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Finance and investment income, finance costs and revaluation and retranslation of financial instruments | 12 Months Ended
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Dec. 31, 2019
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Finance and investment income, finance costs and revaluation and retranslation of financial instruments | 6. Finance and investment income, finance costs and revaluation and retranslation 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 and retranslation of financial instruments include:
Continuing operations |  | 2019 3 £m |  |  | 2018 1,3 £m |  |  | 2017 1,3 £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 |  |  | (24.3) |  |  |  | 25.9 |  |  |  | 39.5 |
Revaluation of payments due to vendors (earnout agreements) |  |  | (3.7) |  |  |  | 46.1 |  |  |  | 156.5 |
Retranslation of financial instruments |  |  | 245.7 |  |  |  | (205.1 | ) |  |  | 194.6 |
|  |  | 163.8 |  |  |  | (76.3 | ) |  |  | 391.0 |
Notes
1 |  | Prior year figures have been re-presented in accordance with IFRS 5 Non-current 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.
3 |  | Figures have been restated to be in accordance with IAS 39 Financial Instruments: Recognition and Measurement, as described in the accounting policies.
The retranslation of financial instruments includes foreign exchange gains/losses on bonds, cross currency swaps, intercompany loans and bank balances that form part of the Group’s central financing structures. Any foreign exchange gains/losses on operations are recognised in general and administrative costs as set out in note 3. 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).

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