Qantas 2015 Annual Report Download - page 63

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62
QANTAS ANNUAL REPORT 2015
5. NET FINANCE COSTS
Qantas Group
2015
$M
2014
$M
FINANCE INCOME
Interest income on financial assets measured at amortised cost 83 73
Interest income from investments accounted for under the equity method 5 6
Unwind of discount on receivables 2 3
Total finance income 90 82
FINANCE COSTS
Interest expense on financial liabilities measured at amortised cost 324 280
Interest paid and capitalised on qualifying assets1(17) (34)
Fair value hedges
Fair value adjustments on hedged items 2(10)
Fair value adjustments on derivatives designated in a fair value hedge (2) 8
Total finance costs on financial liabilities 307 244
Unwind of discount on provisions and other liabilities
Employee benefits 22 27
Other liabilities and provisions 20 15
Total unwind of discount on other liabilities and provisions 42 42
Total finance costs 349 286
Net finance costs (259) (204)
1 The borrowing costs are capitalised using the average interest rate applicable to the Qantas Group’s debt facilities being 6.3 per cent (2014: 5.7 per cent).
6. INCOME TAX
Qantas Group
2015
$M
2014
$M
RECOGNISED IN THE CONSOLIDATED INCOME STATEMENT
Current income tax (expense)/benefit
Current year – foreign (2) –
Adjustments for prior year – –
(2) –
Deferred income tax expense
Origination and reversal of temporary differences (104) 716
(Benefit)/utilisation of tax losses (117) 417
(221) 1,133
Adjustments for prior year (6) –
(227) 1,133
Total income tax (expense)/benefit in the Consolidated Income Statement (229) 1,133