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10. Finance income and expense
2010 2009
Interest income on bank deposits 525 2,670
Interest income on notes receivable 1,401 470
Gain on valuation of convertible note 371 –
Finance income on derivatives 1,474 49
Discount on provisions 832 –
Other 826 398
Finance income 5,429 3,587
Foreign exchange (gain) loss (2,799) 2,418
Amortization of loan issuance costs 1,849 1,781
Amortization of rate cap instrument – 99
Finance lease expense 53 6
Loss on valuation of convertible note – 187
Interest expense on loans and borrowings 10,884 11,682
Interest expense on interest rate swap 1,375 1,673
Discount for provisions 161 72
Guarantees 1,107 918
Finance costs on derivatives 153 750
Amendment fees 1,675 –
Commitment/unutilized fees 490 551
Other 980 700
Finance expense 18,727 18,419
Net finance costs 10,499 17,250
On May 27, 2010, the Company amended its term loan and revolving credit facility agreement to change several
provisions including certain financial covenants. The Company incurred fees of $1,675 related to the amendments.
See note 23 for further details.
11. Income tax
Significant components of income tax expense for the years ended:
Current tax expense 2010 2009
Current period 27,953 31,266
Adjustment for prior periods (4,775) (2,089)
Total current taxation charges for the year
Deferred tax expense
23,178 29,177
Origination and reversal of temporary differences
Changes in previously unrecognized tax losses, tax credits
(13,733) (23,719)
and unrecognized temporary differences
Changes in previously recognized tax losses, tax credits and recognized
(1,245) 19,818
temporary differences for changes in enacted tax rates (1,579) (5,066)
Adjustment for prior periods 4,586 (5,005)
Total deferred taxation for the year (11,971) (13,972)
Total income tax expense reported in the income statement 11,207 15,205
The deferred tax related to the net gain on revaluation of cash flow hedges in the amount of $873 (2009: $707) is the only
tax charged or credited directly to equity during the year.
Notes to Consolidated Financial Statements 97