Annual Report 2016

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8. Net finance costs

30 March 2016
€’000
25 March 2015
€’000
Finance income:
Interest income on bank deposits71261
Cash flow hedges - reclassified to profit or loss (cash receipts)4,6902,824
4,7613,085
Finance costs :
Interest on bank overdraft(190)(112)
Interest on unsecured private placement loan notes(17,268)(16,160)
Foreign exchange movement on unsecured loan notes7,806(51,340)
Cash flow hedges - reclassified to profit or loss (foreign exchange)(7,806)51,340
Unwind of discount on provisions(1,089)(1,203)
Net interest cost on defined benefit pensions(805)(1,236)
Amortisation of issue costs(300)(188)
(19,652)(18,899)
Less capitalised interest-3,062
Finance costs(19,652)(15,837)

The Group capitalises interest on capital projects that take a substantial period of time to complete. The interest is included as part of the initial measurement of the cost of property, plant and equipment (Note 10). No interest (2015: €3.1 million) was capitalised in 2016.