Annual Report 2016

45A5A81B-4BAF-4723-BFB4-09983CA05A23 Created with sketchtool.

8. Net finance costs

30 March 2016
25 March 2015
Finance income:
Interest income on bank deposits71261
Cash flow hedges - reclassified to profit or loss (cash receipts)4,6902,824
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)
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.