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NOTES TO THE INTERIM RESULTS
FOR THE SIX MONTHS TO 30 SEPTEMBER 2004
5 Tax on loss on ordinary activities
29
Six months to
30 September
2004
£m
Six months to
30 September
2003
£m
Year ended
31 March
2004
£m
United Kingdom corporation tax charge at 30% (2003: 30%) 45 152 209
Overseas corporation tax
Current tax:
Current year 1,329 1,265 2,264
Prior year (21) (144) (159)
1,308 1,121 2,105
Total current tax 1,353 1,273 2,314
Deferred tax – origination of and reversal of timing differences (1)
(366) 385 736
Tax on loss on ordinary activities 987 1,658 3,050
Tax on loss on ordinary activities before exceptional items 1,559 1,658 3,050
Exceptional deferred tax credit (1)
(572) – –
Tax on exceptional items – 134 104
Total tax charge 987 1,792 3,154
Parent and subsidiary undertakings 718 1,559 2,866
Share of associated undertakings 269 233 288
987 1,792 3,154
(1) Deferred tax for the six months to 30 September 2004 includes an exceptional deferred tax credit of £572 million relating to tax
losses in Vodafone Holdings K.K., which became eligible for offset against the profits of Vodafone K.K. following the merger of
the two entities on 1 October 2004. The deferred tax credit was recognised following shareholder and regulatory approval of the
transaction in the six month period.
6 (Loss)/earnings per share
Six months to
30 September
2004
£m
Six months to
30 September
2003
£m
Year ended
31 March
2004
£m
Loss for basic and diluted loss per share (3,195) (4,254) (9,015)
Add back:
- Goodwill amortisation 7,300 7,651 15,207
- Exceptional operating items – (351) (228)
- Exceptional non-operating items (22) 58 103
- Exceptional tax credit (572) – –
- Tax on exceptional items – 134 104
- Share of exceptional items attributable to minority interests 24 23 27
Earnings for adjusted earnings per share 3,535 3,261 6,198
Weighted average number of shares (millions) 66,915 68,191 68,096
Basic and diluted loss per share (4.77)p (6.24)p (13.24)p
Adjusted basic earnings per share 5.28p 4.78p 9.10p
Diluted loss per share is the same as basic loss per share as it is considered that there are no dilutive potential
ordinary shares.