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Finance and investment income, finance costs and revaluation of financial instruments
 12 Months Ended
Dec. 31, 2019
Text block [abstract]  
Finance and investment income, finance costs and revaluation of financial instruments
6. Finance and investment income, finance costs and revaluation of financial instruments
Finance and investment income includes:
 
Continuing operations
  
2019
£m
 
  
2018
1

£m
 
  
2017
1

£m
 
Income from equity investments
  
 
18.3
 
  
 
15.2
 
  
 
16.7
 
Interest income
  
 
80.7
 
  
 
83.7
 
  
 
72.3
 
 
  
 
99.0
 
  
 
98.9
 
  
 
89.0
 
 
Finance costs include:
 
Continuing operations
  
2019
£m
 
  
2018
1

£m
 
  
2017
1

£m
 
Net interest expense on pension plans
  
 
3.5
 
  
 
3.6
 
  
 
5.4
 
Interest on other long-term employee benefits
  
 
3.9
 
  
 
3.5
 
  
 
3.3
 
Interest expense and similar charges
2
  
 
252.0
 
  
 
272.0
 
  
 
253.2
 
Interest expense related to lease liabilities
  
 
99.7
 
  
 
–
 
  
 
–
 
 
  
 
359.1
 
  
 
279.1
 
  
 
261.9
 
 
Revaluation of financial instruments include:
 
Continuing operations
  
2019
£m
 
 
2018
1

£m
 
 
2017
1

£m
 
Movements in fair value of treasury instruments
  
 
0.4
 
 
 
(11.0
) 
 
 
0.4
 
Premium on the early repayment of bonds
  
 
(63.4
) 
 
 
–
 
 
 
–
 
Revaluation of investments held at fair value through profit or loss
  
 
9.1
 
 
 
67.8
 
 
 
–
 
Revaluation of put options over
non-controlling
interests
  
 
(13.5
) 
 
 
34.4
 
 
 
51.4
 
Revaluation of payments due to vendors (earnout agreements)
  
 
(1.0
) 
 
 
78.2
 
 
 
192.1
 
 
  
 
(68.4
) 
 
 
169.4
 
 
 
243.9
 
 
Not
es
1
 
 
Prior year figures have been
re-presented
in accordance with IFRS 5
Non-
c
urrent
Assets Held for Sale and Discontinued Operations, as described in the accounting policies.
 
2
 
 
Interest expense and similar charges are payable on bank overdrafts, bonds and bank loans held at amortised cost.
 
The majority of the Group’s long-term debt is represented by $1,563 million of US dollar bonds at an average interest rate of 4.06%,
€
3,100 million of Eurobonds at an average interest rate of 1.82% and £400 million of Sterling bonds at an average interest rate of 2.88%.
 
Average borrowings under the US Dollar Revolving Credit Facilities (note
10
) amounted to the equivalent of $72 million at an average interest rate of 1.11% (2018: $125 million at an average interest rate of 0.96%).
 
Average borrowings under the Australian Dollar Revolving Credit Facilities, amounted to A$310 million at an average rate of 2.95% (2018: A$439 million at an average rate of 3.27%).
 
Average borrowings under the US Commercial Paper Programme for 2019 amounted to $41 million at an average interest rate of 2.46% inclusive of margin (2018: $540 million at an average interest rate of 2.28% inclusive of margin).
 
Average borrowings under the Euro Commercial Paper Programme for 2019 amounted to £255 million at an average interest rate of 1.16% inclusive of currency swaps (2018: £nil).