Corporate Finance

Finance income amounted to R755 million (2018: R524 million). This increase is mainly due to higher average cash balances as a result of the Unilever disposal. Finance costs amounted to R823 million (2018: R891 million). This decrease is mainly due to a profit of R90 million recognised on the refinancing of the Class A and Class B preference shares. The positive fair value adjustment of R112 million (2018: R261 million) relates to the decrease in the value of the exchange option of the exchangeable bonds. Other net corporate costs amounted to R187 million (2018: R282 million). This decrease is mainly due to an after-tax underwriting fee received of R42 million in respect of a CIVH rights issue. The comparative year included transaction costs amounting to R109 million, relating to the Distell ownership restructuring and the Unilever Spreads business acquisition, partly offset by the utilisation of corporate taxation credits.