Note 2: Revenue and Expenses continued The table below shows a summary of the Group's operating revenue by product or service category: Revenue 2024 2023 US$m US$m CSL Behring Immunoglobulins 5,666 4,675 Albumin 1,209 1,109 Haemophilia 1,313 1,193 Specialty 1,940 1,831 Other 441 375 CSL Seqirus Egg based vaccines 140 148 Cell culture vaccines 535 599 Adjuvanted egg based vaccines 1,040 893 Pandemic 172 156 Other (including in-license) 181 211 CSL Vifor Iron 1,018 1,009 Nephrology - Dialysis 786 771 Nephrology - Non-Dialysis 200 136 Other 49 68 Total revenue from contracts with customers 14,690 13,174 Other income 110 136 Total operating revenue 14,800 13,310 Recognition and measurement of expenses The table below shows a summary of the Group's operating expenses by category: Expenses 2024 2023 US$m US$m Borrowing costs 422 374 Lease interest expense 56 36 Foreign exchange (gains)/losses on debt (2) 22 Fair value losses on financial assets — 12 Total finance costs 476 444 Depreciation of property, plant and equipment (PPE) and right-of-use assets 528 490 Amortisation of acquired intellectual property (IP) 301 235 Amortisation of other intangibles (excluding acquired IP) 109 106 Total depreciation and amortisation 938 831 Write-down of inventory 177 182 Employee benefits expense 3,735 3,513 Foreign exchange losses 44 127 Expenses includes finance costs which represents interest expense and borrowing costs. Costs are recognised as an expense when incurred, except where finance costs are directly attributable to the acquisition or construction of a qualifying asset where they are capitalised as part of the cost of the asset. Capitalised interest for qualifying assets during the year ended 30 June 2024 was $79m (2023: $61m). Any difference between borrowing proceeds (net of transaction costs) and the redemption value is recognised in the statement of comprehensive income using the effective interest rate method. Unrealised foreign exchange (gains)/losses on debt is principally related to the Group's EUR and CHF senior unsecured notes in the US Private Placement market. Fair value losses on financial assets primarily relates to the Group's investments in venture funds measured at fair value through the profit or loss (Note 10(e)). The resulting changes in fair value are recognised directly to the profit or loss within finance costs at each reporting period. Foreign exchange losses (excluding foreign exchange (gains)/losses on debt) are recorded net within administration expenses in the statement of comprehensive income. 116 Notes to the Financial Statements Limited Annual Report 2023/24
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