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Annual report and accounts 2016

118 Notes to the

118 Notes to the consolidated financial statements continued 9 Finance costs and income a Finance costs € million 2016 2015 Interest expense on: Bank borrowings (29) (23) Finance leases (141) (138) Provisions unwinding of discount (21) (21) Other borrowings (90) (115) Capitalised interest on progress payments 3 2 Change in fair value of cross currency swaps (1) 1 b Finance income (279) (294) € million 2016 2015 Interest on other interest-bearing deposits 33 42 c Net financing credit/(charge) relating to pensions € million 2016 2015 Net financing credit/(charge) relating to pensions 12 (12) 10 Tax a Tax charges and tax balances Tax (charge)/credit in the Income statement, Other comprehensive income and Statement of changes in equity For the year to December 31, 2016 Other comprehensive income Statement of changes in equity € million Income statement Total Current tax Movement in respect of prior years 13 – – 13 Movement in respect of current year (325) 143 10 (172) Total current tax (312) 143 10 (159) Deferred tax Movement in respect of prior years (11) – 1 (10) Movement in respect of current year (130) 158 (7) 21 Rate change 43 (40) – 3 Total deferred tax (98) 118 (6) 14 Total tax (410) 261 4 (145) Current tax in Other comprehensive income all relates to employee benefit plans and current tax in the Statement of changes in equity relates to share-based payment schemes (€5 million) and finance costs (€5 million). INTERNATIONAL AIRLINES GROUP Annual Report and Accounts 2016

119 For the year to December 31, 2015 € million Income statement Other comprehensive income Statement of changes in equity Current tax Movement in respect of prior years (5) – – (5) Movement in respect of current year (337) 76 14 (247) Total current tax (342) 76 14 (252) Deferred tax Movement in respect of prior years 32 1 – 33 Movement in respect of current year (59) (180) (4) (243) Rate change 84 – – 84 Total deferred tax 57 (179) (4) (126) Total tax (285) (103) 10 (378) Current tax in the Other comprehensive income all relates to employee benefit plans and current tax in the Statement of changes in equity all relates to share-based payment schemes. Current tax (liability)/asset Movement in respect of prior years Movement in respect of current year € million Opening balance Cash Exchange movements Closing balance 2016 (45) 13 (172) 318 13 127 2015 (48) (5) (247) 245 10 (45) The current tax asset is €228 million (2015: €79 million) and the current tax liability is €101 million (2015: €124 million). Deferred tax asset/(liability) Movement in respect of prior years Movement in respect of current year € million Opening balance Rate change Business combinations Exchange movements Closing balance 2016 297 (10) 21 3 – 39 350 2015 491 33 (243) 84 (42) (26) 297 The deferred tax asset is €526 million (2015: €723 million) and the deferred tax liability is €176 million (2015: €426 million). b Deferred tax For the year to December 31, 2016 Total Strategic Report Corporate Governance Financial Statements Additional Information Movement in respect of prior years Movement in respect of current year Opening Rate Exchange Closing € million balance change movements balance Fixed assets (1,208) (7) (8) 45 113 (1,065) Employee leaving indemnities and other employee related provisions 472 1 (99) (1) (1) 372 Tax losses carried forward 410 16 (9) (1) (9) 407 Fair value losses recognised on cash flow hedges 298 (2) (192) (12) (24) 68 Employee benefit plans 168 – 332 (28) (31) 441 Tax assets in relation to tax credits and deductions 78 – – – – 78 Share-based payment schemes 22 1 (8) – (2) 13 Foreign exchange 8 (4) 6 – (1) 9 Deferred revenue in relation to customer loyalty programmes 1 – 1 – – 2 Other items 48 (15) (2) – (6) 25 Total deferred tax 297 (10) 21 3 39 350 Within tax in Other comprehensive income is a tax charge of €187 million that may be reclassified subsequently to the Income statement and a tax credit of €345 million that may not. Within tax in Other comprehensive income arising from tax rate changes is a tax charge of €12 million that may be reclassified subsequently to the Income statement and a tax charge of €28 million that may not. www.iairgroup.com

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