John Lewis Partnership plc annual report and accounts 2013






3 Operating expenses






2013 £m - 2012 £m



Branch operating expenses 1,901.7 1,796.9


Administrative expenses 535.4 461.5


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2,437.1 2,258.4


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4 Net finance costs


2013 £m - 2012 £m



Finance costs


Interest payable on:


Bank loans and overdrafts 2.1 2.6


Other loans repayable within 5 years 13.6 12.2


Other loans repayable in more than 5 years 41.3 43.8


Finance lease interest payable 1.7 1.2


Amortisation of issue costs of bonds 1.1 1.0


Preference dividends 0.3 0.3


SIP dividends 1.8 1.6


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Finance costs in respect of borrowings 61.9 62.7


Fair value measurements and other 0.6 3.1


Net finance costs arising on other employee benefit schemes 20.4 6.5


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Total finance costs 82.9 72.3


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Finance income


Interest receivable (1.9) (2.4)


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Finance income in respect of cash and short term investments (1.9) (2.4)


Fair value measurements and other – (0.1)


Net finance income arising on defined benefit retirement schemes (note 24) (38.2) (30.3)


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Total finance income (40.1) (32.8)


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Net finance costs 42.8 39.5


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