Dave Forsey Chief Executive 19 July 2012 - Sports Direct International

84 / FINANCIAL STATEMENTS AND NOTES
notes to the Financial Statements
For the 53 weeks ended 29 April 2012
10. Finance income
53 weeks ended
29 April 2012
(£’000)
52 weeks ended
24 April 2011
(£’000)
Bank interest receivable 583 427
Other interest receivable 7 -
Expected return on pension plan assets (note 24) 2,277 2,133
Fair value adjustment to forward foreign exchange contracts (1)
3,559 -
6,426 2,560
(1) The fair value adjustment to forward foreign exchange contracts relates to differences between the fair value of forward foreign currency
contracts not designated for hedge accounting from one period end to the next.
11. Finance costs
53 weeks ended
29 April 2012
(£’000)
52 weeks ended
24 April 2011
(£’000)
Interest on bank loans and overdrafts 5,658 4,255
Interest on other loans and finance leases 297 403
Interest on retirement benefit obligations (Note 24) 2,526 2,564
Fair value adjustment to forward foreign exchange contracts (1)
- 1,731
8,481 8,953
(1) The fair value adjustment to forward foreign exchange contracts relates to differences between the fair value of forward foreign currency
contracts not designated for hedge accounting from one period end to the next.
12. Taxation
53 weeks ended
29 April 2012
(£’000)
52 weeks ended
24 April 2011
(£’000)
Current tax 51,935 50,645
Adjustment in respect of prior periods 1,219 (8,305)
53,154 42,340
Deferred tax (Note 25) (7,287) (6,774)
45,867 35,566
Tax reconciliation
Profit before taxation 151,498 118,789
Taxation at the standard rate of tax in the UK of 26% (2011: 28%) 39,839 32,261
Tax effects of:
Expenses not deductible for tax purposes 4,108 6,817
Impact of tax losses and other short-term temporary differences not recognised in deferred tax - (383)
Capital loss not deductible for tax purposes 1,858 4,277
Other tax adjustments - 398
Adjustments in respect of prior periods - Current tax 1,219 (8,305)
Adjustments in respect of prior periods - Deferred tax (707) 501
45,867 35,566