notes to the financial statements for the year ended 30 June 2001 2001 2000 $’000 $’000 3. REVENUE Revenue from operating activities Rental income  83,600 40,811 Revenue from outside the operating activities Interest  145,708 74,864 229,308 115,675 4. OPERATING PROFIT Expenses Operating result includes the following specific expenses: Depreciation and amortisation - CityLink 7,347 5,052 Administrative costs  1,069 519 Borrowing costs Interest and finance charges paid/payable  145,634 66,801 Interest rate hedging charges paid/payable  1,711 430 147,345 67,231 5. INCOME TAX Tax Losses at beginning of year 85,089 122,008 Tax (Income)/Losses for the year (57,903) (36,919) Tax Losses at end of year 27,186 85,089 Potential future income tax benefits at 30 June 2001 for tax losses not brought to account for the Trust are $27,186,000. These losses cannot be used directly by the Trust for the reason outlined in note 1g, but may be available for the benefit of unit holders in the future. These benefits of tax losses will only be realised for the benefit of unit holders in the Trust if: The above tax position is based on tax ruling requests relating to borrowing costs and interentity transactions. However, the ATO has not given its opinion in relation to all of these requests. (i) the entity derives future assessable income of a nature and of an amount sufficient to enable the benefit from the deductions for the losses to be realised; (ii) the entity continues to comply with the conditions for deductibility imposed by tax legislation; and (iii) no changes in tax legislation adversely affect the ability of the entity to realise the benefit from the deductions for the losses. 11