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  Pearson Annual Report 1997    

Notes to the Accounts

   
 

6. Net interest payable

 

  1997 1996
All figures in million    
Interest payable and similar charges:    
On borrowing repayable wholly within five years not by instalments (32.3) (18.4)
On borrowing repayable wholly or partly after five years (44.4) (52.2)
Partnerships and associated undertakings - (0.3)
Finance lease charges (0.1) (0.1)
Interest capialised - 0.2



  (76.8) (70.8)
Interest receivable and similar income:    
On deposits and liquid funds 37.0 38.8
Amortisation of swap proceeds (see note 18) 2.5 2.5



Net interest payable (37.3) (29.5)



Interest cover 9 times 6 times



Note: Interest cover is calculated by dividing net interest payable into operating profit.

A 10.3m premium was paid on the redemption of the 25m (13.625%) 2007 Unsecured Loan Stock in 1996.

1997 Annual Report
* Group summary
* Information
* Education
* Entertainment
* Investment banking
* Chairman's statement
* Chief Executive's review
* Financial Review
* Financial Policy
* Consolidated profit and loss account
* Consolidated balance sheet
* Consolidated statement of cash flows
* Statement of total recognised gains and losses
* Note of historical cost profits and losses
* Reconciliation of movements in equity shareholders' funds
* Principal subsidiaries and associates
* Five year summary
* Shareholder information
   
* Notes to the accounts
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