20974 29Metals AR23 WEB V1 - Flipbook - Page 156
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29Metals 2023 Annual Report
Consolidated Financial Statements continued
29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
77
Consolidated Financial Statements
Note 8: Net finance costs
Note
2023
2022
$’000
$’000
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nterest inco e
&ŝŶĂŶĐĞŝŶĐŽŵĞ
nterest e pense
nterest e pense on lease liabilities
oss on
odi ication o borrowings
A ortisation o borrowing costs
nwinding o discount on pro ision or rehabilitation
ther
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞĂŶĚŽƚŚĞƌĐŽƐƚƐŽĨĨŝŶĂŶĐĞ
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EĞƚĨŝŶĂŶĐĞĐŽƐƚƐ
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Recognition and measurement
inance inco e co prises interest inco e on unds in ested and oreign currenc gains. nterest inco e is recognised as it accrues using the e ecti e
interest ethod.
All borrowing costs calculated using the e ecti e interest ethod are recognised in the onsolidated tate ent o o prehensi e nco e e cept
where capitalised as part o a uali ing asset. ligible borrowing costs directl attributable to the ac uisition construction or production o uali ing
assets which are assets that necessaril ta e a substantial period o ti e to get read or their intended use or sale are added to the cost o those
assets until such ti e as the assets are substantiall read or their intended use or sale. he capitalisation rate used to deter ine the a ount o
borrowing costs to be capitalised is the weighted a erage interest rate applicable to the Group’s outstanding borrowings during the period. All other
borrowing costs are recognised in the onsolidated tate ent o o prehensi e nco e in the ear in which the are incurred.
Note 9: Taxes
(a) Income tax expense / (benefit)
2023
2022
Note
$’000
$’000
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he a or co ponents o inco e ta e pense are
urrent inco e ta bene it
e erred inco e ta relating to te porar di erences
Ad ust ent in respect o inco e and de erred ta o prior ear
e erred ta
e erred ta assets in current ear not recognised
e erred ta assets de recognised
/ŶĐŽŵĞƚĂdž;ĞdžƉĞŶƐĞͿͬďĞŶĞĨŝƚ
econciliation o inco e ta e pense to accounting loss
Accounting loss be ore inco e ta
nco e ta at the Australian ta rate o
ncrease
decrease in inco e ta e pense due to
on deductible e penses
e erred ta assets in current ear not recognised
e erred ta assets de recognised
Ad ust ent in respect o inco e and de erred ta o prior ear
/ŶĐŽŵĞƚĂdž;ĞdžƉĞŶƐĞͿͬďĞŶĞĨŝƚ
;ϱϴ͕ϬϳϮͿ
here is no ta e ect recognised or the transaction costs relating to the issue o new shares recognised directl in e uit or the ear ended
ece ber
.
77
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