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Annual Report and Accounts 2011

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Notes to the Annual Financial Statements
For the year ended 30 June 2011

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10. Net financing income


US$ million 2011 2010
Interest expense on bank loans and overdrafts1 (1.0) (1.6)
Gross interest expense on bank loans and overdrafts1 (4.5) (1.6)
Interest expense on bank loans and overdrafts capitalised1 3.5
Other debt finance costs1 (6.7) (8.4)
Unwinding of present value adjustment for rehabilitation costs (3.8) (2.6)
Realised foreign exchange losses (0.1)
Other foreign exchange losses realised (0.4) (0.1)
Unrealised foreign exchange losses (15.5) (14.5)
Financial expense (27.4) (27.3)
Realised foreign exchange gains 0.7 4.5
Gain on partial settlement of long-term liability2 4.2
Other unrealised foreign exchange gains 34.1 15.3
Net change in fair value of hedged item and instrument
Net change in fair value of hedged item in a fair value hedge (6.0)
Net change in fair value of hedging instrument in a fair value hedge 6.0
Interest received on loans and other receivables 5.5 3.2
Interest received on bank deposits 2.2 0.4
Financial income 42.5 27.6
15.1 0.3

1. Calculated using the effective interest method in respect of financial liabilities calculated at amortised cost.

2. The gain is primarily on the settlement of the Al Rajhi convertible bond.