6 Finance expense
Notes:
(1) Fair value losses on debt and derivative instruments includes foreign exchange gains of £44.1 million (2009: £352.0 million losses), excluding those on instruments measured at fair value through profit or loss. These gains/losses are largely offset by fair value losses/gains on derivatives.
(2) Includes £48.2 million losses (2009: £76.6 million gains) on the valuation of debt reported at fair value through profit or loss due to changes in credit spread assumptions.
(3) Includes fair value movements in relation to joint venture swaps and other economic hedge derivatives relating to debt held at amortised cost.
(4) Includes £22.2 million (2009: £8.3 million) interest on swaps and debt under fair value option.
Interest payable for the year ended 31 March 2010 is stated net of £0.5 million borrowing costs capitalised in the cost of qualifying assets within property, plant and equipment during the year. This has been calculated by applying a capitalisation rate of 3.3 per cent to expenditure on such assets as prescribed by IAS 23 (Revised 2007) ‘Borrowing Costs’, which has been applied prospectively from 1 April 2009 (see accounting policies).