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Net Finance Costs | 12 Months Ended
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Dec. 31, 2020
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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. This includes interest on lease liabilities which represents the unwind of the discount rate applied to lease liabilities. Borrowing costs are recognised based on the effective interest method.
Net finance costs |  | Notes |  |  | € million 2020 |  |  | € million 2019 |  |  | € million 2018 |
Finance costs |  |  |  |  |  |  | (672 | ) |  |  | (821 | ) |  |  | (718 | )
Bank loans and overdrafts |  |  |  |  |  |  | (32 | ) |  |  | (46 | ) |  |  | (44 | )
Interest on bonds and other loans (a) |  |  |  |  |  |  | (533 | ) |  |  | (617 | ) |  |  | (560 | )
Interest on lease liabilities |  |  |  |  |  |  | (82 | ) |  |  | (100 | ) |  |  | (127 | )
Net gain/(loss) on transactions for which hedge accounting is not applied |  |  |  |  |  |  | (25 | ) |  |  | (58 | ) |  |  | 13 |
On foreign exchange derivatives |  |  |  |  |  |  | 275 |  |  |  | (321 | ) |  |  | 144 |
Exchange difference on underlying items (b) |  |  |  |  |  |  | (300 | ) |  |  | 263 |  |  |  | (131 | )
Finance income (c) |  |  |  |  |  |  | 232 |  |  |  | 224 |  |  |  | 135 |
Pensions and similar obligations |  |  | 4B |  |  |  | (9 | ) |  |  | (30 | ) |  |  | (25 | )
Net finance costs before non-underlying items (d) |  |  |  |  |  |  | (449 | ) |  |  | (627 | ) |  |  | (608 | )
Interest related to the UK tax audit of intangible income and centralised services |  |  | 3 |  |  |  | (56 | ) |  |  | — |  |  |  | — |
|  |  |  |  |  |  | (505 | ) |  |  | (627 | ) |  |  | (608 | )
(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 €(21) million (2019: €(6) million) relating to unwinding of discount on deferred consideration for acquisitions.
(b) | 2020 includes Nil (2019: €(40) million) finance cost due to change in functional currency in Group’s operating entities in Zimbabwe from US dollar to RTGS dollar. For further details of derivatives for which hedge accounting is not applied, please refer to note 16C.
(c) | Includes an amount of €90 million (2019: €70 million) that relates to interest on tax settlement in Brazil and € 27 million (2019: Nil ) related to interest on corporate income tax refund in India.
(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 2020-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_10_e&doctype=Standard -URIDate 2020-01-01 + Details
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