hedge accounting reserve. Includes an amount of €(15) million (2017: €(26) million) relating to unwinding of discount on deferred consideration for acquisitions and €38 million (2017: €65 million) release of provision for interest on indirect tax cases in Brazil.
(b) | Preference shares were repurchased in 2017.
(c) | For further details of derivatives for which hedge accounting is not applied, please refer to note 16C.
(d) | See note 3 for explanation of non-underlying items.

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- Definition The disclosure of finance income (cost). [Refer: Finance income (cost)] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2017-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2017-03-01&anchor=para_10_e&doctype=Standard -URIDate 2017-03-09 + Details
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